315Work Avenue Invests Rs. 400 Crore for Expansion Plan This Year

In view of the high demand for coworking spaces, 315Work Avenue, one of India’s prominent coworking space provider plans to expand 2 million sq. ft of workspace over the next one year with a strategic investment of around Rs 400 cr. The company which has experienced rapid growth since its inception, is aiming to enter newer cities along with strengthening its presence in the current markets.

This growth is expected on the back of high demand for flexible spaces by corporates and the company is looking at organic and inorganic initiatives to expand its presence. 315Work Avenue currently manages 3 mn sq ft space totalling around 60,000 seats across 45 prime locations in Bengaluru, Chennai, Hyderabad, Mumbai and Pune.

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 one 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, 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 across the country. Our aim now is to keep expanding our portfolio, grow revenue and remain profitable”.

“Leveraging cutting-edge technology and innovative approaches, 315Work Avenue prioritizes offering futuristic solutions that cater to our esteemed client’s unique needs through end-to-end services. At 315Work Avenue, we place a strong emphasis on building and nurturing relationships and understand the importance of engaging with our existing customer base to ensure their continued satisfaction and loyalty. We always strive to be the go-to ‘partner of choice' by offering best-in-class customer experience, value for money and tailor-made solutions that support the diverse needs of our clients” added 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 take a leading role 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 percent touching over 100 million sq ft by 2030, driven by the increasing number of companies adopting flexible workspaces.