Smartworks Leases 4.7 Lakh Sq Ft Office Space in Gurugram
Smartworks, one of India’s largest managed campus operators, has secured a 4.7 lakh square feet office space lease at DLF Commercial Building in DLF City-V, Gurugram. This new lease marks Smartworks’ fourth managed campus in the city, joining its existing campuses at Golf View Corporate Towers on Golf Course Road, RK 4 Square in Cyber City, and ASF Insignia at Vatsal Valley.
This expansion underlines the growing demand for flexible and fully managed office spaces, which has become an integral part of India’s commercial real estate market. Neetish Sarda, the founder of Smartworks, highlighted that the company’s rapid growth in Gurugram is a direct reflection of the increasing interest from businesses seeking fully serviced office solutions that offer flexibility and operational efficiency.
As of mid-August 2024, Smartworks has accumulated a total super built-up area of 9.12 million square feet, spread across 45 centres in 13 cities. The company’s expansion has been further supported by its plans for an initial public offering (IPO), which was approved by the Securities and Exchange Board of India (SEBI) in December 2024. The planned IPO will include a fresh issue of equity shares worth Rs 550 crore, in addition to an offer for sale (OFS) of 6.759 million shares. Smartworks is also considering raising Rs 110 crore through pre-IPO placements, with proceeds being used to repay loans and for general corporate purposes. The company’s growth trajectory has also attracted investment from prominent backers such as Singapore-based Keppel Ltd, which has invested $29 million in Smartworks since 2019. This support has played a key role in the company’s expansion and its ability to secure large office spaces across key commercial hubs in India. The increasing demand for flexible workspaces, particularly in major cities like Gurugram, demonstrates a shift towards more adaptable and service-oriented office environments. As businesses increasingly seek scalable, cost-effective solutions, Smartworks is well-positioned to capitalize on this trend, offering innovative office spaces that cater to the evolving needs of modern enterprises.
