India's Leap Towards Sustainable & Innovative Workspace Design
- Industry News
- March 13, 2024

Only 23% of India’s 520 million sq. ft. REIT-worthy office stock is listed, signalling vast headroom for new REITs and portfolio consolidation. South India leads with 313 mn sq. ft. (18% listed), while NCR, MMR, and Pune remain under-indexed. Robust leasing, rental escalations, and Grade-A upgrades support sustained growth for REITs.
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Smartworks posted 21% YoY revenue growth to ₹424.8 crore, a 46% jump in normalised EBITDA to ₹69.6 crore, and 40% QoQ PBT growth to ₹24.5 crore, with RoCE at 14.3%. The company turned net-debt negative, won an ‘A; Stable’ CareEdge upgrade, and signed 8.15 lakh sq. ft. at Eastbridge, Mumbai—its largest global campus deal.
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Smartworks is pursuing a 30–35% CAGR over the next three years and aims to double GCC revenue share from 15% within two years. After a two-notch CareEdge upgrade to ‘A; Stable’, the platform reported Q2 revenue of ₹424 crore (21% YoY). New milestones include 8.15 lakh sq. ft. at Eastbridge, Mumbai, and the expansion of national campuses.
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WeWork India reported its first profitable quarter in Q2 FY26 with a profit after tax of ₹6.4 crore, reversing last year’s loss of ₹31.5 crore. The coworking leader saw revenues jump 22% year-on-year to ₹574.7 crore, driven by robust demand, operational efficiency, and expanding margins across key flex office markets.
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India has officially joined the global top league, with its office space stock surpassing 1 billion sq. ft. and reaching a valuation of $186 billion, according to a new CII–Knight Frank India report. But with leasing activity booming and supply lagging, the next growth phase demands bold action and fresh inventory.
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EFC (I) Limited, known for its enterprise office spaces, is entering the retail leasing sector under the new vertical ‘EFC Retail Spaces’. With launches targeted for January 2026, the company is focusing on metro and tier-1 cities, including Mumbai, Delhi, Pune, and Bengaluru. EFC aims to cater to luxury boutiques, showrooms, and high-street retail, tapping into India’s evolving consumer landscape and attracting top retail brands and investors.
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