SAP has been working in VatikaTowers for over 14 years and has prolonged its lease for a brand new time period of 9 years.
“We will verify that the corporate has prolonged their lease,” stated Ritu Gupta, head-leasing, VatikaLtd. “This has been doable as a result of the venture caters to tenant necessities of campus-style growth with all facilities and glorious upkeep requirements in the primary CBD of Gurugram.”
SAP didn’t reply to ET’s e-mail question.
In keeping with specialists, the momentum in workplace area leasing has picked up and corporates are usually not downsizing or leaving premium area any extra, which was a pattern after the Covid-induced lockdown in March 2020.
Not too long ago, Apple India renewed leases for its practically 16,000 sq ft workplace in Mumbai’s enterprise district Bandra-Kurla Complicated (BKC) for 5 years at larger leases.
“Time period renewals shaped a sturdy 35% of the general leasing throughout the quarter, signalling a powerful occupier confidence within the ‘workplace mannequin’ regardless of working in a hybrid mannequin for the previous 15 months,” a Cushman and Wakefield report stated.
Time period renewals and pre-commitments highlighted the workplace leasing exercise in Delhi-NCR.
Of the 4 offers that befell in Q2 2021, two had been time period renewals whereas the opposite two had been pre-commitments.
Samsung lately leased 370,000 sq ft of workplace area at Candor TechSpace SEZ—a part of Brookfield REIT portfolio—in one of many greatest offers in NCR lately.
NCR has reported a 123% year-on-year development in workplace leasing in Q3 2021 and 93% development compared with quarterly common of 2019.