Why entering the Mumbai market was crucial for our client
CoWrks, a leading company in the co-working space has been expanding to a number of markets. Its entry in to Mumbai was a big achievement, which JLL’s markets team facilitated
90,000 sq ft; 0.5 million sq ft
Expanding a business across the country can never be easy. But with assistance from a trusted partner, the task becomes easier. CoWrks, a premium co-working space provider that focuses on integrating community by inviting free-lancers, startups, SMEs and large enterprises aims to have centres in some of the key cities across India.
Country’s financial capital, Mumbai already had over 2.5 sq ft of space ready for use under the segment. Hence, as its expansion strategy, the Company was looking to enter the Mumbai market and provide an unparalleled experience to its customers. But prior to its entry, the client wanted an in-depth market analysis to locate a pivotal micro-market to open its centre. When JLL markets team was hired to do the study and subsequent marketing of the centre, the client’s requirement was to have the centre, where there is good catchment of prospective tenants/professionals. There is also a strong demand from corporate occupiers, who don’t want their employees to commute for long distances to reach their offices. If the employee works at an optimal cost, sitting out of a co-working space, there are huge savings for the organization.
To enrich the client’s requirements, we offered them a number of options for micro-markets. Finally, the Worli market was decided to set up the centre. The market has a good presence of commercial and retail complexes and serves CoWrks well in having tenants. Later the client did a launch event to announce the opening of its Worli branch. Having the exclusive marketing rights of the centre, we not only managed the tenant transactions but also involved our projects team to do the fit outs. Our in-depth knowledge of each of the micro-markets in the region, the ability to bring good tenants and our multi-faceted approach across service lines helped us in winning the trust of the client.
As a result, Worli’s 90,000 sq ft of space has been made ready for use. The entire transactions, including landlord representation, was billed approximately to the tune of USD 0.5 million. Basis on our strong relationship, we will continue to work with CoWrks and support its expansion in other micro-markets of Mumbai to have a dominance by 2023.