Smartworks – one of India’s largest flexible office space providers has leased 4.5 lakh sq. ft. commercial space in Hyderabad to provide flexible workspace solutions for all kinds of organizations – start-ups to global MNCs. This deal by Smartworks has become of the largest commercial leases in India’s commercial realty market. The rapidly growing flexible workspace solutions provider, Smartworks has been acquiring commercial spaces all over India to keep up with the demand from other interested enterprises aiding their growth. Smartworks currently offers flexible workspace solutions n 7 cities across India – Hyderabad, Bengaluru, Delhi NCR, Mumbai, Chennai, Pune and Kolkata.
Smartworks has leased more than 10 lakh sq. ft. of commercial space in 2021 and it plans to add another 10-lakh sq. ft. of commercial space at least to its inventory in 2022. The newly leased office space of Smartworks is situated inside Raheja Corporation’s Mindspace IT Park in Madhapur, Hyderabad. Smartworks finalised the deal during Q3 this year and plans to have the leased space operational by the end of Q1 2022. The newly acquired office space in Mindspace IT Park, Madhapur can seat a workforce of more than 4,000 individuals in different configurations.
Renowned real-estate services firm Cushman & Wakefield was the facilitator of the lease transaction for Smartworks. There has been an increased demand in flexible workspace solutions from all kinds of organizations, start-ups and even smaller private companies after the Covid-19 pandemic hit. Flexible workspaces are fast becoming a feasible solution as the company that rents office space from vendors like Smartworks, Wework etc. do not need to spend time/resources on furniture and amenities which are already in place courtesy of the vendors. Hybrid work patterns for employees means companies also require smaller workspaces compared to before. When a company decides to lease office space from a vendor like Smartworks, they do not have to commit to a long-term capital investment which is also another reason why enterprises offering flexible workspace solutions are growing so fast.
Earlier in 2021, Smartworks finalised the largest flexible office space lease in India when it leased 5.6 lakh sq. ft. office area in Pune’s Baner locality. Smartworks’ clientele boasts of some Fortune 500 companies and several MNCs. As the demand for flexible workspaces increases, the flexible workspace is expected to factor for about 5% of total office space in Tier-1 cities and is expected to be of about 5.1 crore sq. ft. by 2023. The growth of flexible workspaces in Tier-2 cities has also been impressive – 55 lakh sq. ft. of flexible workspaces are located in Tier-2 cities.