Managed office provider Smartworks Coworking Spaces has signed a five-year managed office agreement with the Indian subsidiary of a Japanese non-banking financial company (NBFC), leasing more than 400 seats at its Mumbai facility in a deal expected to generate nearly Rs. 35 crore in rental revenue.
The transaction underscores the sustained demand from large enterprises for managed workspace solutions, particularly in key financial and commercial hubs such as Mumbai. It also highlights the growing preference among multinational firms and financial institutions for flexible, fully serviced office campuses that offer scalability without the capital-intensive commitments of traditional office ownership or long-term leasing.
Commenting on the development, Neetish Sarda, Founder and Managing Director of Smartworks, said large enterprise occupiers increasingly require workplaces that can support operational efficiency, employee experience and future expansion. He noted that Smartworks’ managed campus model is designed to address these requirements by offering integrated workspace solutions tailored to large teams.
The latest mandate further strengthens Smartworks’ position in the large-format managed office segment. According to the company, clients occupying 300 seats or more contribute nearly 69% of its rental revenue, with an average client tenure of approximately 47 months. This reflects the company's focus on building long-term relationships with enterprise occupiers rather than relying on short-duration coworking memberships.
Enterprise clients remain central to Smartworks’ business model, accounting for nearly 90% of its revenue. The company has increasingly positioned itself as a workspace partner for large corporations, global capability centres (GCCs), technology firms and financial services companies seeking customised office environments.
As of March 31, 2026, Smartworks managed a portfolio of approximately 16.1 million sq. ft. spread across 66 centres in 15 cities across India and Singapore. The company follows an asset-light approach, partnering with developers to lease large commercial buildings and convert them into fully managed office campuses equipped with technology infrastructure, workplace services and collaborative work environments.
The Mumbai transaction comes at a time when demand for premium managed office space continues to gain momentum, driven by occupiers seeking operational flexibility, faster expansion capabilities and enhanced workplace experiences for employees. Industry experts believe that as enterprises continue to recalibrate their real estate strategies, managed office operators with large-format capabilities are likely to benefit from sustained leasing demand.
