The flexible workspace landscape has undergone a remarkable transformation in recent years, wherein the flex operators have mushroomed left, right, and center. Evolving far beyond its initial concept of coworking, a new standard within the Commercial Real Estate (CRE) industry has emerged. This paradigm shift can be attributed to the capacity of managed office solutions that offer versatility, scalability, and customization, thus gaining traction across the industry.
According to a recent report on India’s Flex Space Market 2023, managed space operators have seen their operational footprint grow 10 times to ~15 Mn sq. ft., till March 2023 compared to 2018. Both coworking and hybrid players have seen a decline in their respective shares of operational flex stock over the past two years.
Per the same report, pure-play managed space providers have emerged as the drivers of the flex resurgence post-COVID, growing the fastest compared to other players who offer either pure coworking spaces or hybrid spaces. One of the key players in this landscape, Smartworks, has transcended the role of a mere space provider. Over the last six years, the company’s transformation and expansion from a modest ~10,000 sq. ft. coworking space to a fully managed space provider managing a portfolio of ~8 million sq. ft., is incredible. This commendable growth has yielded exponential returns for the company, with over 2x YoY revenue increase.
The driving force behind Smartworks’ success story lies in the innovative minds of its founders, Neetish Sarda and Harsh Binani. These young visionaries have effectively redefined the workspaces and reimagined the office experience in India beyond just offering office spaces. Catering to over 500+ clients including Forbes 2000 and Fortune 500 companies, Indian and global enterprises, unicorns and soonicorns, Smartworks’ modern workspaces that redefine the office experience by providing a perfect blend of productivity and work-life make them stand out. This includes state-of-the-art infrastructure, smart stores, recreational areas, food and beverage services, gymnasiums, laundry services, logistics, daycare, wellness facilities, and more.
In a recent interview, Neetish Sarda and Harsh Binani spoke about Smartworks’ expansion plans to scale up to 25-30 mn sq ft by 2026-27. While most space take-up will happen in Tier 1 cities, the company will also add centres in Tier 2.
In the post-COVID era, the flex workspace trend in Tier 2 cities is gaining significant momentum. Hybrid working continues to be the preferred workspace strategy driven by employee convenience, talent attraction and retention, and escalating office space costs in major urban centres. Companies are actively looking for value-priced, fully managed spaces in these high-growth markets to optimize budgets and business expansion and meet the evolving needs of their workforce.
Given the heightened demand for managed spaces from existing and potential clients, Smartworks forayed to Jaipur, Ahmedabad and Indore, hosting some marquee clients in these spaces. The company has new upcoming centres in Kochi and Coimbatore.
Last year, Smartworks leased over ~10% of India’s total commercial office space in India, including the World’s largest Flex space campus spread over 7 Lacs sq. ft. in Bengaluru.
Smartworks managed spaces in a campus setting, its biggest differentiator, provides clients with rapid scalability and access to coveted amenities for their workforce. The company’s strategically positioned, stand-alone campuses have allowed clients to expand their workspace in line with their evolving business requirements in multiple cities.
India’s largest homegrown and profitable managed office space provider, Smartworks, is transforming how we think about workspaces. As the company keeps growing and creating workspaces that are more than just ordinary offices, they’re making a more significant impact than just physical spaces. With their forward-thinking approach, whether amenities, tech-enablement of workspaces or value-added services, Smartworks isn’t just keeping up with the future of work – they’re shaping it.
For more information, visit – https://www.smartworksoffice.com/
