- Soaring demand for ‘lite office spaces’ to be met with MyBranch’s new additions in four cities
- MyBranch introduces the concept of ‘lite office spaces’ to fulfil small-scale demand for co-working.
Mumbai, 27th April 2022: MyBranch, a major co-working space provider, is all set to expand to four cities including Jabalpur, Gwalior, Kanpur and Nagpur. At present, the company already boasts a whopping 2.5 lakh sq. feet of dedicated office spaces spread across 50 cities in the country. The new centres will approximately another 15,000 sq feet of area in My Branch’s current portfolio.
Interestingly, this expansion revolves around the concept of providing Local Sales Office to Enterprise customers who want a deeper penetration in Tier III & IV markets. With the market size being small, the requirement for office space also remains to be small. . To suffice this demand MyBranch has come up with lite office space, where people can take as less as 500 sq feet of space to run a business or a small scale office.
In accordance with this, the new centres in Jabalpur and Gwalior have close to 60 seats spread across 5500 sq feet. Both of these centres are compact in context of area yet are laced with all necessary facilities. Abiding by their vow of growing with the clients, MyBranch ensured an array of office support facilities at the new centres. The office spaces come with IT infrastructural support, business grade internet access, on demand meeting, training and conference rooms for clients, CCTV surveillance and provision of cafeterias. The company also permits the clients to display banners and branding visuals in their office spaces for promotional purposes.
In addition to this, the centres also cater to normal size demands i.e. the standard number of seats taken up by clients. The Kanpur and Nagpur centres have approx. 8000 sq feet with close to 100 seats collectively.
In past couple of years the demand for shared-office spaces has substantially increased in tier II and III cities, in fact it would be right to say that smaller cities have emerged as the new hub for shared office spaces. One of the major reasons of this rise is reverse migration, post the first wave, several working professionals moved back to their native cities far from the metropolitans. A lot of these people chose newer ways of earning a livelihood and opened up businesses and small firms, some continued working-from-home in their existing jobs. Even large companies and MNC’s are venturing into shared-office spaces and leasing out space for their employees who work from remote districts. As per numbers, a major chunk of demand in most tier II and III cities is generated from industries like NBFC, Edtech, IT/ITeS, Logistic, Fintech, BFSI and FMCG. Whatever the profession may be, requirement for a dedicated working space is common.
So the trend of shared offices caught pace, it’s cost effective and come with less hassles. Leasing a co-working space for work is far more convenient as compared to renting out a consolidate office space. Because firstly it’s an expensive affair to rent a conventional office space and one has to shell out a huge initial amount along with a host of other expenses like maintenance and miscellaneous charges, and secondly it requires an elaborate process of setting up whereas getting a shared-office space is easier because then one just has to lease-out a certain number of sitting spots in an already laced-up and office set-up.
Kushal Bhargava, the co-founder of MyBranch says, “The new centres are ready for people to rent-out. We have chosen these cities because we had already gotten demand from these cities from many corporates. This time we have come-up with dedicated ‘lite office spaces’, because I have come across a lot of clients who demands for very less number of seat but there requirement is certain and for a long term, so for them ‘lite office space’ is an appropriate solution. Many corporates have decided to work in decentralized manner will multiple small offices closer to their employees places. Instead of investing in bigger office spaces they chose to invest in technology to connect small decentralized offices.”
MyBranch has been strengthening its network from quite some time now, at present it has centres in more than 50 cities across the country, and it further plans to expand to 100 cities across India by end of 2022.