Smartworks leases 2,70,000 sq ft space in Noida for nine years

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BENGALURU: Versatile workplace areas supplier Smartworks has picked up greater than 270,000 sq. toes (sq ft) in Noida by a longterm lease unfold over 9 years. That is its largest facility with a seating capability of 5,500 and is adjoining to the Delhi-Noida Expressway.

The Delhi-based co-working areas operator has signed eight new lease agreements totalling round 600,000 sq ft throughout Bengaluru, Chennai, Pune and Noida for the reason that starting of this yr.

Smartworks’ whole footprint has touched round 2.eight million sq ft, with a complete funding of $25 million to date. “We’re very bullish on scaling our enterprise within the current cities. Round 60% of those amenities are operational and the remaining will go dwell in a month’s time as we now have already signed up purchasers for every certainly one of them,” mentioned cofounder Harsh Binani.

Smartworks has been rising in southern and western India since early 2019 and is predicted to develop its office portfolio to 10 million sq ft by 2022. “Smartworks has clocked over ?100 crore in income and has been worthwhile for a whole yr on the company degree,” Binani mentioned. At present, it has 35,000 seats unfold throughout 23 centres in 9 cities, together with the nationwide capital area (NCR), Mumbai, Bengaluru, Hyderabad, Pune, Chennai and Kolkata.

Smartworks leases 2,70,000 sq ft space in Noida for nine years
“Smartworks is right into a large-format play and the typical house take-up by every of our purchasers is about 280 seats, unfold throughout about 10,000 sq ft,” mentioned Binani. The workplace areas market grew 21% yearon-year within the first half of this yr, based on trade tracker JLL. “Web absorption of workplace house throughout high seven cities touched almost 22 million sq ft,” it mentioned. The expansion in demand was pushed by co-working gamers (15% of total leasing) and IT/ITeS house (37% of total leasing), JLL added.



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