CBRE closes 2021’s biggest flex deal of Hyderabad with Smartworks

CBRE South Asia on October 26 announced this year’s biggest flex deal of Hyderabad with Smartworks, at Aurobindo Galaxy.

With businesses evaluating new working models that keep workplace flexibility at the centre, the 2,32,000-sq. ft. offering will help balance employee benefits and business profitability as companies resume normal operations, said a press release.

As of September 2021, India’s flex stock stood at ~39 mn sq. ft, with Hyderabad accounting for ~6 mn sq.ft. The city is further expected to see 15 per cent flex stock growth in the next two years following the increase in demand for IT and extended IT corridors, it said further.

Anshuman Magazine, Chairman & CEO – India, South East Asia, Middle East & Africa, CBRE said that “It gives us immense pleasure to be the advisory and transaction partner on such a deal as it stands a testimony of our market leadership and the sector growth.”

Neetish Sarda, Founder, Smartworks, said, “Our rapid growth and expansion in Hyderabad over the last three years is driven by strong market fundamentals and an uptick in demand for flexible workspaces post-COVID. Our follow-on expansion at the state-of-the-art facility, Aurobindo Galaxy, is in line with our growth plans led by strong pre-leasing commitments from enterprises looking at fully-serviced flexible office solutions.”