315Work Avenue signs deal for 700-seat workspaces in Bangalore

Expanding its footprint in the vibrant city of Bangalore, 315Work Avenue, a leading co-working space provider has announced signing 700-seats with 2 companies spread over 37,000 sqft in two prominent areas, Koramangala, and HSR Layout. While one company is a New-York based American advertising company, the other company is a global manufacturing company with world-wide presence in 15 countries. With these two agreements, the company has signed around 5,000 seats over the last six months of this financial year. 315Work Avenue currently manages around 20,000 seats spread over 1 million sqft office space across 20 centres located in prime business hubs in Bangalore, Mumbai & Pune. The company also plans to add another 5 lakh sqft office space over a period of six months. The company offers a variety of services and spaces like enterprise offices, co-working desks, private offices, meeting rooms and virtual offices to corporates, mid-size enterprises, small teams, start-ups and entrepreneurs depending on the needs of its users. Commenting on the new development, Manas Mehrotra, Founder, 315Work Avenue said: “In recent times we have seen an increased demand from all businesses, especially leading enterprises and corporates who have recognised the inherent value offered by the flexible workspace model. The pandemic has highlighted the importance of de-densification of office space and adoption of hub and spoke model. Hence there has been a surge in flexible space options and increased focus on hybrid working models by large enterprises and multinationals. They are re-assessing their existing conventional office spaces, fixed asset investments, long term leases etc and are opting for flexibility and a superior tech enabled office experience that is smart and safe. We also expect a pick-up in demand for well-located, high-quality and efficient flexible workspaces, resulting in them occupying a greater portion of the total commercial office portfolio in India.” “The widespread business disruptions caused by the pandemic is driving a shift in strategy of many organizations. The demand outlook is strong despite the turmoil caused by the second wave and the growth in demand indicates an improvement in economic sentiment, with companies upbeat about their expansion strategies. We have already achieved phenomenal growth in a short period and our priority now is to deepen the penetration in existing markets as well as enter newer ones. We remain optimistic about the co-working space growth and momentum,” added Manas. With flexible spaces becoming mainstream, the coworking companies have seen a massive spike in the number of inquiries recently. As per a recent report, leasing of flexible workspace by corporates rose 73 per cent during January-June period on a year-on-year basis, signalling the continued demand for co-working spaces in the current scenario.