Pune: Managed workspace provider Smartworks Coworking Spaces has strengthened its partnership with L&T Technology Services (LTTS) by leasing more than 1,100 desks at its Pune campus. The five-year agreement is expected to generate approximately ₹55 crore in rental revenue for Smartworks, reflecting the growing demand for flexible enterprise workspaces.
With the latest expansion, LTTS now occupies over 2,750 managed seats across multiple Smartworks locations in India, highlighting the long-term collaboration between the two companies.
The latest lease agreement reflects a broader shift in how large enterprises manage their office infrastructure. Companies are increasingly opting for managed workspaces that offer operational flexibility, faster expansion, and reduced capital investment compared to conventional office leasing.
According to Smartworks, enterprise clients requiring more than 1,000 seats contribute nearly 37% of its total rental revenue, making large corporate partnerships a key driver of business growth.
The expansion demonstrates that major technology and engineering companies continue to invest in high-quality office infrastructure despite the widespread adoption of hybrid work models.
By choosing managed office campuses, enterprises can:
- Scale operations quickly.
- Reduce administrative overhead.
- Access fully managed workplace infrastructure.
- Improve operational flexibility across multiple cities.
The agreement also reinforces Pune’s position as one of India’s leading hubs for engineering, IT, and technology services.
Smartworks has built one of India’s largest managed workspace networks.
As of March 31, 2026, the company managed:
- 16.1 million square feet of office space.
- 66 centres across 15 cities in India and Singapore.
- A client base of more than 770 enterprises.
Its business model focuses on leasing office buildings from developers and transforming them into fully managed, enterprise-grade workspaces for medium and large organizations.
The agreement reflects continued momentum in India’s commercial real estate market, particularly within the managed office segment.
Industry experts believe enterprises increasingly prefer flexible office solutions that allow them to expand or optimize workspace requirements without committing to long-term ownership or traditional leasing models.
Large multi-city agreements such as this also indicate sustained corporate confidence in managed workspace providers as organizations continue balancing office-based collaboration with evolving workplace strategies.
