91Springboard, one of India’s largest co-working communities, and CBRE South CBRE South Asia Pvt. Ltd, India’s leading real estate consulting firm today announced an 800-seat deal in Andheri (East), Mumbai for one of the biggest private-sector banks in the country.
Implementing flexible workplace solutions is particularly challenging when servicing the BSFI sector owing to varied compliance and regulatory requirements. Catering to the bank’s requirements, and a stringent focus on data security, storage, and legal obligations, 91Springboard and CBRE were able to deliver a robust workplace solution.
Co-working spaces offer a flexible and variable cost model for businesses of all sizes. Since the onset of the pandemic, there has been a surge in flexible space options and increased focus on hybrid working models by enterprise clients. CBRE expects India’s flexible stock to grow by 10-15% (y-o-y) from the current 36 Mn sq.ft in the next three years.
Businesses are also likely to drive Flex demand in Tier 2 and 3 markets; with Tier 2 activity being primarily dominated by domestic operators in the next couple of years.
Commenting on the announcement, Mr. Anand Vemuri – CEO, 91Springboard, said: “Working with CBRE has been a learning experience. With this collaboration, we have once again demonstrated our solutions-based approach to services. We conducted audits and ensured that all the guidelines applicable to financial institutions were adhered to.”
“We offer services that efficiently cater to the BFSI sector and are now providing similar customized services to other banking and Fintech companies. This would not have been possible without the hands-on participation of CBRE.” He added.
Mr. Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India: “Amid the pandemic organizations across industries have been successful in changing their strategies to ensure business continuity. While remote work may continue for many, the demand for physical workspaces is expected to remain, especially when we look at the financial sector. We take immense pride in collaborating with 91springboard, one of India’s biggest coworking communities, to deliver seamless client experiences and solution implementation.”
With the gradual lifting of lockdown restrictions and the government’s mass vaccinations drive, businesses can be further expected to display an increased inclination towards co-working/flexible spaces to meet evolving real estate requirements. According to a recent CRBE report, as of Q1,2021, Bangalore holds a Flex stock of 11.6 Mn sq. ft. which is the maximum in the country, followed by Delhi-NCR at 6.6 Mn sq. ft and Hyderabad at 5.7 Mn sq. ft. While these cities, along with Mumbai willcontinue to see further demand, Flex demand in cities like Pune and Chennai are also expected to see growth in the coming years.
91Springboard is a co-working space firm focused on building workplace communities that foster joy, learning and the exchange of knowledge. It is also one of the incubators supported under the Atal Innovation Mission run by Niti Aayog. With 25,000 working professionals engaged, it aims to inject India’s robust business ecosystem with fully functional workspaces that reflect a unique collaborative spirit. To help startups scale up and expand through the application of modern digital business tools, 91Springboard launched the ‘Startup Sprint’ in partnership with Google for Startups. It is also helping European startups launch and expand in India through a collaboration with the EU Innocenter. Having established its first dedicated co-working space in Delhi in 2012, 91springboard has 24 live hubs across the premier cities of Bangalore, Mumbai, Hyderabad, Gurugram, Noida, Pune, New Delhi and Goa.visit www.91springboard.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide.
CBRE was the first International Property Consultancy to set up an office in India in 1994. Since then, the operations have grown to include more than 10,000 professionals across 10 offices with a presence in over 80 cities in India. As a leading international property consultancy, CBRE provides clients with a wide range of real estate solutions, including Strategic Consulting, Valuations/Appraisals, Capital Markets, Agency Services and Project Management.
The guiding principle at CBRE is to provide strategic solutions that make real estate holdings more productive and economically efficient for its clients across all service lines. Please visit our website at https://www.cbre.co.in/