Country’s Second Biggest Office Space Deal Finalised in City

On one side, the city is impacted by the pandemic like the rest of the country. Yet, it is seeing a boom in the realty market, and now the city has a claim to have signed the second biggest office space deal in the country. Mindspace IT Park, which is highly in demand, has signed on the dotted line with Smartworks to lease out 4,50,000 sq feet for a period of 10 years.

It is known that the city of Hyderabad has been among the top players when it came to residential, commercial, mixed spaces in the realty segment. While the lease for the deal is ten years, as mentioned above, the lock-in period is for five years. Kushman and Wakefield are



said to be a partner in the deal.

Though the deal was signed in the last quarter of 2021, the offices will be used in the first quarter of 2022, and they will accommodate about 4000 employees once they become functional. Incidentally, the biggest deal of the year in office space was made in Pune, where a lease agreement was drawn for 5,60,000 sq ft in Baner locality.

For the unversed, Smartworks is providing services in 9 big cities in India and in 32 locations. It is already servicing 400 firms in the Fortune 500 list of companies. According to Smartworks top executives, the demand for flexible office space rose to 40 million sq ft.