Bangalore, May 2 : Leading co-working space provider, 315 Work Avenue (formerly known as Incubex NestaVera), has signed up 1.25 lakh sq ft space in the Bangalore across 2 CBD locations to expand its business and cater to rising demand of flexible space.
The deal, one of the largest in co working space leasing, is part of company’s plans to beef up its total portfolio to 1 million sq ft in the next 1 year with a focus on south and west India. As part of its investment plan of around Rs. 100 crore announced recently, 315 Work Avenue aims to bolster its network across Bangalore and expand to other cities such as Hyderabad, Pune and Mumbai.
315 Work Avenue currently manages around 3 lakh sq ft office spaces spread across multiple prime locations in Bangalore. Presently, the company has around 6000 seats and aims to touch around 25,000 seats in this financial year, a company release said here on Thursday.
The company offers a variety of services and spaces like enterprise offices, coworking desks, private offices, meeting rooms and virtual offices to corporates, mid-size enterprises, small teams, startups and entrepreneurs depending on the needs of its users. The key clientele of 315 Work Avenue include corporates who are in a growing phase and are looking for custom crafted workspaces which meets their expectations.
“We believe there is a massive market opportunity as co-working spaces are experiencing a high growth trajectory in India. As a relatively young venture, we already have achieved a phenomenal growth in the short period and quickly became home to several leading entrepreneurs, a launch pad for startups and a work hub for millennials in large enterprises. Our priority now is to deepen the penetration in existing markets and enter newer cities. The additional capital will aid us in expanding our footprint. We also plan to expand to tier-II cities in the near future. We look to establish ourselves as a key player in the Indian shared workspace market.” said Mr. Manas Mehrotra, Chairman, 315 Work Avenue.
The way we work is changing. Coworking spaces are greatly disrupting traditional work environments in India. With ever-changing workforce requirements, businesses of all sizes need flexible workplaces. Hence the demand for coworking spaces has skyrocketed over the last few years and it is projected that the demand will continue to increase in the coming years, This is just the first step in our plans to further disrupt and innovate the co-working space in India, Manas. Said. (UNI)