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Smartworks to invest USD 34 million to expand its service footprint

Smartworks to invest USD 34 million to expand its service footprint
Smartworks to invest USD 34 million to expand its service footprint

Smartworks, an Indian managed office space provider, is reportedly planning to invest around USD 34 million to expand its service footprint in India. The company intends to reach 7 million sq. ft. by the end of 2021, with expansion plans involving cities such as Delhi-NCR, Hyderabad, and Bengaluru.

It has been reported that Smartworks is currently looking for space in Gurgaon as well as in Noida and intends to add around 800,000 sq. ft in Delhi-NCR. The company had also recently leased 250,000 sq. ft of space in Hyderabad, taking Smartworks’ total operational space to 400,000 sq. ft. in the city alone.

Founder Neetish Sarda was reported saying that the firm had finalized around 4 million square feet during the COVID-19 pandemic. He added that while Smartworks is considering adding a million sq. ft. in Bengaluru and Hyderabad, the company is finalizing co-working spaces in Coimbatore and Jaipur as well.

Smartworks has witnessed rapid expansion in the recent past considering there has been a high demand for managed office spaces lately. In this context, Sarda confirmed that the company has observed a double-digit growth in its current nine operational cities.

For those unaware, Smartworks currently operates in cities such as Pune, Chennai, Hyderabad, Mumbai, Bengaluru, Kolkata, Gurugram, Noida, and Delhi. The company was founded in April 2016 and currently has around 31 co-working centers pan India, consisting of over 60,000 seats and 400,000 sq. ft in the abovementioned nine cities.

Moreover, the managed office space provider has witnessed high demand for seat lock-ins as compared to total space take-up. Companies have been exploring co-working options instead of traditional office spaces to save capital costs, Sarda added.

As for its other plans, Smartworks is also looking to invest in other segments such as warehousing, facility management, and property technology among others.

Source Credits –

https://www.moneycontrol.com/news/business/real-estate/smartworks-to-invest-rs-250-crore-to-expand-footprint-as-managed-office-space-provider-6665661.html

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