A significant rental transaction has been recorded in Gurugram. Smart Works, a flexible workspace provider based in Gurugram, has leased office space in DLF City Phase-5 for a period of 8 years. The commercial space, spanning 4.7 lakh square feet, has been leased for Rs 94 crores. The space is spread across five floors, and the rental agreement will begin in March 2025. The rent is approximately Rs 165 per square foot. A security deposit of Rs 47.3 crores has been paid for the lease agreement. The rent will increase by 9% after three years. Additionally, 794 car parking spaces are available.
Smart Works had also leased a commercial space of 6.13 lakh square feet in Pune in August last year for Rs 4.44 crores per month for a five-year term. With this, the company has expanded its portfolio in Pune, reaching 3 million square feet. Smart Works operates in various cities including Bengaluru, the Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai. By March 31, 2024, the company plans to have a portfolio of 41 centers spanning 8 million square feet across 13 cities.
Recently, rental transactions in Gurugram have become quite expensive. Prior to this, cricketer Virat Kohli leased 12 office spaces in Gurugram for nine years, with an initial monthly rent of Rs 8.85 lakh. The office spaces are located in a corporate tower called Reach Commercia in Sector 68, Gurugram. The total leased area extends to 18,430 square feet, with 37 car parking spaces.
In December 2023, Air India signed a lease agreement for commercial space of 6.2 lakh square feet in the E-Innovation Center in Sector 75, Gurugram, for a period of 21 years with an annual rent exceeding Rs 90 crores.
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