Smartworks leases 1.64 lakh sq ft office space in Pune; rental commitment at ₹87.5 crore

Pune real estate: Smartworks Coworking Spaces Limited has leased 1.64 lakh sq ft of chargeable office space at Infinity Thube Park in the city

Flexible workspace operator Smartworks Coworking Spaces Limited has leased 1.64 lakh sq ft of chargeable office space at Infinity Thube Park in Pune from CBD Skylines LLP, according to property registration data, according to documents reviewed by Propstack.

Smartworks Coworking Spaces Limited has leased 1.64 lakh sq ft of chargeable office space at Infinity Thube Park in Pune from CBD Skylines LLP (Photo for representational purposes only) (Unsplash)

The lease, which commenced on July 1, 2026, spans multiple floors of the office building. Smartworks will pay a starting rent of ₹1.47 crore per month, translating to ₹90 per sq ft, the documents showed.

The agreement is for a five-year tenure, taking the total rental commitment to approximately ₹87.5 crore. The lease also includes a security deposit of ₹1.52 crore and provides for a 5% annual rent escalation from July 2027, the documents showed.

Last year, Smartworks Coworking Spaces Limited, a managed office platform, leased around 1.66 lakh sq. ft. in Pune to Wolters Kluwer (India) Pvt. Ltd., an information, software solutions and services provider for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, corporate performance and ESG, the company said on November 17,

An email has been sent to Smartworks. The copy will be updated if a response is received.

Flexible office leasing

According to a report by CBRE India, India's office market reached a record quarterly absorption of ~24.6 million sq. ft. in Q2 2026, up 18% QoQ and 14% YoY, alongside a record ~21.0 million sq. ft. of new supply. Delhi-NCR emerged as one of the top three office leasing markets in India, alongside Bengaluru and Pune, together contributing ~58% of national office absorption.

Flexible space operators led office demand nationally (27%), while Global Capability Centres (GCCs) accounted for a record 42% of India's total office leasing; Delhi-NCR contributed 8% of pan-India GCC leasing, it noted.

Occupiers continued to adopt core + flex workplace strategies, with CBRE expecting sustained demand for high-quality flexible workspaces and continued rental growth across key office micro-markets.

Other flexible office leasing transactions

Earlier, flexible workspace operator Smartworks Coworking Spaces Ltd renewed the lease for around 2.3 lakh sq ft of office space in Hyderabad's Madhapur locality for a total rent of ₹121 crore, according to property registration documents accessed by Propstack.

Smartworks Coworking Spaces Limited, a managed office space provider, has leased more than 400 seats at its Mumbai centre to a Japanese NBFC subsidiary under a five-year agreement. The deal is expected to generate rental revenue of approximately ₹35 crore over the lease term, the company said in a regulatory filing dated June 8.