Flexible Workspaces Spark India's Office Revolution, Says Smartworks' Harsh Binani

• Harsh Binani of Smartworks states managed and flexible workspaces are causing a structural, long-term shift in India's office real estate, not just a cyclical trend.
• India is poised for a "new revolution" in office spaces, with another billion square feet expected in 10-15 years, making flexible workspaces a "Phoenix" in this category.
• Kotak Institutional Equities is bullish on Smartworks, projecting 38% EBITDA CAGR (FY25-FY28) and an operational footprint of 14.5 million sq ft.
• Smartworks, the largest player managing 14 million sq ft, is growing 1.5 times the industry average, focusing on large enterprises and a "REIT-like annuity model."
• Despite a strategic Q2FY26 cash flow dip, Smartworks is self-sustaining, net debt negative, and plans significant leasing and maturation in H2FY26, with strong developer partnerships.

Why It Matters: Flexible workspaces are fundamentally transforming India's office market, led by Smartworks' strategic growth.