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Market Updates

315Work Avenue leases 500-seat workspace at Whitefield, Bangalore

315 Work Avenue leases 500-seat workspace at Whitefield RealtyMyths

Expanding its footprint in the vibrant city of Bangalore, 315Work Avenue, a leading co-working space provider has leased 500-seat workspace at GR Tech Park, Whitefield, Bangalore. This new workspace, spread over 50,000 sq ft, has been leased to a leading listed global outsourcing services provider and a data research and solutions MNC.

315Work Avenue currently manages around 10,000 seats spread over 5,00,000 sq ft office space across multiple prime locations in Bangalore and around 4000 seats are in fit-out stages. The company offers a variety of services and spaces like enterprise and private offices, meeting rooms and virtual offices to corporates, large enterprises, start-ups, and entrepreneurs depending on the needs of its users.

Commenting on the new development, Mr. Manas Mehrotra, Chairman, 315Work Avenue said: “The launch of this center will inch us closer to our target of 25,000 seats by end of this year. We are confident that the Bangalore market will continue to play an integral role in our overall growth journey. We believe there is a massive opportunity as co-working spaces are experiencing a high growth trajectory in India and Bangalore has been an extremely strong market for us to strengthen our footprint and cater to large enterprises, corporates, and start-ups amongst others. We are also open to acquiring smaller players in strategic pockets in tier-one cities for further expansion.”

At present, large corporates and multi-national companies have taken to flexible workspace due to multiple benefits such as flexible lease terms, innovative & high-end workspaces, lower deposit requirements, and overall cost reduction, etc. Coworking spaces have disrupted the traditional work environment and have witnessed a massive growth in the last few years. Co-working is emerging as a leading occupier of commercial real estate and is likely to see high growth in 2020 and beyond.

“While Whitefield has been a tough market, we have been able to penetrate the same due to our unique offerings and multiple benefits. With prime locations, custom-crafted design & space, technology, international standards of health & safety and community building as our key drivers, we are confident that our workspaces have an edge over the others in the industry and we are committed to revolutionizing the co-working industry. We have already achieved phenomenal growth in a short period and our priority now is to deepen the penetration in existing markets and enter newer cities,” added Manas.

As per a recent report, Bengaluru continues to be the market leader with gross office space absorption of about 15 mn sq ft in 2019, an increase of 6 percent from 2018. With the millennial workforce evolving, over 13 million people are expected to work out of coworking centers by 2020 in India.

As part of its investment plan of around Rs.100 crore announced last year, 315Work Avenue plans to beef up its total portfolio to 1 million sq ft by end of 2020 with a focus on south and west India. The company is also looking to enter Hyderabad, Pune & Mumbai markets in the near future, while further strengthening its presence in Bangalore.

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