315Work Avenue rents 1400 Seats in Bangalore to TeamLease

Bangalore, India, 5 July 2022:

315Work Avenue, one of the fastest-growing and premier coworking space providers, has secured a contract with TeamLease, one of India's biggest human resource companies, for 1,400 seats over 70,000 square feet. This office space is situated in Koramangala, Bangalore, a major corporate area that is seeing skyrocketing commercial expansion. The new centre has all contemporary conveniences, cutting-edge facilities, and personalised areas.

Currently, 315Work Avenue handles around 30,000 seats across 1.5 million square feet in numerous prominent locations in Bangalore, Mumbai, and Pune. Given the significant demand for fully managed and flex office solutions, the firm expects to add a couple more locations and an additional 1.5 million square feet of office space over the course of the next year.

Mr. Manas Mehrotra, Founder of 315Work Avenue, said as follows: "We are ecstatic to welcome TeamLease as one of our members in Bengaluru. This transaction underscores the strong demand for coworking among businesses who recognise its numerous benefits. Our programmes provide businesses with the flexibility to stay flexible and respond rapidly to changing market circumstances. The capital-light approach offered by the coworking sector is proven to be the optimal choice for businesses. We have already signed up around 10,000 seats in coworking spaces for the remainder of the year 2022, and we remain hopeful about the industry's continued rapid expansion.

According to a recent poll, roughly 46% of respondents voted in favour of shared spaces and 30% chose the hub-and-spoke model, which indicates that nearly 76% of workers now support the coworking concept.

Ms. Ramani Dathi, CFO of TeamLease Services Limited, commented on the partnership as follows: "The nature of the workplace has evolved in recent years, and in light of the rapidly changing dynamics surrounding the concept of the workplace, this arrangement provides convenience and flexibility for our employees in a modern, tech-enabled, and secure environment. We continue to expand exponentially and want partners like 315Work Avenue that can meet our ever-changing requirements.

Their one-stop solution for all of our workplace needs ensures that our employees have a smooth experience."

"Today, businesses are searching for solutions that not only provide safety and convenience, but also go the additional mile to boost production while minimising expenses. These demands are met by 315Work Avenue, which offers the ideal blend of culture, community, and collaboration. The firm has gradually adapted to the change in demand and stayed ahead of the curve during the transition to the new norm, supporting the diverse demands of enterprises for highly personalised workspaces." added Manas.

In the next five years, the coworking business is projected to expand at a compound annual growth rate (CAGR) of 15%. Recent projections indicate that the rising demand from major businesses will drive the sector to expand to more than 60 million square feet by 2023, indicating the ongoing need for co-working spaces in the present market.