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Traditional office spaces are now a passe. Buoyed by a hybrid work model in offices after the pandemic, changing occupier preferences and availability of high-quality office stock, the managed workspace model has been gaining traction in the past few years. A managed workspace refers to a tailored workspace solution procured and managed by a single workspace provider from start to finish. It integrates the flexibility and cost certainty of an executive suite as well as the security and control of a traditional workspace model. The distinctive characteristics of these managed workspaces include open floor layout, fully furnished and services spaces, bespoke fit-outs and flexible lease terms.
Smartworks is among the largest managed campus operators in terms of benchmarked peers (Source: CBRE Report on Flexible Workspaces Segment in India). Founded in 2016, it is led by Neetish Sarda, a dynamic entrepreneur with over nine years of experience in the real estate industry.
Smartworks is disrupting the traditional workspace model by transforming bare-shell properties into fully serviced, managed campuses. By doing so, it aims to make enterprises and employees more productive by providing value-centric pricing and a superior office experience.
The salient features of these managed campuses are modern and aesthetically pleasing designs using an extensive design library, integrated proprietary technology solutions, and world-class amenities. While some amenities are vital to meeting employees’ daily needs, others are aspirational and intended to ensure wellness and foster a vibrant and collaborative workplace environment.
Smartworks essentially operates on a leased model. It does not own any of the properties it manages. It acquires these properties from landlords on lease and transforms them into Smartworks-branded campuses, which are then leased out to Indian corporates, MNCs operating in India, and startups. As of March 31, 2024, its managed campuses span 8.0 million sq ft in 41 centres in 13 cities.
Most of the reputed workspace providers in India are backed by an experienced team which places them at an advantage in capturing higher market share and achieving efficiency through high growth. Their primary ability lies in partnering with passive and non-institutional landlords to lease and transform large properties across India’s key clusters into amenities-rich office campuses. Most of Managed office space provider also do active asset management, which involves overseeing common area maintenance and building operations. This function enables them to cater to clients’ requirements and maintain quality standards consistently across all centres.
Workspace provider like Smartworks has strong execution capabilities backed by cost efficiencies, effective processes and technology. By fully understanding clients’ requirements and incorporating them in customised solutions, it ensures that the delivery of superior workspaces is aligned with evolving needs.
Technology forms an important pillar of its execution capabilities. It has developed a suite of integrated technology solutions to ensure operational efficiency and service delivery. Virtual building management system automates electricity management, monitors IoT devices such as lighting and temperature sensors, integrates with ticketing, and manages building air conditioning for energy savings.
A key asset of leading managed office provider like Smartworks is its team of experienced professionals and young entrepreneurs led by Neetish Sarda and Harsh Binani. Neetish and Harsh are supported by a strong management team comprising Key Managerial Personnel and Senior Management. The stability of the management team also reflects the strength of their business.
Going forward, the company aims to capitalise on market leadership, learnings, and expertise to further scale managed workspaces. It also intends to tap new revenue streams that are revenue-accretive, continue to build proprietary technology to improve operational efficiency, create opportunities for monetisation, and become a sustainable company.
