Leading managed office space provider Smartworks has expanded its footprint in Pune by leasing 6.13 lakh square feet of space in the 43 EQ office complex, located in Balewadi. According to the documents accessed by CRE Matrix, the lease agreement, which was formally registered in April involves the occupancy of the 4th to 18th floors of the building, with an initial rent of Rs 4.48 crore per month.
Details of the Lease Agreement
The lease, officially registered in April, commenced on July 1. The rent, set at Rs 73 per sq ft per month, includes an annual escalation of 4.77%. Smartworks has also paid a security deposit of Rs 13.21 crore for this five-year agreement, though license fee payments will begin on May 1, 2025.
Smartwork’s Portfolio Expansion
With this lease, Smartworks’ total managed office space in Pune now exceeds 3 million sq ft. Nationally, the operator manages a portfolio of about 8 million sq ft across major cities like Mumbai, Bengaluru, Chennai, Kolkata, Ahmedabad, and the National Capital Region.
Balewadi – A Thriving Commercial Hub
The 43 EQ building, where Smartworks has set up its new office, is conveniently located close to other places that the company has leased. This fits in with the general trend in Balewadi, where many companies that offer managed office spaces have signed big rental agreements. Located along the Mumbai-Bengaluru highway, Balewadi has quickly turned into a hotspot for technology firms, new businesses, and international support offices.
Smartworks’ decision to open a new location in Balewadi shows that there is a high demand for flexible office spaces in Pune. It also emphasizes Balewadi’s increasing importance as a major center for commerce and business. This new development will improve the commercial property scene in Balewadi, meeting the changing requirements of businesses in the area.
Recent Transactions in Pune
The current increase in demand from tech companies, startups, and international firms has resulted in a surge in commercial property deals in Pune. These large-scale deals highlight the city’s rising prominence as a business hub. In a recent transaction, Volkswagen Group Technology Solutions India Pvt Ltd leased around 1.23 lakh sq ft of office space at Embassy Tech Zone in Phase-II of the Rajiv Gandhi Infotech Park, Hinjewadi,
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