315Work Avenue plans to add 2 mn sq ft in FY26, invest Rs 400 crore

Co-working space provider 315Work Avenue plans to expand its workspace by 2 million square feet in FY26 with a strategic investment of Rs 400 crore, according to the company. Additionally, it aims to enter new cities while strengthening its presence in existing markets.

 

315Work Avenue’s expansion aligns with its strategy to establish a presence in 10-12 cities over the next two years and reach 5 million square feet this year. 

 

Manas Mehrotra, founder, 315Work Avenue said, “There is a huge demand for flex space from corporates of all sizes as flexible workspace has become a key component in the overall real estate portfolio of corporates to enhance employee productivity, foster collaboration, and optimising operational costs by scaling up or down as per business requirements.”

 

 

“The demand has gained greater traction with corporates and MNCs continuing to make a beeline to coworking spaces that have emerged as strong centres of growth. Our aim now is to keep expanding our portfolio, grow revenue, and remain profitable,” Mehrotra said further.

 

Mehrotra highlighted the growing impact of the coworking sector, driven by lasting shifts in work dynamics. Industry reports project annual growth exceeding 20 per cent, with flexible workspaces expanding beyond 100 million sby 2030, as more companies embrace agility and cost-effective office solutions.

 

As per Anarock's report 'New Age Flex Workspace' in March 2024, India's flex space will reach anywhere between 100 million square feet to about 140 million square feeet by 2030.

 

India’s office sector closed 2024 with historic achievements, recording an 89 mn square feet of gross leasing volume (GLV) across the top 8 cities, according to Cushman & Wakefield’s latest office data, with Bangalore topping the chart, accounting for 29 per cent of India’s gross leasing volume (over 25 million square feet).

 

In 2024, the company has leased over 1.25 million square feet to clients such as BNY Mellon, AstraZeneca, Tata Technologies, Tata Motors and Tata Power, among others.

 

The Bengaluru-based company currently manages approximately 3 million square feet, with 60,000 seats across 45 prime locations in Bengaluru, Chennai, Hyderabad, Mumbai, and Pune. Driven by rising corporate demand for flexible workspaces, the company plans to expand through both organic growth and strategic acquisitions.

 

315Work Avenue competes against major players like Urban Vault, WeWork, Awfis, 91Springboard, and The Executive Centre (TEC), among others. 

 

In early March, TEC highlighted that it will add 2.38 lakh square feet area on the back of consistent investments, including the Rs 180 crore it will spend in the quarter ending March 2025 as it expands into the tech city, Mumbai, and Pune.

 

In February, 91Springboard  said that the company is expanding to NCR region by adding around 100,000 square feet with three new hubs at World Trade Center (Nauroji Nagar, New Delhi), DLF 14B (Cyber City, Gurugram) and Bhutani Avenue 62 (Noida). This expansion adds around 1,350 seats. 

 

Shrinivas Rao, FRICS, CEO, Vestian said, “Flex operators not only grew in number but also expanded geographically. While Tier-I cities are major markets for flex operators, Tier-2II cities such as Ahmedabad, Jaipur, Kochi, Lucknow, and Chandigarh are also gaining traction on the back of improved connectivity due to nationwide infrastructure developments, affordable office rentals, and ample availability of skilled workforce.”