315Work Avenue leases around 2,00,000 sq ft workspace in Pune Consolidates its presence in Pune and aims to double its portfolio in the next 12 months

Bangalore, September 05, 2023: Expanding its footprint in the vibrant city of Pune, 315Work Avenue, a rapidly growing coworking space provider has taken around 2 lakh sq ft of office space on lease in Raheja Woods, Kalyani Nagar, Pune through a long-term lease of five years. The Grade-A office space located in a prime commercial hub will boast a spacious and thoughtfully designed workspace with contemporary, cutting-edge infrastructure and modern amenities. 315Work Avenue now has five centres spread across 0.5 mn sq ft in Pune with leading developers like Ascendas, Panchshil and Raheja, totalling around 10000 seats and aims to double its presence in the city in the next 12 months. The expansion comes at a time when companies see merit in setting up offices across multiple locations to enable a distributed workspace model.

315Work Avenue known for providing top-notch flexible workspaces with the aim to deliver an unparalleled workplace experience currently manages 2 mn sq ft space totalling around 40,000 seats across multiple prime locations in Bengaluru, Chennai, Mumbai and Pune.

Commenting on the development, Mr. Manas Mehrotra, Founder, 315Work Avenue said: “The coworking sector’s impact is poised to amplify in the future, driven by the fundamental transformation work dynamics have undergone which is unlikely to revert. Amid the contraction of conventional office real estate market, the burgeoning coworking sector has emerged as a beacon of hope. Co-working is emerging to be the preferred office space for businesses across industries. Most companies now are looking for flexible office spaces, and safeguarding them from Capex cost, longer lock-in terms, huge deposits etc. De-densification of office space and adoption of hub and spoke model have become widespread. We continue to foresee a huge jump in coworking space demand in the near future.”

“315Work Avenue has achieved a phenomenal growth in a short period and has become home to several companies. Pune has been an extremely strong market for us to strengthen our foot print and cater to large enterprises and corporates amongst others and we will continue to expand our presence in the city. This deal marks another milestone in the company’s expansion plans, solidifying its presence in key business hubs. The coworking industry plays a very important role in revived economy, and we look forward to being a part of the new growth,” added Manas.

The flexible space stock in India is expected to cross 80 million sq ft by 2025. According to a recent report from Anarock, Pune tops out with coworking spaces occupying a transaction share of 40% in the current fiscal. The city’s flex space market has seen significant growth during the last five years, led by a burgeoning young population, the presence of large tech corporates, and the proliferation of numerous startups. Also, as per a recent Colliers report, Pune’s flex space stock is expected to cross 8 million sq feet by 2025. With opportunities becoming more abundant, the segment will become more lucrative for growth. The rapidly increasing trends to re-strategize the workspaces indicates a brighter future for this new age asset class.

Corporate Comm India (CCI Newswire)