In a significant boost to Pune’s commercial real estate market, Smartworks has signed a large office lease in Balewadi, according to documents accessed by CRE Matrix. The deal highlights the continued momentum of flexible workspace operators in high-growth micro-markets.
Lease Structure and Financial Details
Smartworks has leased approximately 6.13 lakh sq ft at 43 EQ. This is a prominent office tower located in Pune’s western suburb of Balewadi. The agreement, registered in April, covers floors 4 through 18 of the building.
The starting monthly rent stands at ₹4.48 crore, translating to ₹73 per sq ft. The lease includes a structured annual escalation clause of 4.77%, reflecting long-term rental growth expectations in the area.
The license period for the agreement commenced on July 1. In contrast, rental payments are scheduled to begin on May 1, 2025. As part of the five-year agreement, Smartworks has committed a substantial upfront security deposit of ₹13.21 crore.
Strengthening Pune Portfolio
With this addition, Smartworks’ total managed workspace portfolio in Pune has crossed 3 million sq ft. Nationally, the company operates across major cities, including the National Capital Region, Mumbai, Bengaluru, Kolkata, Chennai, and Ahmedabad. The overall footprint is around 8 million sq ft.
Balewadi: A Rising Commercial Hub
Balewadi continues to emerge as a key business destination. This is driven by its proximity to the Mumbai–Bengaluru Highway and strong connectivity to Pune’s IT corridors. The micro-market has seen rising demand from tech firms, startups, and global capability centers across sectors such as automotive, telecom, and engineering.
In addition to office demand, Balewadi is also evolving into a vibrant retail and F&B hotspot. Therefore, it is an attractive destination for occupiers and employees.
Growing Demand for Flexible Workspaces
This expansion aligns with a broader trend of managed office space providers securing large-format leases in emerging business districts. As companies seek flexibility, scalability, and operational efficiency, the demand for managed workspaces continues to rise.
Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!
Media Mentions
- Hindustan Times: Smartworks leases 6.13 lakh sq ft office space in Pune for a starting rent of ₹4.44 crore per month.
- Money Control: Smartworks leases 6 lakh sq ft office space in Pune for Rs 4.48 cr per month.
- Flex Insights: Smartworks Secures 6 Lakh Sq. Ft. Office Space in Pune’s Balewadi, Strengthening Presence Ahead of IPO.
