Smartworks Leases Massive 6 Lakh Sq Ft Office Space in Pune for Rs 4.48 Cr per Month
Smartworks leases 6 lakh sq ft office space in Pune for Rs 4.48 cr per month, with a starting rent of Rs 73 per sq ft per month and a 4.77 percent escalation built in every annum.
SmartworksOffice SpacePuneReal EstateCre MatrixReal Estate PuneAug 21, 2024
According to documents accessed by real estate data analytics firm CRE Matrix, the starting rent of Rs 73 per sq ft per month has a 4.77 percent escalation built in every annum. The agreement was registered in April, and the license period started from July 1.
For the five-year license period, Smartworks paid a security deposit of Rs 13.21 crore. The license fee payments commence from May 1, 2025. Smartworks had announced the leasing in May but did not provide financial specifics such as the rent or the security deposit.
With the addition of the 43 EQ space, the flex space operator's portfolio in Pune reached more than 3 million sq ft. Smartworks has a total managed portfolio of 8 million sq ft, across Pune, the National Capital Region, Mumbai, Bengaluru, Kolkata, Chennai, Ahmedabad, and other cities in India.
The Balewadi property leased by Smartworks, 43 EQ, is located near other properties that have been leased by the flex space operator. Other managed office space operators have also made a play for the area with large leases over the past two to three years.
Balewadi, located off the arterial Mumbai-Bengaluru highway that skirts the western edge of Pune, is home to a number of tech players, startups, as well as a large number of global capability centres of major automobile, technology, telecom, and heavy engineering companies. The area has also emerged as a major retail and food and beverage hub in recent years.
Smartworks is a managed office space operator that provides flexible and customized workspaces to businesses. CRE Matrix is a real estate data analytics firm that provides insights and data on the Indian real estate market.Smartworks is a leading managed office space operator in India, with a portfolio of over 8 million sq ft across multiple cities. CRE Matrix is a leading real estate data analytics firm in India, providing data and insights on the Indian real estate market.
Frequently Asked Questions
How much office space has Smartworks leased in Pune?
Smartworks has leased 6.13 lakh sq ft office space in Pune.
What is the starting rent of the office space leased by Smartworks?
The starting rent of the office space is Rs 73 per sq ft per month.
What is the escalation clause in the agreement?
The agreement has a 4.77 percent escalation built in every annum.
How much security deposit did Smartworks pay for the lease?
Smartworks paid a security deposit of Rs 13.21 crore.
What is the total managed portfolio of Smartworks?
Smartworks has a total managed portfolio of 8 million sq ft across multiple cities in India.
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