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Smartworks Coworking Spaces Limited has leased approximately 182,300 sq ft at The Square, a commercial office development by Lloyds Realty Developers in Andheri East, Mumbai. The transaction increases Smartworks' managed office portfolio in Mumbai beyond 2 million sq ft, reinforcing the company's expansion strategy in one of India's largest office markets. The addition is expected to cater to growing enterprise demand for managed workspaces while strengthening the city's premium commercial real estate ecosystem.
Smartworks Coworking Spaces Limited has expanded its presence in Mumbai through a lease of approximately 182,300 sq ft at The Square, a Grade A commercial office development by Lloyds Realty Developers in Andheri East. The transaction marks a significant addition to the managed workspace operator's portfolio and takes its total managed office space in Mumbai beyond the 2 million sq ft milestone, reflecting sustained demand from enterprise occupiers for professionally managed office environments.
Located in Andheri East, The Square occupies a strategic position within one of Mumbai's most prominent commercial corridors. The development enjoys close proximity to Chhatrapati Shivaji Maharaj International Airport, the MIDC business district and the city's expanding metro network, providing convenient access for businesses and employees. The location enhances the property's appeal to corporate occupiers seeking well-connected office infrastructure in the financial capital.
The expansion aligns with Smartworks' strategy of partnering with developers to convert large commercial properties into technology-enabled managed office campuses. Rather than offering conventional co-working facilities, the company focuses on enterprise-grade office solutions designed for medium and large organisations. Its operating model combines workspace design, technology integration, facility management and day-to-day operations, enabling businesses to occupy fully managed offices without investing in long-term infrastructure development.
The newly leased facility has been planned with a range of workplace amenities intended to support modern enterprise requirements. These include executive dining facilities, meeting and training rooms, recreational spaces, a medical room and technology-enabled convenience services. Such integrated workplace environments have become increasingly important as companies seek office spaces that enhance employee experience while supporting operational flexibility.
For Lloyds Realty Developers, the transaction represents the successful leasing of a premium commercial asset to an established managed workspace operator with a growing enterprise client base. Long-term institutional occupiers provide greater stability for commercial developments while contributing to sustained utilisation of Grade A office assets. The agreement also reflects increasing collaboration between developers and managed office providers to meet changing workplace preferences among corporate occupiers.
The latest addition follows Smartworks' recent expansion across the Mumbai Metropolitan Region through large managed office campuses in Vikhroli and Navi Mumbai. These developments illustrate the company's strategy of building scale in key commercial markets where enterprise demand remains strong. According to the company, Smartworks currently manages approximately 15.3 million sq ft across 63 centres in 15 cities in India and Singapore, serving more than 770 enterprise clients, including multinational corporations, Global Capability Centres (GCCs), Forbes 2000 companies and high-growth businesses.
Industry observers note that demand for managed office spaces continues to remain resilient as organisations increasingly prioritise flexibility, operational efficiency and high-quality workplace infrastructure. Instead of investing in owned office assets, many companies are opting for professionally managed campuses that can be expanded or reconfigured according to business requirements.
The Mumbai transaction highlights the continued strength of India's premium office market, where developers and workspace operators are increasingly collaborating to deliver institutional-quality office environments. As enterprise demand for flexible workplaces continues to evolve, such large-scale leasing transactions are expected to play an important role in shaping the future of commercial real estate across major metropolitan markets.
Source- NSE Archives
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