Coworking firm 315Work Avenue aiming to double India portfolio in 18 months

Amid growing demand for flexible office spaces, the company is in 'advanced discussions' to enter Delhi-NCR and Hyderabad markets

On Tuesday, coworking firm 315Work Avenue announced plans to double its portfolio in India within the next 18 months, citing strong demand for flexible office spaces from companies. Presently, the company manages 2 million square feet (msf) spread across 40 locations in Bengaluru, Chennai, Mumbai, and Pune.

“The company is exploring both organic and inorganic initiatives to double its seat capacity,” it said in a press statement. The firm is also in ‘advanced discussions’ to enter the Delhi-National Capital Region (NCR) and Hyderabad markets.

“The planned expansion into these cities is in line with the company’s strategy to include about 10-12 cities in its portfolio over the next two years,” it said. In Bengaluru, the company aims to increase its centres to 50 from the current 30.

Among its clientele are Tata Technologies, TeamLease, Urban Company, AstraZeneca, and TotalEnergies.

Manas Mehrotra, founder of 315Work Avenue, said, “The coworking industry’s rise reflects a significant shift in how modern businesses address their workspace needs, which has evolved considerably in recent years.”

In India, the demand for flexible workspaces is on the rise. A report released last year by Colliers and the Federation of Indian Chambers of Commerce & Industry (FICCI) indicated that post-Covid-19, India’s flex space market has expanded more rapidly than its Asia-Pacific counterparts.

“The Indian office market shows a strong preference for shared workspaces,” the report noted. “A positive economic outlook, evolving workplace trends, and a diversifying occupier base are set to continue driving flex space demand across the country's major markets,” it reads.

On Tuesday, 315Work Avenue also revealed its plans to expand into mall spaces, while emphasising its commitment to integrating technology and innovative solutions within its current locations. “These advantages have significantly added value to the coworking industry compared to traditional offices,” the firm said.