India markets closed
  • BSE SENSEX

    48,080.67
    +374.87 (+0.79%)
     
  • Nifty 50

    14,406.15
    +109.75 (+0.77%)
     
  • Dow

    34,137.31
    +316.01 (+0.93%)
     
  • Nasdaq

    13,950.22
    +163.95 (+1.19%)
     
  • BTC-INR

    4,085,654.50
    -67,648.25 (-1.63%)
     
  • CMC Crypto 200

    1,263.02
    +0.06 (+0.00%)
     
  • Hang Seng

    28,755.34
    +133.42 (+0.47%)
     
  • Nikkei

    29,188.17
    +679.62 (+2.38%)
     
  • EUR/INR

    90.4836
    -0.3132 (-0.34%)
     
  • GBP/INR

    104.3703
    -0.6934 (-0.66%)
     
  • AED/INR

    20.3560
    -0.1330 (-0.65%)
     
  • INR/JPY

    1.4362
    +0.0064 (+0.45%)
     
  • SGD/INR

    56.5280
    -0.2460 (-0.43%)
     

Smartworks inks largest coworking deal in Pune with 0.5m sqft(Eds: Adding details)

Mumbai, Nov 18 (PTI) In the largest deal in the sharedoffice space in the country, the Noida-based SmartworksCoworking has leased out a 5-lakh sqft-area from the upcomingcommercial project Amar Pristine Eighty-Three (AP83) in Pune.

This is the fifth facility for the company in Pune andwill be operational by 2021, the company said. It already hasa portfolio of 6,000 seats in the city.

According to reports, the second largest single-location deal in this space was struck by WeWorks which pickedup 1.22 lakh sqft space in Pune.

According to JLL estimate, around 330 flexibleworkspace operators are present in the top seven cities now.

The average size of transactions in the co-workingsegment has increased from 37,000 sqft in 2017 to 52,000 sqftin 2018 and further to 97,000 sqft in the first half of 2019.

Smartworks, which recently raised USD 25 million fromthe Singapore-based Keppel Land, operates in nine cities,offering about 43,000 workstations spread over 2.3 millionsqft of space.

'AP83 is the largest deal in terms of the area signedby any co-working space provider. We have picked up nearly 60percent of the space that is being jointly developed by AmarBuilders and Pristine Properties at Koregaon Park in Pune,'Smartworks founder Neetish Sarda told PTI on Tuesday.

This is Smartworks' second tie-up with Amar Buildersafter the 1.5 lakh sqft facility at Baner in Pune.

Sarda said with the deepening slowdown in the realestate sector, commercial property developers are exploringvarious opportunities, including partnering with coworkingspace operators.

'We have adopted a lease model, where we take up thespace on lease and re-lease it to other customers. Our targetis to have 4 million sqft space by March 2020,' Sarda said.

Commenting on this partnership, Amar Buildersexecutive director Hrishikesh Manjrekar said, 'the coworkingsegment has gained momentum of late. Through this partnership,we plan to cater to the growing demand for curated coworkingspaces in the city from enterprises and start-ups.' PTI PSKBEN BEN