315Work Avenue, a rapidly growing coworking space provider, is making significant strides in Pune by securing a long-term lease for approximately 2 lakh sq ft of office space at Raheja Woods, Kalyani Nagar. This Grade-A office space, situated in a prime commercial hub, will offer a spacious and meticulously designed workspace with modern infrastructure and contemporary amenities. The lease spans five years, underlining 315Work Avenue’s commitment to serving the evolving workspace needs of businesses.
The move represents a strategic expansion as 315Work Avenue solidifies its presence in Pune, a dynamic and thriving city. With this new addition, the company now operates five centers across Pune, encompassing a total of 0.5 million sq ft and offering around 10,000 seats. Looking ahead, 315Work Avenue aims to double its presence in Pune over the next 12 months. This expansion aligns with the growing trend among companies to establish offices across multiple locations, facilitating a distributed workspace model that enhances flexibility and accessibility.
315Work Avenue is renowned for delivering top-tier flexible workspaces, with a focus on providing an unparalleled workplace experience. The company presently manages 2 million sq ft of workspace, accommodating approximately 40,000 seats across prime locations in Bengaluru, Chennai, Mumbai, and Pune.
Manas Mehrotra, Founder of 315Work Avenue, commented on this development, stating, “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. Amid the contraction of the conventional office real estate market, the burgeoning coworking sector has emerged as a beacon of hope. Co-working is emerging to be the preferred office space for businesses across industries.”
He added, “Most companies now are looking for flexible office spaces, safeguarding them from Capex costs, longer lock-in terms, and substantial deposits. De-densification of office space and the adoption of the hub and spoke model have become widespread. We continue to foresee a huge jump in coworking space demand in the near future.”
The flexible workspace sector in India is on track to exceed 80 million sq ft by 2025, according to industry projections. Pune is at the forefront of this coworking trend, with a transaction share of 40% in the current fiscal year, as reported by Anarock. The city’s flex space market has experienced robust growth in recent years, driven by a youthful population, the presence of major tech corporations, and the proliferation of startups.
Furthermore, a Colliers report indicates that Pune’s flex space inventory is anticipated to surpass 8 million sq ft by 2025, underscoring the sector’s potential for substantial growth. As businesses continue to reimagine their workspace strategies, the future looks promising for this evolving asset class, with coworking playing a pivotal role in the revitalized economy. 315Work Avenue’s expansion in Pune is a testament to its commitment to being a part of this growth story.
