DLF leases 3 lakh sq ft office space in Gurgaon

Real estate firm has leased nearly 300,000 sq ft office space to three companies in Gurgaon at a time when the Covid-19 pandemic has slowed down commercial deals, said two people aware of the development.

The company has leased 180,000 sq ft space to Microsoft, 40,000 sq ft to Morepen and another 80,000 sq ft to an undisclosed global data management company.

Majority of the space has been taken at DLF Downtown, an upcoming project in Gurgaon.

“The leasing is part of these companies’ expansion plan once the current Covid-19 situation stabilises. The building where space has been taken is under construction and is expected to be ready by December 2021,” said a property consultant, who did not wish to be identified.

Sriram Khattar, managing director of DLF Rental Business, said the company will not comment on individual deals.

Microsoft and Morepen did not respond to queries emailed by ET.

Earlier this year, DLF had leased 210,000 sq ft of office space to US healthcare company Syneos Health, in one of the largest deals in commercial real estate in Delhi-National Capital Region (NCR) in recent months. The company had also taken space in DLF Downtown.

The first phase of the project – being developed under DLF Cyber City Developers, a joint venture between DLF and GIC, with leasable area of 1.5 million sq ft – is expected to become operational by December 2021.

The office space leasing in Delhi-NCR witnessed a net absorption increase of 5% quarter-on-quarter in January-March, with 1.07 million sq ft, according to a report by international property consultant JLL.

READ  Vedanta to set up Aluminium Park in Odisha with an investment of Rs 10,000 crore

“Delhi-NCR continues to be a vibrant location for the office market, with well-established submarkets and corridors,” said Manish Aggarwal, managing director, Delhi-NCR, JLL India. “While Gurgaon and Noida have taken the lead in terms of development and infrastructure, the city itself continues to remain a highly preferred location. In total, eight projects totalling 4 million sq ft were added to the stock, which stood at 129 million sq ft at the end of the quarter.”



Please enter your comment!
Please enter your name here