• Pune expansion: WeWork signed with Panchshil for a Kharadi location of close to 1.6 lakh square foot, roughly 2,500 seats, expected to open in the following financial year. It also opened a 2.8 lakh square foot Pune location at the beginning of the month, split between a large enterprise and coworking.
• Dual-engine model: Nearly 2/3 of Millennium Towers’ 1.8 lakh square feet was a managed-office requirement and demand-backed from day one. Going forward, the company expects almost half of growth from managed offices and the remaining half from WeWork-branded spaces.
• Metro rollout: WeWork plans to expand across the top 8 metros. From April 1 to October, it had its highest-ever concentrated six-month rollout, opening more desks in the first half of this year than in all of last year; expansion is expected to pick up again at the start of next financial year.
• Capacity additions: Against an annual target of 20 to 25,000 desks, almost 22,000 or maybe 23,000 were already open, with roughly 3 or 4,000 left to open for the rest of the year.
• Demand outlook: Management said demand remains robust, driven by GCCs, domestic businesses, AI companies and newer businesses entering India. It expects Q2 earnings to show extremely strong occupancy despite the recent capacity expansion.