Expanding its footprint in Pune, 315Work Avenue, a coworking space provider, has taken around 2 lakh square feet 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 million square feet 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.
The company claims to provide top-notch flexible workspaces with the aim to deliver an unparalleled workplace experience. It currently manages 2 million square feet space totalling around 40,000 seats across multiple prime locations in Bengaluru, Chennai, Mumbai and Pune.
Commenting on the development, Manas Mehrotra, founder of 315Work Avenue said that 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,” he added.
The flexible space stock in India is expected to cross 80 million square feet 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 square feet by 2025. With opportunities becoming more abundant, the segment will become more lucrative for growth. The rapidly increasing trends to re-strategise the workspaces indicates a brighter future for this new age asset class.
