Deloitte Consulting leases 1.56 lakh sq ft office space in Pune for expansion
Deloitte Consulting India has leased about 1.56 lakh sq ft of office space for 10 years at the International Tech Park in Pune’s Kharadi locality as part of its India expansion plan.
The consultancy firm has leased 77,969 sq ft each on the 10th and 11th floors for monthly rents of Rs 79 and Rs 80 per sq ft, taking its total pay-out for 10 years to Rs 176 crore as the base rent including escalations.
The lease agreement includes a lock-in period of three years and a clause to increase the rent by 15% every three years.
Deloitte in India will be adding more than 50,000 employees in the next 3-5 years to scale up its presence and service portfolio in the country. The company has grown at an average of 27% over the last eight years and is expected to continue growing at the same rate over the next four years, a top executive of the company told ET in a recent interaction.
In addition to the base rent, Deloitte Consulting will be paying a common area maintenance charge of Rs 12.75 per sq ft of the leasable area.
It has also agreed to maintain a security deposit of Rs 7.44 crore through the tenure of the lease and this has already been paid to the property owner, showed the documents accessed through CRE Matrix.
As part of the agreement, Deloitte Consulting will get exclusive access to 156 car parking slots in the commercial tower.
ET’s email query to Deloitte Consulting India remained unanswered at the time of going to press Thursday.
With global capability centres, captives and shared services being the key growth drivers, the office market in Pune and especially the Kharadi micro market is buzzing with activity. The supply in the Kharadi micro market alone is set to reach 25 million sq ft in 3-4 years, said property consultants.
According to them, the tenant profile here features a diverse range of large multinational corporations from the banking, financial services and insurance (BFSI), information technology and IT-enabled services (IT/ITeS), ecommerce and engineering sectors, among others.
The commercial office segment, which was significantly impacted by the pandemic, has made a comeback in the last 3-4 quarters, supported by strong economic growth, increased hiring and a return to the office trend.
Gross office leasing rose 36% on year to 51.6 million sq ft in July-December 2022, according to a recent report. New office space completions grew 28% to 49.4 million sq ft.
Office rental levels were stable or grew across all markets during the period, marking it as the second half-yearly period since the first half of 2019 that this has occurred. Bengaluru and Pune office markets grew the most during the second half of 2022 at 11% and 7% on-year, respectively.