315Work Avenue has expanded its lease agreement with MoEngage, an analytics-driven customer engagement platform based in San Francisco, United States.
The firm has doubled its capacity to 900 seats. The office space is located in Koramangala, Bangalore, spanning approximately 45,000 square feet.
315Work Avenue, a coworking space provider, has expanded its lease agreement with MoEngage, an analytics-driven customer engagement platform based in San Francisco, United States, by adding 450 additional seats. Previously, 450 seats had been leased to MoEngage, bringing the total to 900 seats. The office space, spanning approximately 45,000 square feet, is situated in the upscale commercial hub of Koramangala, Bangalore.
“Co-working spaces offer the advantage of easy and rapid expansion for growing businesses, creating a productive environment that enhances output. Additionally, co-working provides a range of viable options that help alleviate operational stress, particularly during periods of growth,” said Veena Satish , SVP , People & Culture , MoEngage.
The deal has been facilitated by property consultants Cushman and Wakefield.
“In the dynamic landscape of modern workplaces, businesses are increasingly looking for flexibility and a comprehensive suite of solutions to maximize efficiency and productivity of their operations. Managed offices, with their complete end-to-end customized solutions are addressing these needs of businesses, and flex space operators have emerged as a prominent force within the Indian office market. Over the medium term, the flex sector’s robust growth will be driven by continued demand for high-quality managed offices that integrate modern amenities, innovative office designs, technology and sustainability features,” said Ramita Arora, Managing Director, Bengaluru and Head Flex India Cushman and Wakefield.
315Work Avenue currently manages 2 mn sq ft space totalling around 40,000 seats across 40 prime locations in Bengaluru, Chennai, Mumbai and Pune. The company is also in advanced discussions to spread its geographical footprint in the New Delhi & NCR and Hyderabad market, along with strengthening its presence in the current markets.
“In the last couple of years, we have leased spaces to several corporate and large enterprise customers, demonstrating our ability to meet the specific needs of businesses. Our aim now is to keep expanding our portfolio, grow revenue and remain profitable,” said Manas Mehrotra, Founder, 315Work Avenue.
Going forward, there is a projected increase in the demand for coworking spaces. India remains the fastest-growing flex office market in the APAC region. The flex space sector is currently experiencing double-digit growth and is expected to represent 20% of the office market by 2030. This trend bodes well for the commercial real estate sector in India.
