CARE

CARE Ratings Reaffirms ‘A/Stable’ for Smartworks: What It Signals for India’s Flex Office Story0

• Industry News
• November 26, 2025

CARE Ratings has reaffirmed Smartworks Coworking Spaces’ long-term rating at ‘CARE A’ with a ‘stable’ outlook and its short-term rating at ‘CARE A1’. The rating action reflects improved scale, healthy occupancy, a stronger post-IPO capital structure, diversified tenant base, and robust cash flows, while flagging risks from aggressive expansion, lease renewals, and sector cyclicality.