315Work Avenue Leases 80,000 Sq Ft Workspace in Bengaluru

In a significant expansion of its presence in the hi-tech city of Bangalore, 315Work Avenue, coworking space provider has leased around 80,000 sq ft commercial office space in the city. This Grade-A office space located at upmarket Indiranagar will have around 1500 seats. This new space assumes importance as companies now see merit in setting up satellite offices across multiple locations to help people work nearer home and enable a distributed workspace model. Indiranagar, an important commercial hub is one of the most sought-after localities for businesses in Bangalore. 315Work Avenue provides suitable workspace environment and customisation of workflow layout for companies and technological centres to excel and work efficiently. The company currently manages around 20,000 seats spread over 1 million sq ft across multiple prime locations in Bangalore, Mumbai and Pune. The company also plans to add another 5 lakh sq ft office space over a period of six months. Manas Mehrotra, Founder, 315Work Avenue, said: “The pandemic has heightened the importance of commute time, decentralization of workspace, and a hybrid and productive workspace approach. The demand for flexible workspaces is constantly increasing as such spaces perfectly fit the 'new normal,' and enables companies to save costs, boost productivity, enhance work experience, and provide flexibility to employees. The hybrid-friendly workforce model has gained traction as enterprises exit traditional spaces and move to modern, flexible spaces. The workplace has now evolved from being purely functional to being more productive, experiential, and meaningful.” “We are relatively a young venture, but have achieved a phenomenal growth in the short period and quickly became home to several renowned companies. Bangalore has been an extremely strong market for us to strengthen our presence and cater to large enterprises and corporates amongst others and will continue to play an integral role in our overall growth journey,” added Manas. Flexible workspaces are the preferred way to adopt the hybrid work model in a post-pandemic world. As per industry estimates, the demand for coworking spaces is already 80%- 90% of pre-Covid-19 levels. As per a recent report, the industry is expected to double over the next five years at a compound annual growth rate (CAGR) of 15 per cent. The rapidly increasing trends of expansion by the major players and the trends triggered by the pandemic to re-strategize the workspaces indicates a brighter future for this new age asset class.