Posted: Post Date – 12:01 AM, Wed – Nov 16 22
Skootr offers “workspace-as-a-service,” where businesses can get custom flexible office space without locking money into capital expenditures.
Hyderabad: Managed office space provider Skootr said it will invest around Rs 750 crore in Hyderabad to strengthen its portfolio. It currently leases about 5,00,000 square feet in the city and plans to double that within a year. Skootr director and co-founder Puneet Chandra said it has invested around Rs 750 crore in the city.
Skootr offers “workspace as a service” where businesses can get custom flexible office space without locking up money in capital expenditures. White It manages about 1 million square feet of land in various cities including Delhi, Gurgaon and Jaipur, Hyderabad and Bangalore. Of these, 50% are in Hyderabad.
Skootr this week saw the inauguration of Darwinbox, a unicorn HR technology company from the city, inauguration of its 75,000-square-foot headquarters in Skootr Forest. It will accommodate 1000 people.
“We’re focusing on large clients with space needs of about 200,000, and we’re in discussions with about four participants,” he said. Skootr acquires bare shell buildings from real estate developers. It invests Rs 2,500 to 3,000 per sq ft to shape the office space according to client requirements. It currently caters to clients from technology, BFIS, manufacturing and other sectors.
Office space in Hyderabad has seen healthy growth over the past few years owing to various policy initiatives, expanding client base, and rising corporate demand. These have also sparked growth in hosted workspaces, he said.
“Real estate tenants are looking for office spaces with flexible designs, a mix of private and open spaces. The return to offices across industries continued to pick up momentum in the third quarter, and customers are looking for workspaces that offer a premium experience for their employees,” he added. As more and more people return to work from campuses, demand for managed office space will rise.
He cited Darwinbox as saying that demand for custom structures and amenities was on the rise, with the company opting for a workspace without walls but with collaboration spaces, breakout areas, a wellness room and food service. “We expect these organisations will continue to adopt flexible spaces. This will help them embrace hybrid work arrangements and remain nimble in their real estate strategies,” he said.
Office rents ranged from Rs 70-75 psf, up from Rs 60-65 psf a few quarters ago. “The devaluation of the rupee is helping many multinational companies to expand in Indian cities. They get more rupees for every dollar they spend than before, so it’s good for them to expand now,” he said.
