India’s largest co-working space deal signed by Smartworks

Smartworks Coworking, India’s leading agile workspace provider for large enterprises, has signed the country’s largest co-working space deal by leasing out a 5-lakh sq ft area from the upcoming commercial project Amar Pristine Eighty-Three (AP83) in Pune. The deal has been signed with Amar Builders, and Pristine Properties.

This will be the Noida-based company’s fifth facility in Pune and will be operational by 2021. Smartworks already has a portfolio of 6,000 seats in the city.

Neetish Sarda, Founder of Smartworks, said, “AP83 is the largest deal in terms of the area signed by any co-working space provider. We have picked up nearly 60 percent of the space that is being jointly developed by Amar Builders and Pristine Properties at Koregaon Park in Pune.”

“The facility is strategically located in a prestigious hub for the eastern commercial market of the city with excellent connectivity from all modes of local transport to the airport, railway station, and the proposed metro station,” he added.

Neetish further stated, “We have received an incredible response from Pune, and with robust office space demand, we believe the city is all geared up to lead the next wave of growth. This new facility will add to our growing portfolio and help us meet the office space demand from the enterprises in the region.”

Recently, Smartworks raised $25 million from Singapore-based Keppel Land, Asia’s premier real estate developer and multi-faceted property company.

Currently, the company has 23 operational centres in nine cities, providing a total of about 43,000 workstations spread over 2.3 million sq ft.

Also Read: Five Business Trends Reshaping The Co-Working Space Market

Why co-working spaces are gaining popularity?

Everything around us is changing and the place where we want to work is no exception. While many independent entrepreneurs effectively run their businesses from their homes, coffee shops or other public spaces, the rest look for a more professional workspace for meetings, and to separate personal and professional life. This is where the concept of co-working space comes as it helps a small startup, an independent entrepreneur, or a freelancer to find an affordable workspace. And as the demand for the co-working space has increased in recent years, more companies are venturing into this segment.

With the rapid rise of entrepreneurial spirit, more and more professionals are craving to get the authority to decide when and how they can work, along with looking for flexibility to choose an environment that motivates or encourages them. This is why the co-working segment has gained popularity.

Also Read: Co-Living And Co-Working Spaces Have Changed The Real Estate Game

Franchise Model

Big companies are running through franchise models in the co-working space and are also earning greater profits in their field. Brands such as Co-offize and Innov8 are the established players in the field and operate via a franchising model. The reach of such concepts is multiplied via franchising as it is a very low-cost model.

The co-working franchises will take over the whole market in the coming future.