An area of 480,000 sq. ft has been rented by the company for a group work office in a period with six years. For a rate of Rs 94.68 crore annually, this six-year commitment is one of the company’s most outstanding highlights in the surge of the area.
Excellent Site
It is located in Block-3 of the DLF Commercial Building situated in DLF City-Phase 5, Vijay Sirohi, Gurugram. The data fetched from Propstack showed that the amount of rent each month also equals to Rs 7.89 crores, set at Rs 165 per sq. ft on a 48,000 sq. ft area. It states that security deposit amount is mentioned as Rs 47.35 crore which also translates to the size of this deal.
Characteristics and Alpha Amenities
The property is in six floors from the ground floor and has 794 spaces for car parking. Situated near offering state-of-the-art facilities to many of today’s corporations, an escalation clause is included with a rental increase by 9% from November 2027.
More In the Fold
By leasing more space, the lease has expanded the rapidly building Smart works’ portfolio to 9.12 million sq. ft a considerable amount. The commercial property in Gurugram marks the fourth managed campus of Smart works in the city—joining the Golf View Corporate Towers campus at Golf Course Road, RK 4 Square at Cyber City, and ASF Insignia at Vatsal Valley.
Setting Up Phase
An estimated operative timeline for the setting of the new campus stands at February 2025. The new words of Smart works founder Nitish Sarda go as: “Our commitment is about enabling enterprises, adapting flexible and tailored office solutions in huge campus settings, where essential amenities and service envelope an evolving ecology of modern workspaces.”
Active Build
Smart works has been very active to extend its presence aggressively within the very recent months. The company in May leased another 613,000 sq ft in Gurgaon for setting up another office.
Industry Competition
The co-working industry in India continues to grow rapidly. Recently, We Work India, another prominent flexible workspace provider, leased nearly 117,000 square feet in DLF Cybercity, Gurugram, and an additional 126,000 square feet in DLF Cybercity, Chennai. These developments highlight the rising demand for premium flexible workspaces in prime locations.
With this new lease, Smart works further solidifies its position as a market leader in the co-working space, offering state-of-the-art office solutions to enterprises in strategically located hubs.