Co-working startup leases 2.5 lakh sq ft in Hyd
Smartworks, an India-based co-working office startup, has leased 250,000 sq ft in Hyderabad's Aurobindo Galaxy business hub, taking its total operational space in the city to 400,000 sq ft.
The lease comes at a time when demand for flexible office spaces has risen after Covid-induced lockdowns. Companies are weighing the hybrid work from home (WFH) working model amid the need for social distancing to reduce the risk of contracting the coronavirus.
Smartworks is on an expansion spree and is planning new facilities in Uttar Pradesh, Noida and more coworking spaces in Bengaluru, Hyderabad, and Pune.
The average seat cost in a traditional office space is around Rs 14,000-Rs 15,000, while Smartworks offers a seat at around Rs 10,000-Rs 12,000. Smartworks acquires an entire building and converts it into a coworking campus, unlike other coworking operators that acquire a floor or portions.
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In 2021, India is expected to witness further penetration of flex spaces as corporate occupiers continue to shift away from long term capital intensive commitments. Flexible office space solutions will be leveraged to satisfy temporary space needs, support a more mobile workforce and enter new geographies.
Centrally located in Hyderabad's business hub, Aurobindo Galaxy is strong on connectivity with quick access to the Hyderabad airport, metro stations, residential areas and commercial establishments. It is also the tallest commercial office tower constructed on pre-cast technology.
Smartworks is an India based startup offering agile workspaces, with a footprint of over 4 million across 31 locations in major Indian cities such as Hyderabad, Delhi NCR, Kolkata, Bengaluru, Mumbai, Chennai, and Pune, catering to over 400 organisations across large enterprises, SMEs and high growth startups.
Also read: Hybrid, the word of the next decade