Co-Working Giant Smartworks Embarks on a Monumental Expansion in Chennai

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Chennai:

In a move that underscores the burgeoning growth trajectory of co-working spaces in India, Smartworks has set the industry abuzz with its ambitious expansion in the heart of Chennai's IT corridor.

The managed workspace provider is gearing up to redefine Chennai’s office landscape by amplifying its footprint with a staggering 2 lakh square feet of prime office space lease, taking its total coverage in the city to over 5 lakh square feet.

Nestled amidst the bustling Perungudi-Thoraipakkam Road, this initiative marks the unveiling of Smartworks' sixth centre in the region, with an impressive 40% of its space already clinched by eager clients. Set to commence operations by January 2024, the company envisages doubling its stronghold to a whopping one million square feet in the coming two years, thus stamping its authority as a leader in the co-working space sector.

Neetish Sarda, the visionary behind Smartworks, expressed his optimism, stating,

"With our centres at Guindy, Teynampet, and OMR Road fully occupied, our journey is far from over. Our expansion blueprint entails an addition of 5 lakh square feet in the vibrant city of Chennai over the next 12 to 18 months, ramping up our total to an enviable 5.5 lakh square feet."

As the waves of modernization sweep across the Indian workspace sector, Smartworks is at the helm, steering the change with a staggering 46,000 operational seats of the existing 150,000 across India. The southern markets of Bangalore, Hyderabad, and Chennai have particularly felt the positive impacts of this transition, witnessing a metamorphosis in their working environments.

Sarda further elucidated the company’s progressive vision,

"We are eyeing an exponential increase, with plans to establish 60,000 to 65,000 seats in the southern markets within a year. Although technology firms form a substantial part of our clientèle, contributing 55-60%, we have successfully forged partnerships with various sectors including consulting and BFSI, which have pledged allegiance to our expansive office spaces.Our horizon expands beyond the southern markets, with an aspiration to have 10 million square feet of functional assets in the next 18-24 months, soaring from the current 8 million. This aggressive expansion strategy is expected to skyrocket our revenues, projecting a close at Rs 1150 crore this fiscal year."

As we step into March 2023, the flexible workspace segment has blossomed remarkably, experiencing a threefold growth in India's top cities. This upswing reflects a broader trend, witnessing a surging demand for flexible and managed space solutions, transcending geographical boundaries and industries.

The co-working landscape in India, particularly in hubs like Chennai, is witnessing a renaissance. Not only are enterprises reaping the benefits of collaborative spaces, but this growth trajectory also signals a vibrant, flexible, and innovative future for the Indian corporate sector, marking a golden era of co-working spaces that foster creativity, connectivity, and community.

This dynamism, fueled by visionary companies like Smartworks, is not just a testament to the industry's resilience but also a beacon of the transformative change sweeping across the Indian corporate horizon, promising exciting times ahead for the co-working sphere in India, and particularly, Chennai.

Co-Working Giant Smartworks Embarks on a Monumental Expansion in Chennai

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Chennai:

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