Bengaluru, August 22nd: BHIVE Workspace, a leading flexible workspace provider based in Bengaluru, is positioning itself for significant growth with plans to expand its footprint by 3 million square feet over the next two years. This expansion comes as demand for coworking spaces continues to surge across India, with the market projected to double by 2030, growing from 55 million square feet to 100-140 million square feet, according to a recent report by real estate consultant Anarock.
Increasingly, companies are seeking coworking solutions to offer employees more flexible workspace options, ensure business continuity, boost productivity, and facilitate market expansion. According to Anarock, about 54% of Indian companies are opting for coworking spaces as a means to reduce operational costs.
BHIVE Workspace, which currently operates across 1.8 million square feet and 27 locations, is set to capitalize on this growing trend by expanding into six major Indian cities by FY26. Shesh Rao Paplikar, founder and CEO of BHIVE Workspace, emphasized the company’s aggressive growth strategy, which aligns with the burgeoning demand for flexible office spaces. “We are poised to add another 3 million square feet to our portfolio by the end of FY26,” Paplikar said.
This expansion is part of a broader vision to enhance the company’s market presence and prepare for an Initial Public Offering (IPO) by FY26. BHIVE is targeting ₹350 crore in revenue this fiscal year, a marked increase from the ₹170 crore generated last year, which included a net profit of ₹7 crore.
The flexible workspace market has become a key driver of office leasing, comprising nearly 18% of total new office supply in seven major Indian cities in 2023. BHIVE’s expansion plans are a reflection of this market shift. Earlier this year, BHIVE secured over 62,000 square feet in Mumbai’s Bandra Kurla Complex under a five-year lease agreement valued at ₹1.25 crore per month. In Bengaluru, it added 42,000 square feet in Mahadevapura, further strengthening its presence in key commercial hubs.
In the current fiscal year, BHIVE plans to add 1 million square feet to its total footprint, with 7-8 lakh square feet of that space located in Bengaluru. This continued growth positions BHIVE to take full advantage of the increasing demand for coworking spaces, which are becoming the top choice for businesses looking to reduce costs and improve operational efficiency.
