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US technology giant Google has recently signed a lease agreement with managed workspace provider Table Space for 550,000 sq ft of office space at a commercial complex in Gurugram. This agreement is one of the largest managed workspace deals in India, with an additional option to lease 200,000 sq ft, potentially bringing the total to 750,000 sq ft. Google is also in talks to lease an entire tower at the complex. This expansion forms part of Google's wider strategy to enhance its office presence in India. Other major firms, including IBM and Ciena, have also secured space in the same complex, reflecting a strong demand for Grade A office space in the country. Experts predict India will lead office space leasing in 2024, surpassing markets like the US and China.
US technology giant Google has leased 550,000 sq ft from managed workspace provider Table Space at a commercial complex in DLF Cyber City, Gurugram, as reported by sources familiar with the development. This lease is regarded as one of the largest managed workspace agreements in India. The duration and financial details of the lease have not been disclosed. Additionally, the agreement gives Google the option to lease a further 200,000 sq ft, which could bring the total leased space to 750,000 sq ft. Furthermore, Google is reportedly in discussions to lease an entire tower in the same area. Advertisement
Sources mentioned that Google has been actively seeking large office spaces in India for over a year, with the deal with Table Space being finalised recently.
In 2022, Google had terminated a lease for 700,000 sq ft at another office complex in Gurugram. The original lease for this space had been signed in June 2020. Recently, other major tenants, such as technology giant IBM, which leased 260,000 sq ft, and Ciena, a US-based networking systems and software company, which leased 135,000 sq ft, have also secured office space in the same complex.
Earlier in 2024, Google had leased 649,000 sq ft office space at Alembic City in Whitefield, Bengaluru, at a monthly rental of INR 62 per sq ft for a three-year lock-in period as part of its expansion strategy in India, said people aware of the deal.
In 2022, Google Connect Services India Pvt. Ltd, a subsidiary of the US technology conglomerate, had a renewed rental pact for about 600,000 sq ft office space in Hyderabad. The company also agreed with Bagmane Developers to lease 1.3 million sq ft office space in Bangalore.
The demand for Grade A office space in India is being driven by the return-to-office movement, particularly among tech firms. Experts believe other factors, such as the rise of global capability centres (GCCs), the growing presence of flexible workspace operators, and the expansion of unicorn startups and large tech firms, will continue to sustain demand for office space.
According to realty consultancy Cushman & Wakefield, office space leasing in India is expected to reach a record 83-85 million sq ft in 2024, marking a 13% increase compared to the previous peak in 2023. India has become a global leader in office leasing, surpassing markets like the US and China, and is expected to contribute nearly 70% of the total net absorption in the Asia-Pacific region by the end of the year. The country's commercial real estate market remains resilient, bolstered by both local and international demand.
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