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.

“In 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.

“We 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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315Work Avenue lease out 12,650 sq ft space in Bengaluru to Tata Technologies – ET RealEstate

BENGALURU: 315Work Avenue, a coworking space provider has leased 12,650 sqft of office space to Tata Technologies, a global engineering and product development digital services company in ORR, Bangalore.

The new facility will house Tata Technologies’ design studio, lab stations, meeting and conference rooms, and a wellness centre and will leverage its expertise in electric and embedded systems.

Manas Mehrotra, Founder, 315Work Avenue said: “The entire space was custom crafted as per the requirement of the client within 2 months despite the challenges posed by the Covid-19 pandemic”.

315Work Avenue currently manages around 12,000 seats spread over 6,00,000 sq ft across multiple prime locations in Bangalore. 315Work Avenue plans to beef up its total portfolio to 1 million sq ft by next year with a focus on south and west India, while further strengthening its presence in Bangalore.

“We believe that the need for flexible space will only rise in the current scenario, as corporates will look to cut capex on setting up own offices. It will also help them remain agile and retain flexibility to adjust operations based on the market conditions. We have already achieved phenomenal growth in a short period and our priority now is to deepen the penetration in existing markets and enter newer cities. Bangalore will continue to play an integral role in our overall growth journey. We are also open to acquire smaller players in strategic pockets in tier one cities for further expansion,” said Manas.

According to an industry estimates, Bengaluru continues to be the market leader with gross office space absorption of 0.50 million square meters in the first half of 2020.

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