Pune first wellness-based co-working space acquired by Omicron Properties

Omicron is setting up Inscape Co-work in its buildings at Koregaon Park Annexe and Seven Loves Chowk, and more are in the pipeline. “We have not bought Inscape for only one set up to really scale it up. By the end of 2022-23, we are targeting around 500 seats. This will be a big leap for Inscape,” says Manish Agarwal, MD of Omicron, adding they are also planning to build five-seven A-grade buildings. “We are not targeting big corporate clients but people looking at 20-30 seats that we can provide multiple options,” he adds.

Inscape will continue to maintain the holistic approach to working that had fascinated Agarwal when he had first visited the property at KP. The focus on health and wellness will be maintained. “Being close to nature and a holistic approach helps people become more productive and calmer and easy in their work environment,” says Somani.

The space boasts furniture such as a Zen Desk, where one could sit in vajrasana and work, or a Standing Desk for those tired of sitting through the day. It is a hit, and one can work alongside professionals from 30-35 countries at Inscape.

Demand for flexible spaces has been rising across the world. In November 2020, JLL — a professional services firm that specialises in real estate and investment management — released a paper, which highlighted that in India, “irrespective of several short-term disruptions and challenges, increased demand from large enterprises, will support the growth of the flex space market to more than 50 million sq ft by 2023”. “It is anticipated that flexible space will grow by an average of around 15-20 per cent per annum over the next three-to-four years, although this trajectory will not be linear,” it said. According to JLL, Pune and Hyderabad were among the fastest-growing markets in the country.

Somani says that, earlier, co-working was for people, who worked from offices but now, it is for those who are working from home and are ready to pay from their own pocket to be at a peaceful location. Some employers reimburse these charges.

“After the pandemic, a lot of offices that had commercial lease are not renewing but opting for co-working spaces for their employees. If they have a team of 100, they are taking three locations depending on where most people live, so that there is no time wasted in travelling,” he adds.

To the conveniences of a new-normal co-working space, what Inspace offers is a green view. “A lot of people have never experienced that view for long,” says Somani.