Managed office platform Smartworks has announced ambitious expansion plans to invest ₹550-600 crore annually over the next three years to add approximately 3 million square feet of managed office space each year, as revealed by co-founder Harsh Binani to NDTV Profit. The company aims to take its operational footprint to more than 20 million square feet total. Binani explained that "We had mentioned earlier about our intent to invest about 550 to 600 crores in this fiscal year to add capacity of close to about three to three and a half million square feet. We expect that this capex momentum will continue over the next couple of years, and we will continue adding this three million square feet every year." The expansion reflects strong demand visibility, with Binani noting that "We are not putting up the capacity of this new addition and hoping that demand will arrive. We are largely securing the supply because we can see this demand coming."
Managed office platform Smartworks has secured ₹305 crore of incremental contracted rental revenue through new leasing arrangements with multiple large global and Indian corporate clients, as reported in a regulatory filing. This latest addition brings the company's total contracted rental revenue to ₹5,400 crore as of June 30, 2026, representing a significant expansion of its revenue base. The expected revenue will be received over the next five years from these new corporate clients, demonstrating the company's long-term revenue visibility. The company did not disclose the total office space provided by the company on lease to new corporate clients, nor did it divulge the clients' identity. Contracted revenue is nearing ₹6,000 crore, according to the latest reports, indicating strong business momentum.
The flexible workspace sector is experiencing remarkable growth, with flexible workspaces growing three to four times faster than the broader commercial office market, which is expanding at 7-8%, as reported by Binani. He noted that "This category of ours was practically zero when we started the business in 2017 and in less than 8-9 years this has now become the largest category in the world with more than 14 to 15% penetration of the entire commercial office space market." The company is focusing on managed workspaces for large enterprises, including Fortune 500 companies and multinational corporations. Binani emphasized that "Large companies of the world and of India are looking at flexible workspaces... not as a temporary solution but as a mainstream enterprise infrastructure." Demand is broadening beyond information technology, with banking, financial services and insurance, healthcare, engineering and consultancy now contributing to managed workspace demand.
The new clients span multiple sectors and include a technology solutions company backed by a Fortune 500 and Forbes Global 2000 parent, a research and consulting major, a healthcare company, a sportswear and lifestyle brand, and a global customer experience management services provider, as reported by Business Standard. Smartworks currently serves more than 760 clients with approximately 92% of its revenue coming from large corporates, reflecting its position as a preferred workspace partner for major companies across geographies. However, the company has not disclosed the specific identity of the new clients or the total office space provided on lease to these new corporate clients.
The company operates a portfolio encompassing 16.9 million square feet of office infrastructure across 70 facilities in 15 cities in India and Singapore, according to the latest regulatory filing. Smartworks reported aggregate revenue of ₹1,850 crore during 2025-26. The company has also secured its expansion pipeline in prime locations for FY27 and FY28, with partial planning for FY29, positioning it for continued growth in the managed workspace sector. Binani noted that "Any uncertainty like COVID was one, the new AI wave is another; this fuels more demand for managed workspaces." The firm partners with real estate developers to transform large, bare-shell assets into fully managed, enterprise-grade campuses, providing managed office spaces to mid-to-large enterprises.
