India’s Smartworks Space Acquires Singapore’s Workstudio to Expand Enterprise Workspace Footprint

The S$2.47 million acquisition doubles Smartworks Space’s managed office portfolio in Singapore as tightening office supply and evolving enterprise workplace strategies accelerate demand for flexible workspace solutions.

Smartworks Space Pte. Ltd., the Singapore subsidiary of India’s listed managed office provider Smartworks Coworking Spaces Limited, has acquired Workstudio Spaces Pte. Ltd. for an equity value of S$2.47 million. The acquisition not only expands Smartworks’ footprint in one of Asia’s most competitive office markets but also reflects a broader shift in how multinational corporations are approaching workplace strategies across the region.

With the acquisition, Smartworks Space now operates four managed workspace centers across Singapore, including locations at Great Eastern Centre, Keppel Bay Tower, Manulife Tower, and the newly acquired Workstudio facility. The combined portfolio now spans approximately 76,000 square feet, more than doubling the company’s managed office footprint in Singapore within two years while increasing seating capacity to over 1,500 workstations.

Workstudio currently serves more than 45 enterprise clients and is projected to contribute an annualized steady-state revenue run rate of approximately S$4 million. The acquisition was funded entirely through Smartworks Space’s existing cash reserves, with Workstudio becoming a wholly owned subsidiary. Smartworks Space is a wholly owned subsidiary of Smartworks Coworking Spaces Limited, India’s largest managed office platform by total area under management and the only listed Indian flexible workspace provider with an international presence.

Enterprise Workplace Strategies Continue to Evolve

The acquisition comes at a time when enterprise demand for flexible workplace solutions is expanding beyond startups and small businesses. Over the past several years, managed office operators have increasingly become strategic partners for multinational corporations, regional headquarters, Global Capability Centers (GCCs), and high-growth companies seeking scalable workspace solutions without significant upfront capital expenditure.

Rather than committing to traditional long-term leases, many organizations are adopting asset-light workplace models that allow them to expand, consolidate, or reconfigure office footprints in response to changing business needs.

Commenting on the acquisition, Prerna Jhunjhunwala, Director of Smartworks Space Pte. Ltd., said Singapore continues to play a central role in the company’s regional strategy.

“Singapore has always been central to our Asia-Pacific ambitions. We’re seeing a clear shift in the way businesses think about their workplaces. Enterprises today want the flexibility to scale without compromising on quality. We are glad to be part of their growth stories and provide them with cost efficiency, operational flexibility, scalability, and a high-quality workplace environment. This acquisition deepens our presence in Singapore and, more importantly, strengthens our ability to grow alongside our clients as their workplace strategies evolve.”

Her comments reflect a broader trend across Asia, where companies are placing greater emphasis on workplace agility as hybrid work models, project-based expansion, and regional operations become increasingly common.

Singapore Remains Central to Regional Expansion

While the acquisition expands Smartworks’ operational footprint, it also reinforces Singapore’s strategic importance as a regional business hub connecting Southeast Asia with India. While conversing with AsiaTechDaily, Jhunjhunwala explained that the company’s investment extends beyond adding office capacity and aligns closely with its long-term regional ambitions.

“Singapore is a cornerstone of our regional growth strategy. As one of Asia-Pacific’s leading business hubs, it is where many multinational corporations and regional headquarters anchor their operations, making it a critical market for us to engage with enterprise clients and understand how their needs are evolving.

Equally important is Singapore’s role as a launchpad for growth into India. Many companies headquartered here are actively investing, expanding and building capabilities in India. Our presence across both markets enables us to support that journey end-to-end, helping clients establish, scale and operate seamlessly through our managed workspace and GCC ecosystem.

The Workstudio acquisition further reflects our long-term confidence in Singapore and strengthens our ability to serve enterprises in a market where demand for high-quality, flexible workspace solutions continues to grow. It also further reinforces our position as a trusted partner for companies building their next phase of growth across the region.”

The comments underscore a growing trend among enterprise service providers that increasingly view Singapore not only as a domestic market but also as a gateway for supporting multinational companies expanding throughout Southeast Asia and into India.

Singapore’s office market fundamentals continue to create favorable conditions for managed workspace providers. According to market data cited by the company, Grade A CBD office vacancy excluding new supply declined to 5.6% during Q2 2026, marking its lowest level in nine quarters as demand continues to outpace available inventory. With limited new office developments expected before 2028, the market is expected to remain supply constrained, supporting continued rental growth.

At the same time, occupiers are increasingly prioritizing premium, sustainable office buildings while seeking greater financial flexibility. This combination has accelerated interest in managed offices that offer predictable operating costs, shorter commitments, and fully serviced workplace environments.

Smartworks’ Singapore portfolio includes premium Grade A properties such as Manulife Tower, a LEED Gold and Green Mark Gold-certified building, reflecting the broader “flight-to-quality” trend currently shaping commercial real estate across the city-state.

India’s Managed Workspace Providers Expand Beyond Domestic Markets

The acquisition also highlights a broader evolution within India’s flexible workspace industry. While many Indian operators remain focused on domestic expansion, Smartworks has continued building an international presence, positioning itself to support enterprise customers operating across multiple markets.

As companies increasingly establish cross-border operations throughout Asia, workspace providers are evolving from real estate operators into enterprise infrastructure partners capable of supporting regional expansion through standardized workplace solutions.For Smartworks, expanding its Singapore presence provides greater proximity to multinational decision-makers while strengthening its ability to support clients operating across both Southeast Asia and India.

Smartworks Space’s acquisition of Workstudio represents more than an expansion of office capacity. It reflects changing enterprise priorities in one of Asia’s most competitive commercial real estate markets.

As office supply tightens and companies continue to prioritize operational flexibility, managed workspace providers are becoming increasingly important partners in corporate expansion strategies. For Smartworks, the transaction strengthens its position in Singapore while supporting its broader ambition of serving enterprises operating across the Asia-Pacific region.

More broadly, the deal illustrates how the flexible workspace sector is evolving beyond coworking into enterprise-focused managed office solutions, an area that is likely to remain central to workplace transformation as businesses continue balancing growth, cost efficiency, and regional expansion.

Quick Takeaways

• Smartworks Space has acquired Singapore-based Workstudio for S$2.47 million, expanding its managed workspace portfolio to approximately 76,000 square feet across four centers and strengthening its presence in one of Asia’s most competitive office markets.
• The acquisition comes as Singapore’s office market tightens, with Grade A CBD vacancy falling to 5.6% in Q2 2026 and limited new office supply expected before 2028, driving greater demand for flexible and managed workspace solutions.
• Singapore remains central to Smartworks’ regional strategy. The company views the city-state not only as a key enterprise market but also as a gateway for supporting multinational companies expanding into India through its managed workspace and Global Capability Center (GCC) ecosystem.
• Enterprise workplace strategies are shifting toward flexibility and scalability. Organizations are increasingly adopting managed office models that reduce capital expenditure while providing operational agility, premium infrastructure, and predictable occupancy costs.
• The acquisition reflects a broader transformation in Asia’s flexible workspace industry, where providers are evolving beyond traditional coworking to become enterprise infrastructure partners supporting multinational expansion across regional markets.