Smartworks leases 1 lakh sq ft 1000 seater office space in Gurgaon

Smartworks Expands in Delhi-NCR

Smartworks, a co-working company located in New Delhi, has leased 100,000 square feet of office space at RK Four Square, part of Cyber City, Gurugram . The new facility, which is currently functioning, can house up to 1,000 workstations, each of which costs Rs 20,000 per month.

Company Background

This development is in response to the growing demand for workspace among business groups. Smartworks, founded in 2016 by Neetish Sarda and Harsh Binani , operates in 14 cities throughout India, with over 8 million square feet of space in more than 40 sites.

In 2019, the business received USD 25 million in finance from Singapore's Keppel Land Ltd for its growth aspirations. It plans to raise between USD 70 and 90 million in equity capital during the current fiscal year to fund future expansion. The company's sales climbed from Rs 394 crore in the previous fiscal year to more than Rs 700 crore in fiscal 2022-23.

Neetish Sarda, Founder of Smartworks, said, "Gurgaon is a critical market for us, and we're thrilled to announce our expansion with RK Four Square in Cyber City, a bustling business centre. This follows our recent purchase of Golf View Towers on Golf Course Road, which is nearing full occupancy, demonstrating the increased demand for our managed offices. With our footprint spanning over 1 million square feet in Delhi-NCR, we remain optimistic and dedicated to extending our regional presence."

Industry Growth

The co-working industry, which includes managed office space providers, rents space from real estate developers and sublease it to businesses and people. According to Vestian, a real estate consulting firm, the portfolio of flexible office space operators is expected to grow from 55 million square feet to 81 million square feet by 2025.

The survey also said that there are 50 significant operators in the flexible space industry, providing a variety of services ranging from dedicated workstations and hot desking to co-working spaces and managed office spaces.