Flexible workspace solutions provider Smartworks has leased 2.32 lakh sq ft at Aurobindo Galaxy in the IT hub of the city, in what real estate consulting firm CBRE South Asia said was the biggest flex office space deal in Hyderabad of the year.
CBRE, which was the advisory and transaction partner, said with businesses evaluating new working models that keep workplace flexibility at the centre, the 2,32,000 sq ft offering will help balance employee benefits and business profitability as companies resume normal operations
Chairman and CEO – India, South East Asia, Middle East and Africa of CBRE Anshuman Magazine said Hyderabad’s real estate market has proven to be extremely resilient over the last year. “We at CBRE are optimistic that the market’s steady growth will continue in the future as well.”
As of September, India’s flex office stock stood at about 39 million sq ft, with Hyderabad accounting for around 6 million sq ft. The city further expected to see 15% flex stock growth in the next two years amid the increase in demand for IT and extended IT corridors. Major growth drivers over the last year for the city have been the need for cost effective and flexible solutions, evolution of hybrid working and hub-and-spoke solutions and the increased adoption of managed office solutions by large enterprises, CBRE said in a release.
Smartworks founder Neetish Sarda said the firm’s “rapid growth and expansion in Hyderabad over the last three years is driven by strong market fundamentals and an uptick in demand for flexible workspaces post-COVID. Our follow on expansion at Aurobindo Galaxy is in line with our growth plans led by strong pre-leasing commitments from enterprises looking at fully-serviced flexible office solutions. This new facility is India's largest tallest pre-cast tower, tech-enabled, designed with smart features, collaborative spaces and world-class amenities.”