EFC Expands Co-working Space in Hyderabad, Noida

New Delhi, Feb 5 (PTI) Co-working firm EFC (I) Ltd on Monday said it has taken on lease over 1 lakh square feet of office space in Hyderabad and Noida to expand its business amid rising demand of flexible workspace.

In a statement, the company said it has taken on lease 60,000 square feet in Hyderabad with a capacity of 1,500 seats and another 40,000 square feet in Sector 62, Noida with a capacity of 750 seats.

Pune-headquartered, EFC has a presence in seven states. It has more than 35 co-working centres totalling 1.5 million sq ft area and close to 35,000 desks.

The company has given on lease nearly 65 per cent of desks to corporates.

Umesh Sahay, Founder & CEO, EFC (I), said the demand of flexible workspace has been strong in the last few years.

"The country's vibrant startup ecosystem supported by a host of measures undertaken by the government will further drive the demand for workspaces. We are well poised to capitalise on the growing demand with our efficiently designed and ergonomics-friendly workspaces," he added.

Founded in 2014, the BSE-listed EFC (I) Ltd has centres across seven states (Maharashtra, Hyderabad, Tamil Nadu, Karnataka, Gujarat, Uttar Pradesh and West Bengal).

It employs around 500 people and caters to 570+ highly reputed corporates – both Indian and global names, in terms of offering high-quality working spaces.

According to real estate consultant Vestian, flexible office space operators currently have a portfolio of 53.4 million square feet and the number is projected to grow 52 per cent by 2025 to 81 million square feet on rising demand from corporates.

In its September report, Vestian highlighted that over 7.6 lakh seats are available with flexible space operators spread across more than 1,000 centres in India.