Coworking major WeWork India on Tuesday introduced a new space management tool that will help big corporates in optimising their real estate portfolio and save cost.

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WeWork India has launched the tool, 'WeWork Workplace', in collaboration with Yardi, a leading workspace management solution.

Commenting on the new product, Karan Virwani, CEO of WeWork India, said this will help large corporations in managing their entire office portfolio, be it owned and leased spaces.

He said the company has already started offering this solution to enterprises at a very nominal charge.

Virwani said the solution will also help the company in revenue growth as it will create demand for flexible workspace.

"In an era where hybrid and flexible work culture take centrestage, space management plays a very crucial role for enterprises." There is an urgent need to scope out operational inefficiencies in a systematic manner, for businesses to thrive, he added.

"Workplace tool is uniquely placed to help businesses optimise their functional office space requirements while elevating the office experience for its employees in an intentional way. It will facilitate real-time insights for data-driven decision-making," Virwani said.

WeWork Workplace tool can combine all space types (privately leased/owned, WeWork and WeWork shared/affiliate) within a single experience, the company said in a statement.

Additionally, companies that may need overflow space will have the option to enable access to WeWork and WeWork affiliated locations for their employees globally, it added.

The tool offers enterprises a streamlined approach to integrate and manage space as well as optimise portfolios, along with access to 500-plus WeWork workspaces on one platform.

"This leads to effective cost saving for enterprises with the help of real time data analytics. In a world where the dynamics of work have undergone significant shifts, Workplace will help manage the workforce as well as the workspace, leading to greater productivity," the statement said.

On the response from corporates regarding this tool, Virwani said there are currently 30 accounts in use by over 6,000 members in India.

WeWork India, which started operations in 2017, has over 8 million square feet of assets signed across 53 locations in New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad.
WeWork India is owned by realty firm Embassy Group, which has controlling 73 per cent stake.

WeWork Global has 27 per cent stake in WeWork India.