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Bengaluru: Co-working operator Smartworks Coworking Spaces Pvt Ltd has leased around 300 seats, spread over 25,000 sq ft across two floors, to Israeli firm Teva Pharmaceuticals and Chemical Industries India Pvt Ltd, in suburban Mumbai’s Andheri area.

The lease transaction, for a five-year period, involves a monthly payout of 58 lakh in the first year, according to documents accessed by CRE Matrix, a real estate data analytics firm. There is rental escalation of 5% every year.

The office space has been leased in a commercial office building ‘Times Square’ in Andheri (east).

“As more and more companies are planning to re-start work-from-office, we are seeing a trend of firms trying out co-working spaces to control costs and maintain flexibility as the co-working option provides flexibility to manage floor strength. Co-working spaces are mostly furnished with basic facilities. These are plug-and-play spaces, wherein the companies can start working from day one," said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix and IndexTap.

A Smartworks spokesperson confirmed the transaction.

Flexible workspace stock will cross 60 million sq ft in metros and non-metro cities by 2023, as occupiers embrace agility and flexibility in their work models, property advisory Colliers and Qdesq said in a report this week.

While well-funded startups and unicorns have dominated leasing of managed offices, companies from traditional sectors too are either moving from traditional offices to flexible workspaces or adding the latter for their employees. Metro cities remain the stronghold of flex spaces, accounting for about 88% of the total flex stock as of Q3 2021, mentioned in the report.

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