Smartworks Secures 8.15 Lakh Sq Ft Office Space in Mumbai with Hiranandani Group
Smartworks, a prominent player in the coworking space industry, has recently secured 8.15 lakh square feet of office space in Mumbai's Eastbridge campus, developed by the Hiranandani Group. This significant acquisition highlights the rapid growth of the coworking segment in the commercial real estate market.
The Eastbridge campus is being developed to meet stringent sustainability and wellness standards, including WELL Certified Core, Pre-certified IGBC Gold Green Building, and Pre-certified IGBC Gold Health & Well-being. These certifications are a testament to the commitment of both Smartworks and the Hiranandani Group to creating a healthy and environmentally friendly workspace.
The facility will feature a range of advanced green energy systems, such as EV charging stations, rainwater harvesting, organic waste converters, and landscaped green buffers. These features not only enhance the sustainability of the building but also contribute to the overall well-being of its occupants.
Strategically located, the Eastbridge campus is well-connected via the Central Railway line, Jogeshwari–Vikhroli Link Road (JVLR), and the Eastern and Western Express Highways. Additionally, an upcoming metro line and a planned flyover linking LBS Marg to the Eastern Express Highway will further enhance accessibility for businesses and employees.
Reacting to the news, Smartworks shares saw a 3% increase, closing at ₹597.75 on the BSE, with a market capitalisation of ₹6,829.56 crore. This positive market response underscores the investor confidence in Smartworks' strategic decisions and the growing demand for flexible and sustainable office spaces.
The Hiranandani Group, a leading real estate developer in India, has a strong track record of delivering high-quality, sustainable projects. The collaboration with Smartworks on the Eastbridge campus is expected to set new benchmarks in the commercial real estate sector, particularly in the coworking space.
As the demand for flexible and sustainable workspaces continues to rise, this deal positions Smartworks as a key player in the market, poised to meet the evolving needs of businesses and professionals in Mumbai and beyond.
