Smartworks Coworking Spaces has signed another large enterprise occupier in Mumbai, leasing over 400 seats to the subsidiary of a Japanese non-banking financial company (NBFC) under a five-year managed workspace agreement. The transaction is estimated to generate more than ₹35 crore in rental revenue over the contract period, reinforcing the company’s push toward long-term, large-format clients.
The agreement adds to a growing list of enterprise mandates secured by Smartworks as demand for managed office solutions continues to evolve across major commercial markets. Large occupiers are increasingly seeking flexible workplace formats that combine scalability with operational efficiency, allowing them to expand teams without undertaking extensive fit-outs or long deployment timelines. The latest transaction reflects this broader shift, particularly among financial services firms and multinational businesses seeking professionally managed workspaces in strategic urban locations.
Enterprise clients continue to drive revenue growth
The latest deal adds to Smartworks’ positioning in the enterprise workspace market, where larger occupiers remain the core revenue driver. The company said clients with more than 300 seats contribute around 69% of its rental revenue, while enterprise customers account for nearly 90% of total revenue. Smartworks also reported that the average client relationship in the 300-plus seat category lasts about 47 months, suggesting a portfolio tilted toward longer occupancy cycles.
These metrics highlight the company's emphasis on building long-term relationships with large organizations rather than relying heavily on short-duration occupancy. Such enterprise-focused contracts typically provide stronger revenue visibility and predictable cash flows, while also enabling operators to optimize space utilization across their portfolios. Industry observers note that long-tenure agreements have become increasingly important in the managed office sector as operators seek stability amid evolving workplace strategies.
Founder and Managing Director Neetish Sarda said
Large enterprises require workplace setups that are operationally integrated, scalable and consistent across locations. The Mumbai agreement fits that demand pattern, as managed office operators continue to attract companies looking for ready-to-use space with lower setup friction and multi-year flexibility.
Managed workspace demand remains strong in key office markets
The transaction also underlines Mumbai’s continued relevance as one of India’s most active office markets. Despite changing workplace preferences over the past few years, the city remains a preferred destination for financial institutions, multinational corporations and professional services firms. Demand for premium managed office space has remained resilient, supported by occupiers looking for workplace solutions that balance flexibility with a professional corporate environment.
Smartworks said that as of March 31, 2026, it managed about 16.1 million sq ft across 66 centres in 15 cities in India and Singapore. The company counts multinational corporations, global capability centres and technology firms among its client base, underlining the scale of its enterprise-focused platform.
The company’s expanding footprint reflects the broader growth of the managed workspace sector, which has witnessed increasing participation from both domestic and international occupiers. As businesses continue to evaluate real estate costs, workforce mobility and operational agility, managed office providers have emerged as an alternative to conventional leasing models. This has created opportunities for operators with large portfolios and established enterprise capabilities.
The transaction also reflects broader momentum in the managed office segment, where large occupiers are increasingly choosing serviced, professionally managed workplaces over conventional office setups. For operators like Smartworks, such deals improve revenue visibility while deepening relationships with institutional clients that often sign longer-term agreements. The latest Mumbai mandate therefore not only adds a significant revenue stream but also strengthens the company’s position in the enterprise workspace segment at a time when demand for scalable office solutions continues to remain active across key business centres.
About Smartworks
Smartworks is India’s largest managed office platform, offering fully managed workspaces for GCCs, large corporations and high-growth companies. The company says its model covers design, build and management, with custom-designed offices delivered in 60 days, and it operates across India and Singapore with a focus on large campuses, technology-led operations and value-added services such as catering, retail, gyms and wellness facilities. Its website also positions the brand around flexible, quickly configurable office spaces in key city clusters at value-centric pricing, while emphasising a workplace experience that is scalable, efficient and tailored to enterprise needs. Across its portfolio, the company presents itself as a partner for businesses that want operational simplicity, modern infrastructure and room to expand.
