Smartworks leases office space in Pune; invests Rs 150 cr on new centre

Managed office space provider Smartworks has leased a 5.6 lakh sq ft area in Pune, and invested around Rs 150 crore to set up a new centre as part of its strategy to expand the business amid rising demand for flexible workspaces.

Real estate consultant JLL India helped Smartworks in taking this large office space on lease in a premium commercial property 'M-AGILE' at Baner in Pune.

Noida-based Smartworks said in a statement that it has taken on a lease 5.6 lakh sq ft office space from a developer to set up its seventh centre in Pune.

Smartworks and JLL India have termed the leasing deal of 5.6 lakh sq ft as the "biggest" in the flexible office space segment.

The new centre, with a capacity of over 8,500 desks, has been set up with an investment of around Rs 150 crore, Smartworks said.

The new coworking centre will become operational in September. Around 40 per cent area has already been given on lease to corporate clients.

Smartworks founder Neetish Sarda said, "It has been a high growth trajectory for us in Pune in the last three years. Our growth has been driven by customer requirements for flexible office spaces that support collaboration, innovation and productivity".

He said this new centre is the largest in the company's portfolio and the flex office space segment.

Sarda said the company's focus is not just to offer workspaces to corporate clients but a standardised and engaging office experience with value-added services and benefits in a campus-like infrastructure.

"Our digitally-enabled spaces provide them with a completely managed ecosystem with state-of-the-art amenities, alliances, community-building events, and networking opportunities," he added.

With the seven centres in Pune, Smartworks now has a total footprint of about 1.4 million square feet and over 25,000 seats.

Overall, Smartworks has 31 centres, comprising over 4.2 million square feet area and more than 70,000 seats, in nine cities -- Delhi, Noida, Gururgram, Mumbai, Pune, Hyderabad, Bengaluru, Chennai and Kolkata.

"We are excited to have facilitated the biggest deal to date for a flexible office space in India," said Sanjay Bajaj, Managing Director - Pune, Logistics and Industrial, India, JLL.

Flexible space stock has grown in the Pune City by over four times from 0.7 million sq ft in 2017 to 3 million sq ft in 2021, he added.