315Work Avenue takes on lease around 2 lakh sq ft office space in Pune

New Delhi, Aug 30 (PTI) Co-working space provider 315Work Avenue on Wednesday said it has taken on lease around 2 lakh square feet office space in Pune to expand the business and tap the growing demand for flexible workspace.

The company has taken on lease office space in Raheja Woods, Kalyani Nagar, Pune through a long-term lease of five years, according to a statement.

315Work Avenue now has five centres spread across 5 lakh square feet of space in Pune with leading developers like Ascendas, Panchshil and Raheja, totalling around 10,000 seats.

The company aims to double its presence in the city in the next 12 months.

315Work Avenue currently manages 20 lakh square feet of space, totalling around 40,000 seats across Bengaluru, Chennai, Mumbai and Pune.

"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," Manas Mehrotra, Founder of 315Work Avenue, said.

Amid the contraction of the conventional office real estate market, he said the burgeoning co-working sector has emerged as a beacon of hope.

"Most companies now are looking for flexible office spaces, and safeguarding them from Capex cost, longer lock-in terms, huge deposits etc. De-densification of office space and adoption of hub and spoke model have become widespread," Mehrotra said.

According to real estate consultant Vestian, the demand for office space in Pune fell marginally to 3.3 million square feet during the January-June period of this year compared to 3.4 million square feet in the year-ago period. PTI MJH SHW