Over 1.6X increase in the rental rate of the corporate property. 3X increase in the occupancy rate in just 6 months. Complete marketing & strategic makeover to increase the visibility & revenue generation
ABOUT SUMMIT SPACE
Summit Space is a versatile and spectacular coworking office in the modern corporate park Rohtas Summit, Lucknow. This space has an exciting growth story, which started from scratch and moved on to become a fabulous eye-catcher in the commercial office sector.
IDENTIFYING THE PROBLEM
The journey started with Sandeep Agarwal, the owner of Rohtas Summit, showing his concern about attracting corporate clients to his office property. He had invested a considerable amount in making his property a valuable and promising office option for the corporate sector. But, the changing scenario of the corporate industry and upcoming trends needed a well-defined strategy to move ahead profitably.
The top-class facilities and infrastructure of Rohtas Summit were prone to fuse out because of the changing office trends and the pandemic. Although, being in an area seen as an emerging corporate hub in Lucknow, Rohtas Summit needed help to capture clients. And yes, the low per sqft rental issue also haunts this property’s existence.
Experts at Propques started working on this concern as soon as they were introduced to it. We analyzed that as a corporate office solution, Rohtas Summit had vast potential. But, owing to changing office trends and especially the behavior of the Lucknow corporate sector, there was a need for a different approach.
We found that giant enterprises are more comfortable with corporate parks because they have enormous resources and staff. But, reputed smaller enterprises, which grow their headcounts with annual growth, look for a reasonable and flexible office solution.
Smaller enterprises need offices of approx 100 sqft with a capacity of 120-50 seats. And they find it tough to occupy a place in the corporate park owing to high rent-out costs, long-term lock-in commitments, etc. Even though smaller companies desired A-grade office facilities, these reasons forced them to look for B-grade options.
DESIGNING A SOLUTION
Our team proposed including and developing flexible coworking space at Rohtas Summit for smaller enterprises. Because we understood the essential office requirement criteria of smaller companies were heavily dependent on their growth. And shared office was an excellent solution for expanding and changing requirements without changing their office address.
Moving ahead with that, we designed the concept of a boutique office with a string of good common areas. We created a pantry, coffee room, recreational area, and meeting room, shared with other companies. Our focus was to develop a space with a good carpet area and plug-and-play infrastructure where smaller enterprises could come any day and start working, where the expansion of their office is no longer a big concern, and where the office is not a revenue-eating organism but a regular profitable investment.
POSITIVE END RESULT
Due to our strategy and full-fledged support from our client, Rohtas summit witnessed the opening of its coworking space, Summit Space opening, in Feb 2021. Our efforts and careful planning gave it a promising start of 30% occupancy at the time of inauguration, which soon escalated to 90% within six months. With the growth in occupancy, the rental rate of the building also increased from the usual rates of 60/- per sqft to a whopping 98/- to 113/- per sqft.
It boosted the confidence and showed with the planned addition of another floor in the coworking space. And after the promising results of the second floor, a new floor is roped in this project. It has taken the 12000 sqft floor area to an immersive 30000-40000 sqft office platform.