Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
Smartworks Coworking Spaces Ltd has secured a five-year leasing agreement with the Indian subsidiary of a Japanese non-banking financial company (NBFC) for more than 400 desks at its Mumbai centre. The transaction is expected to generate rental revenue of approximately INR 35 crore over the contract period. The deal comes as demand for managed office spaces continues to strengthen across India’s major business hubs. As of March 31, 2026, Smartworks operated 66 centres spanning 16.1 million sq ft across 15 cities in India and Singapore. The company also reported a turnaround in its financial performance during FY2025-26, posting a net profit against a loss in the previous fiscal year amid strong growth in total income.
Smartworks Coworking Spaces Ltd has signed a five-year agreement with the Indian subsidiary of a Japanese non-banking financial company (NBFC) for more than 400 desks at one of its centres in Mumbai, a move that is expected to generate around INR 35 crore in rental revenue over the duration of the contract. The company disclosed the transaction in a regulatory filing on June 8, highlighting continued demand from enterprise occupiers for managed and flexible workspace solutions.
According to the filing, the engagement has been structured for a five-year period and is projected to contribute rental income of approximately INR 35 crore. The agreement adds to Smartworks’ portfolio of enterprise clients and reflects the growing role of flexible office operators in catering to the workspace requirements of large domestic and international businesses.
Smartworks operates a managed office platform that primarily caters to enterprises. The company typically leases large office buildings from real estate developers and converts them into fully managed office campuses equipped with workplace amenities and support services. This operating model enables corporate occupiers to access ready-to-use office infrastructure without undertaking extensive fit-outs or facility management responsibilities.
The company has expanded its presence significantly over the years. As of March 31, 2026, Smartworks had a total operational footprint of 16.1 million sq ft spread across 66 centres located in 15 cities across India and Singapore. Its portfolio includes office campuses in major commercial markets that serve a range of sectors, including financial services, technology, consulting and multinational corporations.
The latest leasing transaction comes against the backdrop of improving financial performance for the workspace operator. During FY2025-26, Smartworks reported a net profit of INR 10.52 crore, compared with a net loss of INR 63.17 crore recorded in the previous financial year. The turnaround was accompanied by a substantial increase in revenue.
The company’s total income rose to INR 1,849.9 crore in FY2025-26 from INR 1,409.66 crore in FY2024-25, reflecting growth in occupancy, client additions and the expansion of its managed office portfolio.
The flexible workspace segment continues to remain an important component of India’s commercial real estate market. According to property consultant Vestian, the country’s seven largest cities collectively host nearly 1,400 coworking centres. The consultancy estimates that the 10 largest operators account for around two-thirds of the nation’s 82 million sq ft stock of flexible managed workspaces, underlining the scale and growing institutionalisation of the sector.
Source - PTI
Advertisement
Facebook
Whatsapp
