Smartworks puts 68% of space in campuses above 300,000 sq ft

Smartworks has concentrated 68% of its 17.5 million square feet (Msf) of saleable built-up area (SBA) in campuses above 300,000 square feet as of 30 September 2026. Centres above 500,000 square feet alone account for 6.9 Msf, or 40% of total SBA, supporting its model of leasing large buildings for managed-office clients.

Why is Smartworks leasing larger campuses?

Smartworks is leasing larger campuses because its model includes taking full buildings from non-institutional landlords and offering enterprise clients one contract, one service-level agreement (SLA) and one invoice. The company states that a workplace can go live in 45 to 60 days under this platform arrangement.

For non-institutional landlords, Smartworks says it leases the whole building with guaranteed rent. Its managed-office offer also includes amenities such as cafés, gyms, crèches and 24x7 support, alongside information-technology support, meeting facilities, cleaning, smart parking and secure access.

How is Smartworks space distributed by centre size?

Smartworks has 11.8 Msf, or 68% of total SBA, in centres above 300,000 square feet. The largest cohort is centres above 500,000 square feet, at 6.9 Msf and 40% of the 17.5 Msf portfolio as of 30 September 2026.

The above-500,000-square-foot cohort is 2.0 Msf larger than the 300,000-to-500,000-square-foot cohort and 4.8 Msf larger than the sub-150,000-square-foot group. Smartworks reports an average centre size of about 250,000 square feet and says its large campuses are concentrated in micro-markets where global enterprises hire.

Smartworks identifies Eastside in Pune, at about 863,000 square feet, and Eastbridge in Mumbai, at about 815,000 square feet, as large campuses. Its other cited sites include Vaishnavi Tech Park in Bengaluru at 700,000 square feet and three Pune campuses ranging from 613,000 to 689,000 square feet.

Who does Smartworks lease its buildings from?

Smartworks leases about 67% of its space from non-institutional landlords and about 33% from institutional developers. The non-institutional channel uses the disclosed whole-building, guaranteed-rent arrangement, while named institutional partners include DLF, Mindspace, Hiranandani, TATA Realty, Panchshil and Sattva.

Sattva was added as a new partner in the first half of FY27. Management says repeat developer partnerships and large-scale campus leasing provide preferred terms and better unit economics, though the presentation does not quantify the financial effect of those terms.

Based on the 17.5 Msf total SBA at 30 September 2026, the disclosed mix places roughly two-thirds of the portfolio with non-institutional landlords and roughly one-third with institutional developers. The source presents this owner mix alongside its approach of leasing large buildings rather than listing a different leasing structure by city.

Where is Smartworks adding portfolio space?

Smartworks increased total SBA to 17.5 Msf in September 2026 from 16.9 Msf in June 2026. Pune rose to 5.4 Msf from 4.7 Msf over that period, increasing its share to 31% from 28%, while Bengaluru, Gurugram, Mumbai, Noida and Hyderabad reported unchanged SBA.

Smartworks reports a platform spanning 15 cities and 71 centres. Regionally, the west accounts for 7.6 Msf, the south for 5.3 Msf, the north for 4.1 Msf and east plus international locations for 0.5 Msf, including about 76,000 square feet across four Singapore centres.

Of the 17.5 Msf total, 10.9 Msf was operational, 2.1 Msf was under fit-outs, 2.3 Msf was yet to be handed over and 2.2 Msf was covered by letters of intent, term sheets or heads of terms. Thus, 6.6 Msf of total SBA was outside the operational category at 30 September 2026.

How does Smartworks link large campuses to enterprise demand?

Smartworks links its large-campus portfolio to enterprise demand through managed offices that it says can be made live within 45 to 60 days. Enterprise clients accounted for about 91% of rental revenue, while clients with more than 1,000 seats accounted for 41%, according to the presentation.

Smartworks reports more than 35 clients with over 1,000 seats and more than 75 clients operating in more than one city. Multi-city clients generated about 35% of rental revenue, while the largest individual client accounted for less than 5% and the top 10 clients accounted for about 24%.

The company cites a customer-experience client with more than 8,500 seats across four cities and an Indian information-technology services client with more than 4,200 seats across seven cities. These examples show multi-city client usage, although the presentation does not link named client examples to particular campuses.

Conclusion

Smartworks’ portfolio is weighted towards large sites, with 68% of its 17.5 Msf SBA in campuses above 300,000 square feet and 40% in centres above 500,000 square feet. That footprint sits alongside a whole-building lease model for non-institutional landlords, which supply about 67% of its leased space, and an enterprise-led rental base.

The next management milestone is the maturation of its centre base. Smartworks reported 9.7 Msf of mature centres at 30 September 2026 and says free cash flow turns positive when mature-centre footprint reaches 13.0 Msf, as cash from mature centres is expected to cover capital expenditure for new centres.