Micron Technology leases 10.4 lakh square feet office space in Hyderabad
Micron Technology has taken on lease 10.4 lakh square feet of space for 10 years in Hyderabad at a monthly rent of ₹6.8 crore. The space has been leased at Phoenix IT Hub’s building Phoenix Quila Block A in Gachibowli.
The effective rent works out to ₹65 per square feet per month, according to registration documents made available by data analytics firm Propstack.
Micron Technology is a memory chip maker and storage solutions provider.
In India, it has delivery centres in Bengaluru and Hyderabad, supporting the company’s engineering and operational bases worldwide. Reports suggest that the company is investing about $1 billion to set up an assembly, testing, marking, and packaging facility in India. This unit will be processing some of the chips it manufactures worldwide.
Also read: Foxconn to invest $500 million in Hyderabad facility
While large technology companies such as Cognizant, Amazon and Accenture have been giving up space in India to trim costs, global capability centres have been going slow on leasing decisions. However, some companies are still moving to India and expanding their presence.
Office owners have been seeing more interest from third party service providers who are taking space ranging from 50,000 to 2,00,000 square feet. At the same time, large deals such as the one by Micron are also taking place as India offers one of the lowest monthly office rents worldwide at $1 psf per month