Smartworks Picks up 270k sq ft in Noida on Lease for Nine Years

BENGALURU: Flexible office spaces provider Smartworks has picked up more than 270,000 square feet (sq ft) in Noida through a longterm lease spread over nine years. This is its largest facility with a seating capacity of 5,500 and is adjacent to the Delhi-Noida Expressway.

The Delhi-based co-working spaces operator has signed eight new lease agreements totalling around 800,000 sq ft across Bengaluru, Chennai, Pune and Noida since the beginning of this year.

Smartworks’ total footprint has touched around 2.8 million sq ft, with a total investment of $25 million so far. “We are very bullish on scaling our business in the existing cities. Around 60% of these facilities are operational and the remaining will go live in a month’s time as we have already signed up clients for each one of them,” said co-founder Harsh Binani.

Smartworks has been growing in southern and western India since early 2019 and is expected to expand its workplace portfolio to 10 million sq ft by 2022. “Smartworks has clocked over? 100 crore in revenue and has been profitable for an entire year at the corporate level,” Binani said. Currently, it has 35,000 seats spread across 23 centres in nine cities, including the national capital region (NCR), Mumbai, Bengaluru, Hyderabad, Pune, Chennai and Kolkata.

“Smartworks is into a large-format play and the average space take-up by each of our clients is about 280 seats, spread across about 10,000 sq ft,” said Binani. The office spaces market grew 21% year-on-year in the first half of this year, according to industry tracker JLL. “Net absorption of office space across top seven cities touched nearly 22 million sq ft,” it said. The growth in demand was driven by co-working players (15% of overall leasing) and IT/ITeS space (37% of overall leasing), JLL added.