Smartworks, a prominent player in the coworking and flexible office space sector, has secured a significant lease agreement in Gurugram, marking another milestone in its expansion strategy. The company has leased a sprawling 4.8 lakh square feet in DLF’s Commercial Building Block-3, located in DLF City Phase 5, with an annual rental commitment of ₹94.68 crore. The lease spans six years, making it one of the largest deals in the coworking segment recently.

According to data from Propstack, the monthly rent for the space is approximately ₹7.89 crore, translating to ₹165 per square foot. Additionally, the agreement includes a deposit of ₹47.35 crore and provides Smartworks access to six floors, including the ground floor and 794 car parking spaces. A rental escalation of 9% is slated for November 2027, reflecting the company’s long-term commitment to this premium location.

“This expansion aligns with our commitment to empowering enterprises by providing tailored office solutions in large campus settings, equipped with a range of amenities and services to cater to the evolving needs of modern workspaces,” said Neetish Sarda, founder of Smartworks. The new centre is expected to be operational by February 2025, reinforcing the company’s growing footprint in the NCR region.

The Gurugram lease adds to Smartworks’ existing portfolio of managed city campuses, including locations at Golf View Corporate Towers on Golf Course Road, RK 4 Square in Cyber City, and ASF Insignia in Vatsal Valley. The company now boasts a total super built-up area of 9.12 million square feet across 45 centres in 13 cities, cementing its position as a leader in the coworking industry.

Smartworks has been on an aggressive leasing spree in recent months. In August, the company secured 6.13 lakh square feet of office space in Pune for an annual rent of nearly ₹50 crore. It has also taken up additional spaces in Gurugram, including 4.5 lakh square feet and 1 lakh square feet offices, showcasing its robust expansion strategy in India’s key commercial hubs.

The growth of coworking spaces in India is driven by the increasing demand for flexible work solutions among enterprises and startups alike. Smartworks’ latest deal highlights the sector’s resilience and critical role in shaping the future of workspaces. Industry rival WeWork India has also been expanding, recently leasing a two-floor building of 1.17 lakh square feet in DLF Cybercity, Gurugram, and another 1.26 lakh square feet in Chennai’s DLF Cybercity Manapakkam.

With the Gurugram lease, Smartworks is strategically positioning itself to cater to the growing demand for modern, adaptable office spaces. The company’s focus on large campuses equipped with state-of-the-art amenities underscores its vision of redefining coworking spaces for a dynamic workforce.