With the concept of ‘co-working’ gaining popularity across the country, Smartworks Co-working Spaces has taken over 250,000 square feet of office space in Bengaluru on a lease for about nine years. The Noida-based operator of co-working spaces has been growing steadily in the southern and western regions of the country in the last one year. By the end of this year, it is expected to expand its portfolio to 5.5 million sq ft.
Having signed a total of eight new lease agreements for about two million sq ft space across Bengaluru, Chennai, Pune and Noida, since October 2019, the Company has invested a total of Rs 179 crore till now and expanded to over 3.8 million sq ft.
It has already bagged clients for about 60 per cent of the approx. 2.5 million sq. ft of office space in the pipeline.
Quite popular in Delhi, Noida, Gurgaon, Kolkata, Bengaluru, Mumbai, Hyderabad, Chennai and Pune, the Company is keen to introduce smaller units in Bhubaneswar, Ahmedabad and other similar cities in the country.
Right now, Smartworks has 60,000 seats available across 29 centres in nine cities, including the National Capital Region, Mumbai, Bengaluru, Hyderabad, Pune, Chennai and Kolkata.
Smartworks had managed to obtain funds from Singapore-based Keppel Land, which had invested about $25 million in return for a minority stake.
More than half of Smartworks’ clients are big firms, including e-commerce companies, which are comfortable using external elastic options along with their core offices.