Flexible office space provider Smartworks leases 5.6 lakh sq ft of space in Pune

Representative image.

Managed office space provider Smartworks has leased a total of 5.6 lakh sq ft, encompassing over 8,500 seats in Pune. It is already 40% pre-booked by IT/ITeS, BFSI and manufacturing clients and is scheduled to be operational in September, the company said.

JLL, India's leading real estate consultancy firm, facilitated the transaction.

The Grade A property, M-AGILE is in Pune's prime locality and offers access to strategic destinations such as IT Park Hinjewadi, Balewadi High Street, Mumbai-Pune Expressway, major academic institutions, hospitals, and retail avenues.

“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," said Neetish Sarda, founder, Smartworks.

"We are excited about this new location as it's the largest in our portfolio and the flex office space segment. As the largest managed office space provider to sector agnostic Enterprises, Global MNCs, unicorns and soonicorns, our focus is not just to offer them workspaces but a standardised and engaging office experience with value-added services and benefits in a campus-like infrastructure,” he said.

With seven centres, Smartworks has retained the market leadership position in Pune with a total footprint of approximately 1.4 million sq. ft. and over 25000 seats. All its matured centres have over 90% occupancy with several marquee enterprise clients.

"We are excited to have facilitated the biggest deal to date for a flexible office space in India. Flex 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 and has always presented a huge growth opportunity. Going forward, we expect the flex space market in Pune to reach around 5 million sq ft by 2022, driven by increased demand from large enterprises,” said Sanjay Bajaj, Managing Director - Pune, Logistics and Industrial, India, JLL.

Smartworks provides digitally-enabled managed office spaces which can be rapidly configured and customised in just four to six weeks according to the needs of the enterprise clients, offering a full suite of solutions at a value price point without upfront capital expenditure.

With a growing footprint of over 4 million sq. ft., and 31 centres across nine cities (Delhi, Noida, Gururgram, Mumbai, Pune, Hyderabad, Bengaluru, Chennai and Kolkata), Smartworks' flexible office solutions are catering to the evolving needs of large corporations.