Smartworks Adds ₹235 Crore Rental Revenue From Office Expansions

India’s managed office market is seeing continued expansion from large corporate occupiers, with Smartworks adding ₹235 crore in incremental contracted rental revenue from existing clients.

The additional business comes through expansion mandates across multiple cities and includes large global and Indian enterprises.

The new contracts have engagement periods extending up to 60 months and add to Smartworks’ contracted rental revenue base of approximately ₹5,400 crore as of June 30, 2026.

The expansions are particularly significant because they are coming from existing occupiers. Instead of relocating or setting up entirely new offices, companies are increasing their workspace requirements within managed office environments.

Several of the expanding businesses are also building technology and artificial intelligence capabilities through their India operations, strengthening demand for scalable corporate workspace.

Enterprise customers currently account for around 92% of Smartworks’ revenue, while approximately 35% comes from clients operating across multiple cities.

As of June 30, 2026, Smartworks had secured approximately 16.9 million sq. ft. of workspace across 70 centres in 15 cities in India and Singapore.

The growth reflects the increasing role of managed office operators in India’s commercial property market, particularly as large companies seek flexible expansion without having to independently lease, design and operate additional offices.

Sandeep Sadh’s Take:

“Managed offices are no longer just a flexible option for smaller companies. Large enterprises are increasingly using them as part of their long-term office strategy, and repeat expansion by existing occupiers is an important indicator of that shift.”