The workspace is located at Krimson Square, Hosur Road, HSR Layout, Bengaluru, and is home to multiple renowned companies.
The flexible space stock in India is expected to cross 80 million sq ft by 2025
Home services provider Urban company on Thursday said it has taken on lease around 25,000 sq ft in Bengaluru from co-working space provider 315Work Avenue, for 60 months. The workspace is located at Krimson Square, Hosur Road, HSR Layout, Bengaluru, and is home to multiple renowned companies.
“In keeping with consistent demand for co-working spaces, 315Work Avenue, a cutting-edge co-working space provider has leased around 25,000 sq ft, in Bangalore to Urban Company, a one-stop destination for home services for a total tenure of 60 months. This premium workspace is located at Krimson Square, Hosur Road, HSR Layout, Bangalore and is home to multiple renowned companies. This workspace which is in one of the 40 locations of the 315Work Avenue across India has state-of-the art infrastructure and is customized to meet multiple requirements of the client,” according to a statement.
Founded in 2014, Urban Company is Asia’s largest technology marketplace for home services such as beauty & spa at home, cleaning, plumbing, carpentry, appliance repair, painting, etc. through its mobile app and website. It operates in over 50 cities in India, the UAE, Singapore and The Kingdom of Saudi Arabia. It has a partner network of over 42,000 hand-picked service professionals transforming them into organised and high-quality microentrepreneurs. This new office of Urban Company is expected to house more than 500 employees.
315Work Avenue, known for its technology-driven hubs, customised workflow and a productive work ambience, manages around 35,000 seats across multiple prime locations in Bengaluru, Mumbai and Pune. Currently, the company manages 1.75 million sq ft space and aims to add another 2 million sq ft by the next financial year.
Manas Mehrotra, founder of 315Work Avenue, said, “The world of commercial real estate is witnessing a sea change as coworking spaces have become an increasingly popular choice for businesses of all sizes. This deal is a further testament of the rising demand for the coworking sector where companies have realised the benefits of flexible working and are increasingly shifting from a centralised conventional office to decentralised and distributed flex offices for their workforce.”
He added that while large enterprises are vying for coworking spaces, the younger workforce is also choosing to be part of the new age office spaces.
Gaurav Bajetha, vice-president (global workplace, administration & risk management) of Urban Company, said, “The work culture has undergone a profound change. We are happy to associate with 315Work Avenue for our new workspace with entirely new modern infrastructure, coupled with IT-enabled services that meets new age requirements to transform our employee experience.”
He added that the company is more focused on investing in employee well-being and finding sustainable ways to conduct its business. “We are sure that 315Work Avenue will live up to its high standards and set high precedents. This will further strengthen our relationship as we move forward.”
JLL assisted Urban Company in sourcing and securing their Bengaluru real estate space with 315Work Avenue. Several players in the industry have not only been able to gain the trust of their customers but have also received investments from private equity and venture capital firms.
According to a recent report, the flexible space stock in India is expected to cross 80 million sq ft by 2025. With opportunities becoming more abundant, the segment will become more lucrative for growth.
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