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315Work Avenue leases additional 56,000 square feet office space in Pune

Sep 12, 2024 08:47 PM IST

Pune real estate news: 315Work Avenue now has a total of 12,000 seats across six centres spread around 0.6 million square feet in the city

Coworking space provider 315Work Avenue has leased an additional 56,000 square feet of office space in International Tech Park Pune (ITPP) to take its overall space take-up in the facility to 1 lakh square feet, the company said in a statement. The flexible office space provider had earlier leased 44,000 square feet in ITPP.

315Work Avenue leases additional 56,000 square feet office space in Pune(315Work Avenue)
315Work Avenue leases additional 56,000 square feet office space in Pune(315Work Avenue)

315Work Avenue now has a total of 12,000 seats across six centres spread around 0.6 million square feet in Pune with real estate developers like Ascendas, Panchshil and Raheja.

Also Read: Smartworks leases 6.13 lakh sq ft office space in Pune for a starting rent of 4.44 crore per month

Developed by Ascendas-Singbridge, ITPP is a 2.5 million square feet tech park, located in the IT hub of Kharadi in the North Eastern corridor of the city.

“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,” said 315Work Avenue founder Manas Mehrotra.

Also Read: Led by Bengaluru, flexible office space supply touches 58 mn sq ft by H1 2024

315Work Avenue currently handles a portfolio of around 2.5 million square feet including about 50,000 seats across multiple locations in Bengaluru, Chennai, Mumbai and Pune. The company is also looking to spread its geographical footprint in Delhi-NCR and Hyderabad besides strengthening its presence in the current markets, the statement said.

Rising trajectory of flexible office segment across India

According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top-6 cities in India registered its highest ever quarterly demand in the April-June period at 2.6 million square feet. Bengaluru and Delhi-NCR alone accounted for 65% of this demand.

Also Read: After Awfis, three major co-working firms mull Initial Public Offering in 2025: Sources

“Flex operators have already leased about 4.4 million square feet of space in H1 2024, underscoring the occupiers’ continued preference for flex spaces,” said Vimal Nadar, who is a senior director and head of research at Colliers India.

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