Construction Industry News
In response to the growing demand for coworking spaces, 315Work Avenue has leased an additional 56,000 sq-ft at International Tech Park Pune (ITPP), Kharadi, bringing its total space at the location to 1 lakh sq-ft. Previously, the company had leased 44,000 sq-ft at ITPP.
With this expansion, 315Work Avenue now operates six centers across 0.6 million sq-ft in Pune, partnering with leading developers such as Ascendas, Panchshil, and Raheja, and offering approximately 12,000 seats. The company plans to expand further as businesses continue to recognize the value of establishing offices in Pune’s IT hub.
ITPP, strategically located near the Pune Lohegaon International Airport, a vibrant space and home to premier companies, is a Grade A, 2.5 million sq-ft tech Park, developed by Ascendas-Singbridge and is part of the well-established IT hub of Kharadi in the North Eastern corridor of the city. The property offers spacious and skillfully designed commercial office space with easy access to the markets. The structure provides all elements of comfortable and convenient working with contemporary, cutting-edge infrastructure and modern amenities.
315Work Avenue currently handles a portfolio around 2.5 mn sq-ft space totalling around 50,000 seats across multiple prime locations in Bengaluru, Chennai, Mumbai, and Pune. The company is also looking to spread its geographical footprint in New Delhi & NCR and Hyderabad market and strengthen its presence in the current markets.
Commenting on the development, Manas Mehrotra, founder, 315Work Avenue said, “Pune’s coworking market has seen significant growth during the last few years, led by a burgeoning young population, the presence of large tech corporates, and the proliferation of numerous startups. We are confident that the Pune market will continue to play an integral role in our overall growth journey. With increasing demand for offices in the city, we are poised to offer premium workspaces that are both adaptable and accessible. Amid the contraction of conventional office real estate market, the coworking sector has emerged as a comfortable alternative and is the preferred office space for businesses across industries. Our recent expansions, including significant leases in multiple geographies, highlight our dedication to meeting the rising demand for flexible workspaces across the country”.
With coworking spaces poised to take a leading role in shaping India’s office market, their contribution to overall portfolio is set to grow significantly in the coming years. As per a recent report, the Indian office market is undergoing a transformation, with more than 80 per cent of occupiers, particularly multinational companies planning to expand through flexible workspaces over the next three to five years. Another report further highlights the flex space inventory across the top 8 cities – with Bangalore leading the way with 31% of the total stock, followed by Delhi NCR (16%), Pune (14%), Hyderabad (14%), and Mumbai (11%).
