Smartworks leases 400 seats to Japanese NBFC subsidiary in Mumbai

Managed office platform Smartworks Coworking Spaces has leased over 400 seats to the Indian subsidiary of a Japanese non-banking financial company (NBFC) in Mumbai under a five-year agreement that is estimated to generate around Rs 35 crore in rental revenue.

The transaction underscores continued demand from financial services firms for managed office solutions that offer scalability and operational flexibility amid evolving workplace strategies.

The deal adds to Smartworks' focus on large enterprise occupiers, a segment that contributes a significant share of its business. According to the company, clients with seat requirements of 300 or more account for nearly 69% of its rental revenue, with average contract tenures of about 47 months.


India's flexible office market has witnessed sustained growth over the past few years as corporates increasingly adopt managed workspace models to optimise real estate costs and expand quickly without making large upfront investments in office infrastructure.

Enterprise occupiers, including global capability centres, technology companies and financial institutions, have emerged as key demand drivers for the sector, particularly in major office markets such as Mumbai, Bengaluru, Hyderabad and Pune.

As of March end, Smartworks managed a portfolio of about 16.1 million sq ft across 66 centres in 15 cities in India and Singapore.