Smartworks announced that it acquired on lease 5.6 lakh sq ft of office space at the co-working centre M-AGILE in Pune, the largest flexible office space deal in India. The firm spent nearly Rs 150 crore on this project..
The company said that the office space has over 8,500 seats. It is already booked at 40% capacity by IT-ITeS, BFSI, and manufacturing customers..
The space is likely to open in September, and JLL India expedited the deal..
The space is an exclusive corporate neighbourhood and links to places such as the Hinjewadi IT Park, Balewadi High Street, and Mumbai-Pune Expressway..
Neetish Sarda, the Smartworks founder, revealed that before this transaction, the largest deal in this area was in 2019, WebWorks’ 2.5-lakh sq ft facility in Hyderabad..
Sanjay Bajaj, JLL India MD Pune, revealed that Flex space stock has developed in Pune by more than four times from 0.7 MSF in 2017 to 3 MSF in 2021, and it has presented a huge growth opportunity.
He said that moving forward, they expect the flex market in Pune to reach nearly 5 MSF by 2022.
Smartworks has a footprint of over 4 MSF and 31 centres in Bengaluru, Hyderabad, Delhi, Noida, Gurugram, Mumbai, Pune, Chennai, and Kolkata.
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