Awfis Space Solutions (Awfis), a flexible workspace solutions company, has partnered with Nyati Group for an additional three lakh sq ft of grade-A workspaces under the managed aggregation (MA) model.
The company will operate a total of 1,67,206 sq ft built up flexible workspaces at Nyati Empress in Viman Nagar and Nyati Enthral in Kharadi, Pune.
With this addition, it now has a total of five lakh sq ft grade-A flexible workspace with the Nyati Group.
Under MA model, the company partners with landlords/builders on profit-sharing basis and ask them to put in majority of the capital towards the fit-out of the offices. Out of the new seats added or under-fit out, 79% were under company’s asset-light managed aggregation model as on June 30, 2024.As of June 30, 2024, the company has about one lakh operational seats and expanded its footprint to 169 operational centers. It operates in 17 cities and 54 micro-markets, encompassing 185 centers, 112,038 seats, and 5.6 million sq ft of chargeable area that are either operational or are in the process of being fitted out.
The company has signed a letter of intent of 15,668 seats and 23 centers, creating a pipeline of 1,27,726 seats across 208 centers.
In the last 12 months, we have added 30,156 seats and 48 new centers, marking the year-on-year growth of 43% and 40% respectively. We have increased our tier-II presence by 90%, growing from 10 centers to 19 centers since June 2023. We continue to maintain a strong portfolio of 67% seats under this risk-averse model We remain on track with our FY26 guidance to add 40,000 seats, Sumit Lakhani, deputy CEO of the company had said in its earnings call.
Approximately 65% of its client base consists of large corporate or MNCs, 22% are SMEs, 13% are startups and the remainder are freelancers. In its portfolio, it has 36% multi-centre clients.
The company’s exit month occupancy rate was 71%. For centers older than 12 months, the occupancy rate stands at 84%. The total average client tenure in our portfolio is 34 months, with a lock-in period of 24 months.
