315Work Avenue Invests Rs 400 cr in Co-working Expansion

New Delhi, Mar 26 (PTI) Co-working space provider 315Work Avenue plans to invest Rs 400 crore next fiscal to expand its business amid rising demand for flexible workspaces.

In a statement on Wednesday, the Bengaluru-based company said it plans to expand 20 lakh sq ft of workspace over the next one year with a strategic investment of around Rs 400 crore.

The company aims to enter new cities along with strengthening its presence in the current markets.

315Work Avenue currently manages 30 lakh sq ft space totalling around 60,000 seats across 45 locations in Bengaluru, Chennai, Hyderabad, Mumbai and Pune.

Manas Mehrotra, Founder, 315Work Avenue said: "There is a huge demand for flex space from corporates of all sizes".

"Flexible workspace has become a key component in the overall real estate portfolio of corporates to enhance employee productivity, foster collaboration, and optimise operational costs by scaling up or down as per business requirements," he added.

The Indian office market saw a huge demand last year with gross leasing touching an all-time high across seven major cities.