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Co-working space startup, The Address, to add 1200 seats by 2020

The potential market size for the co-working segment across India currently stands in the range of 12-16 million square feet.

, ET Bureau|
Jul 11, 2019, 11.06 AM IST
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The Address will focus on the major cities for growth in the first phase.
AHMEDABAD: To tap the rising demand of co-working spaces, Ahmedabad based co-working space provider startup, The Address, is expanding its operations in major cities across India through a strategic partnership in Mumbai, Pune, and Bengaluru.

Founded in 2018 by Yash Shah, an IIM-Bangalore alumni, the co-working startup has garnered clients like Tiktok, Housing.com, Proptiger.com, Zeta, Turtlecapital, Faircent.com, eChai, Cars24, Marico, Piramal, Indiabulls, Tata, Johnson & Johnsons and others in the last one year.

The Address is one of the largest co-working space provider in Gujarat, offering over 30,000 square feet area with more than 400 member occupancy in Ahmedabad and planning to take the toll to 1,200 seats in the city by March 2020. Currently, it has more than 30% market share in co-working space in Ahmedabad, claims the startup.

“Soon we will also spread our wings across other states and tap growing markets across India,” said Yash Shah, founder, The Address.

The Address will focus on the major cities for growth in the first phase. Operations in Chennai, Hyderabad, Bhopal, and Indore are expected within the next one year. In the second phase of expansion, it will focus on Tier-2 cities. By the end of 2020, the startup plans to cross 1.5 lakh sq.ft of cumulative workspaces across the country.

According to Shah, from 2014-15 co-working space spread has grown up by 600%. By this financial year, there might be more than 5,000 seats in Gujarat in co-working space spread. Ahmedabad is amongst the top five markets in co-working space spread in India. Start-ups are enjoying 25% occupancy in this rapidly emerging sector.

The potential market size for the co-working segment across India currently stands in the range of 12-16 million square feet. This includes startup employees, professional freelancers, staffs from emerging businesses as well as large corporate office employees. Most of these co-working models operate out of single spaces and stand at healthy 85% and above occupancy levels.

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