Smartworks leases 1 lakh sq ft office space in Gurugram, opens 1,000-seater centre

Smartworks, a co-working firm based in New Delhi, has leased 100,000 square feet of office space in RK Four Square, a complex in Cyber City, Gurugram. The new centre, which is already operational, can accommodate up to 1,000 desks, each available to clients at a monthly rate of Rs 20,000. 

This expansion is in response to the increasing demand for workspace from corporate entities. Smartworks, established in 2016 by Neetish Sarda and Harsh Binani, has a presence in 14 cities across India, with over 8 million square feet of space in more than 40 locations. 

In 2019, the firm secured USD 25 million in funding from Singapore's Keppel Land Ltd for its expansion plans. It is set to raise between USD 70 and 90 million in equity capital in the current fiscal year to support future growth. The company's revenue increased from Rs 394 crore in the previous fiscal year to over Rs 700 crore in the 2022-23 fiscal year.

Neetish Sarda, Founder, Smartworks, said, "Gurgaon is a key market for us, and we're excited to share our expansion with RK Four Square in the vibrant business hub of Cyber City. This follows our recent acquisition of Golf View Towers on the Golf Course Road, which is approaching maximum occupancy, highlighting the growing demand for our managed offices. With our footprint crossing over 1 million sq. ft throughout Delhi-NCR, we remain bullish and committed to further expanding our regional presence."

The co-working sector, which includes managed office space providers, leases spaces from real estate developers and sub-leases them to enterprises and individuals. According to Vestian, a real estate consultant, the portfolio of flexible office space operators is projected to increase from 55 million square feet to 81 million square feet by 2025. 

The report also outlined that there are 50 major operators in the flexible space sector, offering a range of services from dedicated desks and hot desking to co-working spaces and managed office spaces.

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