Managed office space provider, Smartworks, leased a 5.6 lakh square feet area in Pune, and invested around ₹150 crore to set up a new centre, its seventh in Pune, 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.

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 has a capacity of over 8,500 desks, Smartworks said.

The new co-working 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.”

Corporate ecosystem

Sarda said the company’s focus is not just to offer workspaces to corporate clients, but to offer 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 grew 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.