Your Weekly Dose of News from the Commercial Real Estate Industry
315 Work Avenue Lands Coworking Space Deal with BNY Mellon
Pune's coworking landscape is witnessing a transformative phase as 315Work Avenue clinches a significant deal with BNY , establishing a 162,000-square-foot hub of innovation and collaboration. This move signifies a notable shift in the coworking space in India, underscoring the market's readiness for upscale and flexible workspaces.
With an impressive portfolio in Pune that includes five centres and 10,000 seats, 315Work Avenue is not just expanding; it's redefining the concept of workspaces in India. The company has set ambitious targets to double this capacity by 2024, indicative of the rapid evolution of flexible spaces in India.
The preference for coworking solutions is increasing as businesses, big and small, seek the flexibility and cost-efficiency these spaces offer. Manas Mehrotra , the founder of 315Work Avenue, recognises that the allure of coworking spaces goes beyond the economic aspect. They represent a culture that fosters creativity, community, and a seamless integration of technology, which is invaluable in today's dynamic business environment.
The coworking sector in India is poised for a bullish trajectory, with a predicted 15-20% growth in the coming years, fueled by the sector's adaptability and innovative spirit. This partnership between 315Work Avenue and BNY Mellon in Kalyani Nagar is more than a deal; it's a forward-looking statement in the flexible space industry, setting the stage for a workspace revolution in India.
WeWork India Launches Bold Initiative to Back Early-Stage Startups
WeWork India has recently announced a new venture to support budding entrepreneurs, an exciting development for the coworking sector. The company has committed to investing up to $200,000 in early-stage startups, taking a hands-on approach to foster innovation within the growing Indian startup ecosystem.
The investment program is designed to support startups not only financially but also by providing them with expert guidance and a full spectrum of business support services to help them grow. This initiative expands WeWork India's role from an incubator and accelerator to a direct investor, having already aided over 500 startups in the last five years.
WeWork India's investment program is supported by prominent co-investors such as Chiratae Ventures and WaterBridge Ventures , among others, building a solid network to nurture startups currently under WeWork India's acceleration program.
WeWork India began its journey in 2017 and has made significant strides in the coworking space industry in India, managing millions of square feet of office space across major cities. The move signals confidence in the Indian market despite the parent company's challenges. Despite the financial issues at WeWork Global, the Indian subsidiary's operations do not suffer because Embassy Group owns the majority stake.
This strategic move comes when startup funding has seen a dip, emphasising WeWork India's commitment to bolstering flexible spaces in India. WeWork India's program is a beacon of support for early-stage innovators looking to make their mark. With this initiative, WeWork India is not just offering a workspace but also a launchpad for the next generation of business leaders.
领英推荐
Chennai Welcomes India's First Net Zero Business Park by CapitaLand Investment
In a groundbreaking move for sustainable development, 凯德 Investment Limited (CLI) has inaugurated Phase 1 of the International Tech Park Chennai, Radial Road (ITPC-Radial Road). This marks a milestone as the first business park in India to achieve Net Zero certification by the Indian Green Building Council (IGBC) for its commitment to energy efficiency, water conservation, and waste management.
Spanning 5 million square feet, this hub is poised to become a bustling centre for over 50,000 IT professionals. The first phase alone offers 1.3 million square feet of Grade A office space, already catching the eye of top-tier companies like VESTAS WIND TECHNOLOGY INDIA PRIVATE LIMITED , which has secured around 250,000 square feet. With the development of Phase 2 in full swing, the park is expected to open its doors by the second quarter of 2024.
The prestigious launch event was attended by notable government and corporate leaders, reflecting the collaborative spirit behind this ambitious project. It's a nod to 凯德 's two-decade-long relationship with Tamil Nadu, further cementing the state's status as a premier IT destination.
CLI's investment in Chennai is substantial, with plans to infuse over S$500 million in the coming five years into diverse asset classes, focusing on IT parks, logistics, global capability centres, and data centres. This investment underlines the state's appeal due to its conducive business environment and skilled workforce.
The ITPC-Radial Road, part of the CapitaLand India Growth Fund 2, showcases a modern approach to office spaces, emphasising sustainability. With Platinum pre-certification by IGBC and WELL pre-certification, the park is designed to foster health and well-being among its occupants.
CLI is no stranger to setting benchmarks in India's IT infrastructure. Their Chennai portfolio now includes a variety of assets, from IT and industrial parks to logistics and lodging. Adding a planned data centre investment reinforces CLI's role in shaping the city's future.
ITPC-Radial Road is a testament to CLI's forward-thinking, from its intelligent Building Management System to the Digital Twin Technology enhancing property efficiency. Amenities such as a food court, medical centre, coworking space, and public art installations are set to create an engaging, high-performance work environment.
As the flexible spaces in India continue to evolve, CLI's latest offering in Chennai represents a fusion of technological innovation and sustainable design, setting a new standard for coworking space in India and beyond.
Most In-Demand Locations This Week-
Metro City: Chennai
Micromarket: Guindy
Non-Metro City: Lucknow
Micromarket: Gomti Nagar
From the team of 315Work Avenue, we extend our heartfelt gratitude for the mention. We are extremely delighted about our most recent partnership with BNY Mellon, adding another remarkable chapter to the 315Work Avenue story. We are grateful to JLL India for their partnership and support in this milestone deal with BNY. It is your unwavering support that played a crucial role in delivering this project in excellence. It is the unwavering dedication and commitment of the team at 315Work Avenue that has made this achievement possible. A fruitful result of the hard work and commitment to excellence to establish meaningful partnerships with organizations like BNY Mellon.