Microsoft leases 1.8 lakh sq ft flexible space in Bengaluru, Real Estate News, ET RealEstate

BENGALURU: Microsoft has leased 180,000 sq ft of flexible space with Tablespace Technologies in Bengaluru as it seeks to expand operations. The new facility, located on the Outer Ring Road, will come up at Tablespace Technologies’ coworking space and will seat 2,000 people. “The entire fit-out will be done by Tablespace and the tech giant […]

Microsoft leases about 1.5 lakh sq ft office space at KP Tower in Noida, Real Estate News, ET RealEstate

Tech giant Microsoft has signed a lease deal for nearly 150,000 sq ft of premium office space at KP Tower in Noida through co-working operator WeWork, two persons aware of the deal said. KP Tower is part of the 12.5 acres Delhi One project, which was launched by the 3C group and later went into […]

WeWork’s revenue dips 8% to $811 million in Q2 FY21, Real Estate News, ET RealEstate

NEW YORK: WeWork Companies LLC’s revenue declined in the third quarter but its cash burn slowed, a company memo showed on Thursday, with management confident the shared-workplace provider can weather the hit to the office sector from COVID-19. Quarterly revenue slid 8% from the second quarter to $811 million, while the company posted cash burn […]

Workspace Group swings to loss as customers downsize due to virus crisis, Real Estate News, ET RealEstate

Representative Image BENGALURU: Workspace Group on Wednesday swung to a first-half loss and pushed back a decision on full-year dividend as the office space provider struggled with a rise in customers vacating and downsizing due to the coronavirus crisis. Work-from-home policies and the economic fallout from the pandemic have hurt margins for office space providers […]

IWG’s revenue fell 10.2% to $754.38 million in Q2 FY21, Real Estate News, ET RealEstate

BENGALURU: British office space provider IWG said on Tuesday it has started to see some improvement in its sales activity and highlighted increasing interest in flexible working as companies address how their employees will work in the future. The owner of the Regus brand said the advent of further potential pandemics and the need to […]

Sandeep Mathrani, CEO, Real Estate News, ET RealEstate

NEW DELHI: Co-working major WeWork will focus on achieving profitable growth globally, including in India, in 2021 by increasing the occupancy level of its real estate portfolio, the company’s CEO Sandeep Mathrani said. Further, Softbank backed-WeWork will revisit its plan to launch an initial public issue (IPO) only after it becomes profitable, said Mathrani, who […]

Court filing, Real Estate News, ET RealEstate

BOSTON | BENGALURU: SoftBank Group CEO Masayoshi Son told the executive he tasked to turn around WeWork after its botched initial public offering to “use whatever excuse” to delay a $3 billion payout to the office-sharing startup’s shareholders, a court transcript released on Wednesday showed. The transcript, part of a Delaware court filing, provides new […]

The We Company reverts to WeWork name, Real Estate News, ET RealEstate

NEW YORK: The We Company, parent of money-losing shared office provider WeWork, which last year yanked plans to go public after harsh criticism over its business model and erratic management, is dropping the “we” moniker to revert to its better-known name, according to an internal memo seen by Reuters. Restoration of WeWork as the official […]

WeWork sells control of China unit to Trustbridge Partners, Real Estate News, ET RealEstate

BENGALURU | SHANGHAI: U.S. office-sharing firm WeWork on Thursday said it will sell control of its China division to one of its investors – private equity firm Trustbridge Partners – as it steps back from a competitive market where it has suffered low-occupancy rates. The deal effectively offloads the China unit away from the parent, […]

Coronavirus-fueled uncertainty could accelerate consolidation of flexible office spaces, Real Estate News, ET RealEstate

BENGALURU: The flexible office space is expected to undergo a major consolidation phase with uncertainty looming large on the segment due to the Covid-19 pandemic and a resultant demand slump. While a large operator like RMZ is exiting the business, global major WeWork plans to expand as per client specifications only for some time. Awfis […]

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