In Mumbai, the coworking space giant “EFC “has acquired 38000 sqft in “G: Block BKC – Mumbai The twenty-story tower, “Parinee Crescenzo” , offers its members proximity to the leading local and international companies across sectors, It covers a floor area of 55,000 square feet and is adjacent to ONGC Green Heights Building in BKC. LEED Certification Status – LEED Gold EFC In Parinee Crescenzo offers its members private offices within the range of INR 18K to INR 25K per month.
By the end of this year, the EFC team intends to start another centre in BKC. The team is also looking at the multi-brand approach of EFC, which represents upper segment or premium workspaces. The Covid-19 pandemic hit rental rates, keeping them depressed through much of 2020. But coworking players always believed that would be a blip rather than a long-term price correction. But while others are expanding, EFC have changed their approach. Unlike in the boom years of 2017-2019, when EFC would lap up office spaces purely on a speculative basis, we are now following a demand-led acquisition policy.
Since the lockdowns and the associated impact on the economy, occupiers have been relying on coworking operators for their immediate real estate needs as they do not incur any capital expenditure and operators provide high levels of flexibility as far as tenure or contract periods are concerned.