Co-working operator Smartworks leases seven lakh sq ft office space in Bengaluru

Representational image.

Managed office space provider Smartworks has leased 7 lakh sq ft office space at Vaishnavi Tech Park (VTP) in Bengaluru amid growing demand for workspaces, as companies have gradually started implementing return-to-office policy.

The 50 percent pre-booked centre with 9,000-plus seats will be operational by October 2022.

"As part of the return-to-work plan, enterprises are introducing new work patterns and looking to other markets for talent, which has led to a significant increase in demand for our product. Given our large office spaces, we are well-positioned to meet the scalability requirements of clients quickly across markets," Neetish Sarda, Founder, Smartworks said.

Last year, the company leased over 3 million square feet across Hyderabad, Bengaluru, Noida, and Pune. With this, the company's operational portfolio will be 7 million square feet, and with several deals pending, Smartworks hopes to reach a revenue of Rs 1,000 crore this year.

Smartworks said that within its 11-city footprint, its revenue has tripled over the last fiscal. Given the significant demand from enterprises and mature centres at over 90 percent occupancy, Smartworks added that it is continuing its pan-India expansion.

According to a joint analysis by JLL India and Qdesq, demand for co-working office space increased more than twofold in the previous fiscal year to 90,200 desks across seven major cities as flexible workspaces gained popularity during the second wave of the COVID pandemic.

Over 37,300 seats were leased out in the 2020-21 financial year across the seven cities.

VTP is Smartworks' third location in the Outer Ring Road (ORR) region and ninth overall in Bengaluru. The tech park offers good connectivity, is close to well-known and reputed MNCs, and is strategically situated next to the ORR, an IT corridor.

The managed office space is split into the North and South office towers, providing several amenities such as a cafeteria, a food court, and recreational facilities.