Your Weekly Dose of News from the Commercial Real Estate Industry
Smartworks Coworking Spaces Eyes Expansion with IPO Filing
Smartworks Coworking Spaces Ltd has taken a significant step towards growth by filing a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The offering comprises a fresh issue worth ?550 crore and an offer-for-sale (OFS) of ?67.59 lakh, with shares sold by promoters SNS Infrarealty LLP and NS Niketan LLP, alongside investor Space Solutions India Pte.
The raised funds will primarily focus on business expansion. Around ?282.30 crore will go towards security deposits and capital expenditures for new centres, ?140 crore for loan repayment, and the remainder for general corporate purposes. A pre-IPO placement is also planned, potentially raising ?110 crore, which will be deducted from the fresh issue size if executed.
Smartworks, known for transforming bare-shell properties into cutting-edge coworking spaces, operates 41 locations in 13 cities, covering 8 million square feet of super built-up area. Focusing on mid-to-large enterprises, its facilities include modern workspaces equipped with cafeterias, gyms, and medical centres, appealing to businesses seeking innovative office solutions.
Table Space Launches Premium Workspace, Suites, in Hyderabad
Table Space , India's leading managed workspace provider, has debuted Table Space Suites in Hyderabad 's HITEC City at Raheja Mindspace. The 1,35,000 sq. ft. facility spans two floors and offers over 2,200 ready-to-move-in premium seats designed for enterprises.
The launch strengthens Table Space's national presence, catering to Hyderabad's growing demand for flexible office spaces driven by sectors like BFSI, IT/ITeS, and consulting. A proprietary app with robust analytics powers the centre and ensures top-tier security, compliance, and efficiency.
Hyderabad now accounts for 14% of India's 58 million sq. ft. Grade A flex space, trailing Bengaluru and Delhi-NCR . This demonstrates rapid growth in institutional-grade assets.
India Leads the Asia-Pacific Office Market Surge
According to Colliers , India has emerged as the driving force behind the Asia-Pacific office market , contributing over 70% of the region's Q3 2024 demand. With 1.61 million square meters (17.3 million sq. ft.) of leasing activity, the country outpaced China, the second-largest contributor, at just 17%.
Key cities like Bengaluru and Hyderabad absorbed over half of India's Grade A office space, reflecting strong occupier interest. Simultaneously, new office completions added 1.34 million square meters (14.4 million sq. ft.), stabilising vacancy rates at around 17%. Rental rates also surged, growing by up to 10% in major markets, signalling a transition to an expansionary phase for India's office sector.
This growth aligns with broader trends across Asia-Pacific, where office demand rose 10.7% year-over-year, driven by markets like India, New Zealand, and Singapore. As supply and demand stabilise, the region's office market is set for balanced growth, with a promising outlook for 2025.
Most In-Demand Locations This Week
Metro City : Chennai
Micro-market : Guindy
Non-Metro City : Ahmedabad
Micro-market : CBD
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