.png)
315Work Avenue, a coworking space provider, plans to expand by 2 million sq. ft. of workspace over the next year with a strategic investment of around Rs 400 cr. The company, which has experienced rapid growth since its inception, aims to enter new cities while strengthening its presence in existing markets. This expansion is driven by the high demand for flexible spaces from corporates, with the company exploring both organic and inorganic growth strategies. Currently, 315Work Avenue manages 3 million sq. ft. across 45 prime locations in Bengaluru, Chennai, Hyderabad, Mumbai, and Pune, offering around 60,000 seats.
This expansion of 315Work Avenue is part of the company’s overall strategy to have about 10-12 cities in its portfolio over the next two years and touch 5 mn sq. ft this year. Over the past year, 315Work Avenue has leased over 1.25 mn sq. ft to its clients. The company works with prestigious clients that include BNY Mellon, Webasto, Tata Technologies, Tata Motors, Tata Power, Muthoot, Moengage, Teamlease, Operative, Urban Company, Wibmo, Aramex, TotalEnergies, Northland, Esper, Hafele, AstraZeneca amongst others.
Manas Mehrotra, Founder of 315Work Avenue, said, "There is a huge demand for flex space from corporates of all sizes as flexible workspace has become a key component in the overall real estate portfolio of corporates to enhance employee productivity, foster collaboration, and optimising operational costs by scaling up or down as per business requirements. Our growth comes from focusing on the right markets, where the need for co-working spaces, managed offices, and flexible workspace solutions is high. The flexible workspace sector is rapidly evolving into a mainstream commercial real estate asset class, and this momentum will continue. The demand has gained greater traction with corporates and MNCs continuing to make a beeline to coworking spaces that have emerged as strong centres of growth. Our recent expansions, including significant leases in multiple cities, highlight our commitment to meeting the rising demand for flexible workspaces nationwide. We aim to expand our portfolio, grow revenue and remain profitable”.
"By leveraging cutting-edge technology and innovative strategies, 315Work Avenue focuses on providing futuristic solutions tailored to meet the unique needs of our clients through comprehensive services. We place a strong emphasis on building and nurturing relationships, recognising the importance of engaging with our existing customer base to maintain their satisfaction and loyalty. Our goal is to be the 'partner of choice,' offering best-in-class customer experiences, exceptional value for money, and bespoke solutions that cater to the diverse needs of our clients," said Manas.
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. With coworking spaces poised to lead in shaping India’s office market, their contribution to the overall portfolio is set to grow significantly in the coming years. Industry reports suggest that the sector could see annual growth rates of over 20% touching over 100 million sq ft by 2030, driven by the increasing number of companies adopting flexible workspaces.
Overall, 2024 has been a defining year for India’s office sector, achieving record-breaking leasing volumes and reaffirming the country’s position as the strongest growth market globally for office space demand and growth. India’s office sector closed 2024 with historic achievements, recording 89 mn sq. ft of gross leasing volume (GLV) across the top 8 cities, according to Cushman & Wakefield’s latest office data, with Bangalore topping the chart, accounting for 29% of India’s gross leasing volume (over 25 million sq ft).
