SAP India renews lease for 100,000 sq ft workplace in VatikaTowers in Gurgaon

Software program main SAP India Pvt Ltd has renewed lease for its practically 100,000 sq ft workplace in VatikaTowers on Golf Course Street in Gurgaon, two folks conscious of the event stated.

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.