315Work Avenue leases 162,000 sq. ft. of shared office space to BNY Mellon

In a testament to the continued demand for co-working spaces, 315Work Avenue has leased out 162,000 square feet of co-working office space to Bank of New York Mellon Corp at Kalyani Nagar, a prime commercial hub in Pune, the company said. 315Work Avenue claims this to be one of the largest deals in 2023.

315Work Avenue now has five centres spread across 0.5 million square feet in Pune, totalling around 10,000 seats in the city and plans to double it by 2024. Currently, the shared-office space provider manages a total of 2 million square feet of space with about 40,000 seats across Bengaluru, Chennai, Mumbai and Pune.

In recent times, India is witnessing a rise in demand for co-working spaces as startups are opting for flexible work environments equipped with premium amenities, while eliminating the high costs incurred in owned spaces. 315Work Avenue, Indiqube, Urban Vault and WeWork are among the top players offering such office spaces to companies that want shared spaces.

According to the ‘India Real Estate Q3’ report by Knight Frank, the country recorded office transactions of 16.1 million square feet during the July-September quarter. Pune alone saw a 319 per cent increase to 3 million square feet of office transactions in the given timeline.

“The demand for co-workspaces is constantly increasing not only because such spaces perfectly fit the new normal, but they also help companies save costs, boost productivity and enhance the work experience of employees. Shared spaces are drawing the attention of big and small enterprises alike as they are increasingly attracted by the fusion of creativity and technology,” said Manas Mehrotra, founder of 315Work Avenue. “The co-working sector’s impact is poised to amplify in the future, driven by the fundamental transformation work dynamics have undergone which is unlikely to revert.”

315Work Avenue said that the flexible space stock in India is expected to cross 80 million sq ft by 2025. The demand for co-working spaces is expected to grow at around 15-20 per cent over the next two to three years and if the macro fundamentals remain stable, the growth will be higher.