Flexible office provider 315 Work Avenue has leased 22,000 sq ft of office space in Bengaluru to MoEngage, an insights-led customer engagement platform headquartered in San Francisco.
This 450-seat workspace is located in south-eastern Bengaluru's Koramangala neighbourhood, which is home to several start-ups and software businesses.
"There has been a steady increase in office space enquiries from companies with strong foundations as well as from Unicorns and large enterprises, who are looking for flexible office spaces in a hybrid set up," Manas Mehrotra, Founder, 315Work Avenue said.
The company also plans to double its portfolio over a period of the next 1 year, given the continued momentum for fully managed and flex office solutions.
A report by Qdesq and JLL titled 'Indian Office market: Recalibrating with Flex' said, the flex footprint is expected to grow to nearly 75 million sq ft by 2025 from 40 million sq ft. Also, 73 percent of the office occupiers in India are evaluating hybrid working arrangements going forward. Out of the total flexible seats leased out in 2021-22, 62 percent accounted for managed office space.
Ramita Arora, Managing Director, Cushman & Wakefield, a real estate service firm in Bengaluru, highlighted that Bengaluru recorded a robust 6.9 MSF (thousand square feet) of gross leasing during Q2 of 2022, resulting in a 2.4 times growth quarter-on-quarter. Net absorption of 4.9 MSF in Q2 has also been a record high over the last nine quarters.
Pan India, Flexible workspace players’ office space take-up leasing grew by 51 percent in Q2 over Q1 in 2022. Bengaluru's share in Pan India Flex Space players’ office take-up increased from 11 percent in Q1 to 40 percent during Q2 of 2022.
Overall Bengaluru contributed a 28 percent share in PAN India Flex Space Take-up by Operators, during Half-Year (H1) 2022. Leasing of flexible workspace by corporates rose 59 percent in April-June at 28,167 desks across the top eight cities.
Enterprises have leased 17,691 seats in co-working centres in the April-June quarter of last year across eight major cities - Delhi-NCR, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Ahmedabad.“Workplaces are changing, driven by experiences garnered from the remote working experience during the pandemic," Veena Satish, Vice-President, People and Culture, MoEngage, said.