Deloitte inks one million sq ft of office lease in Bengaluru

March 23, 2023
Deloitte inks one million sq ft of office lease in Bengaluru

Deloitte, a Big Four firm, has inked deals with Prestige Group and Salarpuria to secure three office spaces spanning 1 million sq ft in a bid to bolster its operations in Bengaluru.

The firm has leased around 500,000 sq ft of office space at Prestige Tech Park on Outer Ring Road and over 460,000 sq ft in SalarpuriaAura and Eminence in Bengaluru.

“The new office leases can house 9,000 employees with a lock-in period of five years and an option to renew for an additional five years for the next two years,” said two people aware of these deals.

A questionnaire mailed to Deloitte did not elicit any response till press time.

Deloitte has hired nearly 50,000 professionals over the last three years, nearly doubling its headcount in India.

The firm plans to continue to invest in people and productive capacities in India to support education, digital skills development, and training opportunities in the country.

“In 2023, despite the office market being uncertain, the office sector is poised for growth, provided the economic environment remains bright. We do not expect the leasing numbers to fall below the peak pandemic levels of leasing, even in a pessimistic scenario,” said Peush Jain, MD of Colliers India.

The India office leasing market has moved into the slow lane since the beginning of 2023 and is expected to pick up in the second half of the year, led by global capability centres, BFSIcompanies and startups with sound business models.

India’s office sector is likely to see about 35-38 million sq ft of gross leasing in 2023, with the economic headwinds expected to ease out by Q2 2022, and larger occupiers re-examining their leasing decisions that were put on hold temporarily, according to a Colliers-Ficci joint report.

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