Hyderabad: Bengaluru-based co-working space player 315 Work Avenue is keen to open two or three facilities in Hyderabad in one year and aims to develop two lakh sqft of co-working space to accommodate 5,000 seats.
The company had begun spade works to set up co-working facilities and was scouting for locations in Hitec City, Financial district and Gachibowli, said Manas Mehrotra, Chairman, 315 Work Avenue.
“The company is in advanced stage of discussion with few renowned developers based in Hyderabad. The deal will be on long term lease model,” he said.
The 315 Work Avenue offers enterprise offices, co-working desks, private offices, meeting rooms and virtual offices to corporates, mid-size enterprises, small teams, start-ups and entrepreneurs.
Hyderabad for the last two years had been a breeding ground for innovation and entrepreneurial activity in the country. There had been a steady rise in demand for affordable co-working spaces among startups, SMEs and large corporates looking for workstation. As Hyderabad continues to garner interest from both global and domestic occupiers, co-working spaces would see an uptick in demand, he said.
“Real estate prices are increasing every year and as a result co-working spaces are coming up to fulfill the needs of the working professionals,” he said and added that it would aim to tap Bengaluru-based companies that were looking to expand in Hyderabad.
The 315 Work Avenue, formerly known as Incubex NestaVera, signed up 1.25 lakh sqft space across two locations in Bengaluru, one week ago. The deal, one of the largest in co- working space leasing, is part of company’s plans to take its portfolio to 1 million sqft in one year. It currently manages around 3 lakh sqft office spaces across multiple locations in Bengaluru.
At present, it has around 6,000 seats and aims to touch 25,000 seats this financial year. As part of its investment plan of Rs100 crore announced recently, the company aims to expand to other cities including Pune and Mumbai in addition to Hyderabad.
“We believe there is a market opportunity as co-working spaces are experiencing a high growth in India. Our priority is to deepen our presence in existing markets and enter newer cities. We also plan to expand to Tier-II cities in future,” said Mehrotra.