315Work Avenue leases around 1,00,000 sq ft workspace in Bengaluru – ET RealEstate

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BENGALURU: Flexible office provider, 315Work Avenue has leased one lakh sq ft of office space in Bangalore to cater to the growing demand from large enterprises.

The new office will be spread across two properties located at Koramangala and old Madras road in Bangalore and will have around 2000 seats.

β€œIn the current situation, taking a conventional office space is becoming challenging for companies. Most of the companies are looking for flexible office spaces, and thus safeguarding them from Capex cost, longer lock-in terms, huge deposits etc.

Corporates and large enterprises too will avoid high capital expenditures and look towards flexible working spaces to expand business. Moreover, the pandemic has highlighted the importance of de-densification of office space and adoption of hub and spoke model,” said Manas Mehrotra, Founder, 315Work Avenue.

315Work Avenue plans to beef up its total portfolio to 25000 seats this year with a focus on south and west India, while further strengthening its presence in Bangalore. The company currently manages 15 workspaces with around 12,000 seats across multiple prime locations in Bangalore.

β€œWe have also signed around 1000 seats last month with multiple companies and we foresee a huge jump in coworking space demand in coming months, as people want to have flexibility in the way they work, including locations, office tenure, options to expand and downsize anytime etc,” said Mehrotra.

According to a Savills India report, leasing activity by coworking operators is expected to increase by 42 per cent in 2021 over 2020, and the share of coworking space take-up in overall office leasing activity is poised to rebound to a 15 per cent share in 2021, similar to the 2019 level. Bengaluru and Hyderabad continue to see maximum traction of the total leasing activity in the coworking segment.



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