315Work Avenue Expands Pune Presence with 56,000 sq ft Lease at ITPP, Kharadi 

Bangalore / September 12, 2024: 315Work Avenue, a coworking space provider, has leased additional office space of 56,000 sq ft at International Tech Park Pune (ITPP), Kharadi, touching the milestone of 1 lakh sq ft. The company now has six centres spread around 0.6 mn sq ft in Pune with leading developers like Ascendas, Panchshil and Raheja, totalling around 12000 seats, the company said in a press statement.  

Strategically located near the Pune Lohegaon International Airport, ITPP 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 statement added.

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”.

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%), the statement said.