BENGALURU: Flexible office operator 315 Work Avenue plans to beef up its portfolio to 1 million sq ft by the end of 2020 with a focus on south and west India. In a bid to achieve its target of 25,000 seats by next year with an investment of Rs 100 crore, the company plans to expand in Hyderabad, Pune and Mumbai while strengthening presence in Bengaluru. 315Work Avenue currently manages 10,000 seats spread over 500,000 sq ft office space across multiple prime locations in Bengaluru and around 4000 seats are in fit-out stages.
In a recent lease transaction, 315Work Avenue, a leading co-working space provider, leased 500-seat workspace at GR Tech Park in Whitefield, Bengaluru. This new workspace, spread over 50,000 sq ft, has been leased to a leading listed global outsourcing services provider and a data research and solutions MNC. “We believe there is a massive opportunity as co-working spaces are experiencing a high growth trajectory in India and Bengaluru has been an extremely strong market for us to strengthen our footprint and cater to large enterprises, corporates and start-ups amongst others. We are also open to acquire smaller players in strategic pockets in tier one cities for further expansion,” said Manas Mehrotra, chairman, 315Work Avenue. 315Work Avenue currently manages around 10,000 seats spread over 5,00,000 sq ft office space across multiple prime locations in Bengaluru and around 4000 seats are in fit-out stages. Co-working spaces have disrupted the traditional work environment and have seen a massive growth in the last few years. Co-working is emerging as a leading occupier of commercial real estate and is likely to see high growth in 2020 and beyond. According to CBRE, gross leasing increased more than 25% to a record 61.6 million sq. ft. by the end of 2019 from a year earlier. Bengaluru, followed by Hyderabad, the National Capital Region and Mumbai dominated the segment, together accounting for almost 75% of office leasing. 315Work Avenue currently manages 10,000 seats spread over 500,000 sq ft office space across multiple prime locations in Bengaluru.
February 24, 2020