Chennai’s latest co-working space comes up in Guindy with 2,000 seats

WeWork India expands into Chennai's co-working market with Olympia Cyberspace, investing ₹25 crore in a strategic growth market.

One more corporate has entered the fast expanding co-working space in Chennai as WeWork India has set up Olympia Cyberspace in Guindy. The firm has invested ₹25 crore into this facility, which is located between Guindy and Saidapet. The cost per seat at this space is  ₹13,500 per month (60-65 sq. ft.) while a day pass costs ₹750.

Noting that Chennai is a strategic market with immense potential for future growth, Karan Virwani, CEO, WeWork India said: “We are evaluating three more spaces in Chennai. One is coming up at DLF Cybercity and this will be operational by December 2024. We are looking at one more space in Guindy. We are also looking at OMR (pre-toll),” he said. Olympia Cyberspace spans across 1,30,000 sq. ft. of space and hosts 2000 seats across two floors.

Citing a study by Colliers India dated December 2023, Mr. Virwani said that Chennai has witnessed a 2X growth in gross absorption with a record 10.5 million sq. ft. uptake in the fourth quarter of 2023. Major contributing sectors include Tech, BFSI and Manufacturing and industrial occupiers. He pointed out that Chennai has emerged as a thriving business landscape among freelancers, entrepreneurs, enterprises as well as Global Capability Centres. There is a strong demand being witnessed from various industries including agri-tech, manufacturing, IT/ITES/ HR, among others, he said.

Mr. Virwani added that the design has tried to incorporate elements of local culture and heritage.