Your Weekly Dose of News from the Commercial Real Estate Industry
Innov8 to Double India’s Coworking Capacity in 2025
Coworking startup Innov8 Coworking by OYO plans to double its centres across India in 2025, addressing the rising demand for flexible office spaces. Currently operating over 45 centres with around 17,000 seats across key cities like Delhi, Mumbai, and Bangalore, Innov8’s expansion aims to triple seat capacity to more than 50,000.
This growth aligns with the booming coworking market, which, as private equity firm Avendus reported, is projected to reach 126 million square feet by 2028, up from 61 million in 2023. Innov8’s shift toward larger centres supports various business needs, from startups to large enterprises, providing adaptable workspaces that foster productivity and collaboration.
Trump Organization Expands in India with First Office Project in Pune
India is set to welcome its first Trump-branded office project, marking a significant shift for the The Trump Organization , which has previously focused on luxury residences in the region. Partnering with Tribeca Developers , the organisation plans to launch this office complex in Pune by mid-2025. This project highlights the Trump brand's expansion into India's booming premium commercial real estate market.
With six upcoming projects across major cities, including new developments in Noida, Bengaluru, and Hyderabad, Tribeca reinforces India as the largest hub for Trump Towers outside the U.S. The projects, totalling 8 million square feet, aim to generate ?15,000 crore in sales. They feature ultra-luxury residential spaces and potential Trump World Towers in select cities.
Donald Trump Jr. and Eric Trump are scheduled to visit India next year, underscoring the brand's commitment to its Indian ventures.
WeWork India Grows Revenue, Cuts Losses Amid Global Challenges
Despite WeWork Inc.'s financial troubles and Chapter 11 bankruptcy in the U.S., WeWork India delivered strong financials in FY24, with a 26.7% revenue increase to ?1,665 crore and an EBITDA of ?1,119 crore. WeWork India's operational improvements are reflected in its expanded EBITDA margin, now at 64.42%, and its reduced net loss of ?135.7 crore, a 7.6% improvement over FY23.
Membership revenue contributed the largest portion, accounting for 84% of total revenue, and grew by 48.9% to ?1,402.5 crore. WeWork India's operating expenses rose by 19.1%, totalling ?1,870 crore, driven by finance, depreciation, and employee benefits costs. Despite rising costs, the company remains cash-rich with ?1,160 crore in operating cash flows.
Following the collapse of a potential sale to Embassy Group , WeWork India is considering an IPO with a targeted valuation of $2-2.5 billion, leveraging its strong market position amid growing demand for flexible workspaces.
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