315Work Avenue leases around lakh sq ft workspace in Bengaluru

Our Bureau. Bengaluru | Updated on February 18, 2021

315Work Avenue, a coworking space provider, has taken a total of one lakh sq ft of office space on lease in Bengaluru to set up two new centres as part of its plan to expand business, as it sees strong traction from large enterprises post the lockdown.

These two Grade-A office space centres are located at Koramangala and Old Madras Road, will have around 2,000 seats. The expansion comes at a time when companies see merit in setting up satellite offices across multiple locations to help people work nearer home and to enable a distributed workspace model.

The company currently manages 15 workspaces with 12,000 seats across multiple prime locations in Bengaluru and plans to beef up its total portfolio to 25,000 seats this year, with a focus on south and west India, while further strengthening its presence in Bengaluru.

Manas Mehrotra, Founder, 315Work Avenue, said, “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 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 models. Despite being popular during the pandemic, work from home can’t outweigh the benefits of working in a physical office space, both in terms of cohesion as well as productivity. We have also signed around 1,000 seats recently 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.”

“As a relatively young venture, 315Work Avenue has already achieved a phenomenal growth in the short period and quickly became home to several companies. Bengaluru has been an extremely strong market for us to strengthen our footprint and cater to large enterprises and corporates amongst others and will continue to play an integral role in our overall growth journey. There is also continued venture capital and private equity interest in the segment. The coworking industry will play a very important role in the rebuilding of this economy, and we look forward to being a part of that,” added Manas.

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Published on February 18, 2021
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