Smartworks leases facility in Mumbai taking India footprint to 1.5 mnsq ft

Flexible workspaces provider Smartworks leased a new 82,000 sq ft facility at Fleet House on Andheri-Kurla road in the financial capital Mumbai increasing its total footprint in India to 1.5 million sq ft. The company plans to expand its footprint to at least 10 million sq ft over the next three to five years, with a focus on West and South India, Founder of Smartworks, NeetishSarda said. The facility consists with a seating capacity of over 2,000 and is scheduled to be operational from January 2019 is located close to the Bandra-Kurla complex. Some of the clients working out of the new Mumbai facility include Marsh Insurance, NEC. According to a CBRE report Exploiting the Agile Revolution: Prospects for Landlords and Investors, flexible space operators have grown rapidly in recent years, reaching a total footprint of just under 40 million sq ft as of the first half of 2018 in 16 major Asia Pacific cities including Delhi NCR, Mumbai and Bengaluru. Currently, NCR, Mumbai and Bengaluru house most of the co-working stock in India followed by Pune and Kolkata, as per a recent Knight Frank report Co-working: The office of the future. Smartworks recently expanded in Chennai, opening its second facility in the city following its first centre launch in Hyderabad.