A rapidly expanding coworking space provider, 315Work Avenue, has taken around 2 lakh sq ft of office space on lease in Raheja Woods, Kalyani Nagar, Pune, for five years to increase its presence in the vibrant city of Pune. Consolidates its presence in Pune and aims to double the size of its portfolio in the next 12 months.
The Grade-A office space will feature a spacious and thoughtfully designed workspace with modern amenities and cutting-edge infrastructure in a prime commercial location. With five centres and 0.5 million sq ft in Pune, with leading developers like Ascendas, Panchshil, and Raheja, 315Work Avenue currently has around 10,000 seats and plans to double that number next year.
315Work Avenue, known for offering top-notch flexible workspaces to provide an unmatched workplace experience, currently manages 2 million sq ft of space, totalling about 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.
India’s flexible space stock is expected to exceed 80 million sq. ft by 2025. In the current fiscal year, coworking spaces accounted for 40% of transaction volume in Pune, according to a recent report from Anarock. A booming young population, the presence of significant tech corporations, and the growth of numerous startups have all contributed to the city’s flex space market’s significant growth over the last five years.
Pune’s flex space stock is expected to reach 8 million sq ft by 2025, according to a recent Colliers report. Opportunities will be abundant, making the market more profitable for expansion. This new-age asset class has a better future due to the trends that are rapidly expanding to re-strategize workspaces.