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Smartworks Coworking Spaces Ltd has expanded its engagement with L&T Technology Services by leasing more than 1,100 managed workspace desks at its Pune facility. The five-year agreement is expected to generate rental income of INR 55 crore for Smartworks. With the latest transaction, the flexible workspace operator now manages over 2,750 desks for L&T Technology Services across multiple cities. The deal reflects continued demand from large enterprises for managed office campuses offering operational flexibility and scalability. As of the end of FY2025–26, Smartworks operated a portfolio of 16.1 million sq ft across 66 centres in India and Singapore, serving more than 770 enterprise clients.
Smartworks Coworking Spaces Ltd has leased more than 1,100 managed workspace desks at its Pune facility to L&T Technology Services under a five-year agreement expected to generate rental income of approximately INR 55 crore.
The flexible workspace operator disclosed the transaction in a regulatory filing on Monday, stating that it has expanded its existing relationship with L&T Technology Services through the addition of more than 1,100 seats at its Pune campus.
Following the latest agreement, Smartworks now provides over 2,750 managed workspace seats to L&T Technology Services across multiple cities, further strengthening the long-standing association between the two companies.
According to the filing, the Pune agreement has a tenure of 60 months and is expected to contribute rental income of INR 55 crore over the contract period.
Commenting on the development, Founder and Managing Director Neetish Sarda said enterprise occupiers are increasingly prioritising flexibility, speed of execution and the ability to scale their office footprint. He added that the company's managed office campuses are designed to support these evolving workplace requirements.
Smartworks also highlighted the growing contribution of large corporate clients to its business. The company stated that enterprise customers occupying more than 1,000 seats account for approximately 37% of its total rental revenue, reflecting sustained demand from large organisations for managed office solutions.
The company follows a managed workspace model under which it leases office assets from property developers and transforms them into fully managed enterprise campuses equipped with workplace infrastructure and support services. Its client base primarily comprises medium and large enterprises seeking flexible office solutions without long-term ownership or operational commitments.
As of 31 March 2026, Smartworks had a managed portfolio of 16.1 million sq ft spread across 66 centres in 15 cities in India and Singapore. The company served more than 770 enterprise clients across sectors, making it one of the country's larger managed office space providers.
The latest leasing transaction comes amid continued demand for flexible workspaces from corporates adopting hybrid workplace strategies and seeking scalable office solutions across key business destinations. Enterprise-led leasing has remained a significant driver of growth in India's commercial office market, with managed workspace operators increasingly securing long-term contracts from technology, engineering and professional services companies.
Source - PTI
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