Smartworks Coworking Spaces leases 1,150 seats in Navi Mumbai, eyes ₹51 crore rental revenue

Smartworks has leased 1,150 seats in Navi Mumbai, taking the total portfolio to 5,000 seats across Bengaluru, Kolkata, and Hyderabad

Smartworks Coworking Spaces Limited, a managed office platform, has expanded its multi-city managed office engagement with a Forbes 2000 company and a global leader in digital business services and customer experience (CX) management, taking the client’s total footprint to over 5,000 seats across four cities, the company said in a statement.

Smartworks Coworking Spaces Limited has expanded its presence with the addition of 1,150 seats at its managed campus in Tata Intellion Park in Navi Mumbai, strengthening its footprint across Bengaluru, Kolkata, Hyderabad, and Mumbai.

The expansion includes the addition of 1,150 seats at the company’s managed campus at Tata Intellion Park, expanding the client’s presence across Bengaluru, Kolkata, Hyderabad, and Mumbai. The combined expected rental revenue from these locations is estimated to exceed ₹155 crore, including ₹51 crore from the newly signed Mumbai deal, the company said.

Neetish Sarda, founder and managing director, Smartworks, said that enterprises are increasingly prioritising consistency, scalability, and speed of execution through integrated, multi-city workspace solutions. He also said that the expansion reflects the company’s ability to build long-term relationships with global clients.

The deal also highlighted a trend of large enterprises opting for campus-style, multi-city managed office partnerships, as demand for flexible, scalable workspace solutions continues to rise, the statement said.

“A significant share of Smartworks’ portfolio is driven by large-format deployments, with 1,000+ seat clients contributing approximately 35% of revenue, led by enterprise and GCC demand. Multi-city clients contributed about 31% to the company’s overall revenue in Q3 FY26, highlighting the company’s strength in serving enterprises across geographies,” the company said.

As of Q3 FY26, Smartworks Coworking Spaces Limited reported a committed rental revenue pipeline of over ₹4,700 crore, reinforcing the long-tenure, enterprise-led nature of the business, the company said.

Smartworks leases large commercial buildings and converts them into managed office campuses designed for enterprise use. The company manages design, delivery, technology, and daily operations, allowing occupiers to scale without owning or managing real estate.

Last year, the company leased approximately 1.68 lakh sq ft in Kolkata to a global information technology, consulting, and business process services provider.

The IT major’s office was distributed across two Smartworks campuses, Victoria Park and Mediasiti, located in Kolkata’s commercial micro market at Salt Lake City, Sector V. The advisory partner for this transaction was JLL India, the company said in a regulatory filing on December 4.

Flex space transaction volumes

According to Knight Frank India’s latest Flex Space Occupier Intelligence report, India’s flex office market has seen a sharp rise in annual transaction volumes, growing from 2.2 mn sq ft in 2017 to 18.6 mn sq ft in 2025 across the top eight cities. This represents an 8.4‑fold increase, equivalent to a CAGR of 30% over the eight‑year period—significantly outpacing the broader office market, which recorded a 9% CAGR during the same timeframe.

This sustained growth has driven flex space penetration from 5% in 2017 to 21% in 2025, it noted.

Bengaluru remains India’s largest flex market by absolute scale, consistently leading national absorption since 2018, peaking at 5.3 mn sq ft in 2025. MMR (Mumbai Metropolitan Region) has evolved from an early flex market into a more scaled one, with 2025 marking its highest-ever flex absorption at 2.7 mn sq ft and a strong 28% penetration.