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Business EconomyPosted at: Oct 5 2021 11:23AM


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

Bengaluru, Oct 5 (UNI) Expanding its footprint in the vibrant city of Bangalore, 315Work Avenue, a leading co-working space provider has announced signing 700-seats with two companies spread over 37,000 square feet here.
While one company is a New-York based American advertising company, the other company is a global manufacturing company with worldwide 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 square feet office space across 20 centres located in prime business hubs in Bangalore, Mumbai & Pune.
The company also plans to add another 5 lakh square feet 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.
315Work Avenue Founder Manas Mehrotra said 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, he said.
The company expects 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, Mehrotra said.
He said 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, Mehrotra said.
"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," he added.
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.
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