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 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.
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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.
โPuneโs 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,โ said 315Work Avenue founder Manas Mehrotra.
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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.
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โFlex operators have already leased about 4.4 million square feet of space in H1 2024, underscoring the occupiersโ continued preference for flex spaces,โ said Vimal Nadar, who is a senior director and head of research at Colliers India.
