315Work Avenue leases around one lakh sq ft workspace in Bengaluru

The expansion comes at a time when companies see merit in setting up satellite offices across multiple locations to help people work nearer home and to enable a distributed workspace model, it said.

BENGALURU: Coworking space provider 315Work Avenue has taken a total of around one lakh sq ft of office space on lease here to set up two new centres as it sees strong traction from large enterprises post the lockdown. These 2 Grade-A office space centres located at Koramangalaand Old Madras road will have around 2000 seats, it said in a statement.

The expansion comes at a time when companies see merit in setting up satellite offices across multiple locations to help people work nearer home and to enable a distributed workspace model, it said.

The company currently manages 15 workspaces with around 12,000 seats across multiple prime locations here.

315Work Avenue plans to beef up its total portfolio to 25,000 seats this year with a focus on south and west India, while further strengthening its presence here.

Founder, 315Work Avenue, Manas Mehrotra said in the current situation, taking a conventional office space is becoming challenging for companies, and most of them are looking for flexible office spaces, and thus safeguarding them from capex cost, longer lock-in terms and huge deposits.

"Corporates and large enterprises too will avoid high capital expenditures and look towards flexible working spaces to expand business. Moreover, the pandemic has highlighted the importance of de-densification of office space and adoption of hub and spoke model," he said.

According to a Savills India report, leasing activity by coworking operators is expected to increase by 42 per cent in 2021 over 2020, and the share of coworking space take-up in overall office leasing activity is poised to rebound to a 15 per cent share in 2021, similar to the 2019 level, the statement said.

Bengaluru and Hyderabad continue to see maximum traction of the total leasing activity in the coworking segment, it was stated.

Source: Etrealty.