Law firm Trilegal has leased about 40, 000 sq ft office space in Saket, Delhi, two people aware of the deal said.
International property consultant Cushman & Wakefield has facilitated the deal. The company declined to comment.
“The deal has been signed recently and the law firm will move in soon. The property where Trilegal has taken space, was earlier occupied by another law firm,” said one of the person quoted above.
A third of the quarter’s leasing (Jan-March) comprised of large transactions (above 100,000 sf) across micro-markets in Gurugram and Noida with some occupiers also locking hard options for future expansion plans, according to consultants.
“Many multinationals have also taken space in the bracket of 50,000 sq ft to 100,000 sq ft. There is a strong demand for Grade A buildings as employee wellness remained a high priority for corporates which drove leasing momentum in well-managed and quality buildings,” said the person.
Information Technology Giant Genpact has also added 32000 sq ft in its portfolio and Celebal Technologies has leased 8000 sq ft at Assotech Business Cresterra (ABC) in Noida.
“This is a good sign that people are coming back to office. We are seeing a lot of opportunities for growth backed by solid
office demand from big corporates. There are large IT/ITES companies who are looking for offices in Grade A+ campuses,” said Salil Kumar, Director, Assotech Realty Pvt. Ltd.
Net absorption for Q1 was recorded at 1.3 msf, a slight reduction of 7% on a q-o-q comparison.
“Technology has helped MNCs to facilitate return to work and companies are now looking for solutions to enhance the overall experience of the employees. We have tied up with developers, who are ready to invest in technology for a seamless experience for the tenant,” said Sandeep Kaul, co-founder and CEO of Hipla Technologies, a workspace management company.
Hipla a work technology company, has seen triple digit growth in demand for its “back to work” full stack solution.
“Large Fortune 500 companies have signed up and we are bullish on the future as India market is large and majority of companies have started opening offices,” Kaul said.
Strong demand fundamentals with large space take-up by even new- age firms is likely to keep Delhi NCR’s office space on a strong footing in the quarters ahead.
Fresh leasing, including expansion and consolidation by occupiers, constituted 91% share of the quarter’s leasing. Pre- commitments formed 7% of quarterly leasing.
Gurugram led this quarter’s leasing with a 63% share and core markets within Gurugram constituted a significant 40% share in overall leasing.
Noida Expressway was the other prominent micro-market with a 21% share in overall leasing.
The city recorded a supply addition of 1.6 msf during the quarter, largely across the micro-markets of Noida. Majority of this supply addition was in Noida Expressway. Despite the high additional supply, overall vacancy level declined by 10 basis points q-o-q as demand remained strong.