Smartworks Leases 1.64 Lakh Sq Ft Office Space in Pune

Pune Real Estate: Flexible workspace provider Smartworks Coworking Spaces Limited has leased 1.64 lakh sq ft of office space at Infinity Thube Park in Pune. The property has been leased from CBD Skylines LLP, according to property registration documents reviewed by Propstack.

The lease began on July 1, 2026, and covers multiple floors of the commercial building. The move further strengthens Smartworks' presence in one of India's fastest-growing office markets.

According to the registration documents, Smartworks will pay a starting monthly rent of ₹1.47 crore, which works out to ₹90 per sq ft. The agreement is valid for five years, taking the total rental commitment to around ₹87.5 crore.

The lease also includes a security deposit of ₹1.52 crore. In addition, the rent will increase by 5% every year, starting from July 2027, as mentioned in the registered documents.

Smartworks Continues to Expand in Pune

This is not the company's first major office transaction in Pune. In 2025, Smartworks leased around 1.66 lakh sq ft of managed office space in the city to Wolters Kluwer (India) Pvt. Ltd., a global provider of software, information and professional services. That deal highlighted the growing demand for premium managed office spaces among large corporate occupiers.

The latest lease shows that Smartworks continues to expand its footprint as more companies choose flexible workplaces over traditional office setups.

Flexible Workspaces See Strong Demand

India's office leasing market remained strong during the second quarter of 2026. According to a recent CBRE India report, office space absorption reached a record 24.6 million sq ft, registering an 18% quarter-on-quarter and 14% year-on-year increase.

During the same period, developers added nearly 21 million sq ft of new office supply. Bengaluru, Delhi-NCR and Pune were the top-performing office markets, together accounting for about 58% of total office leasing across the country.

The report also noted that flexible workspace operators contributed 27% of total office demand, making them the largest leasing segment. At the same time, Global Capability Centres (GCCs) accounted for a record 42% of office leasing, reflecting strong demand from multinational companies.

Outlook for the Office Market

Industry experts believe businesses will continue to adopt core-plus-flex workplace strategies, where companies combine permanent offices with flexible workspaces. This trend is expected to support demand for premium managed offices and drive rental growth across leading commercial hubs such as Pune.

Smartworks' latest lease reflects this growing preference for flexible office solutions as companies seek scalable, ready-to-use workspaces.