Capgemini Technology Services India, a prominent European tech player's local unit, has extended its lease for over 300,000 sq ft of office space in Hyderabad's Kokapet. The lease covers two assets, secured from GAR & Sons builders, spanning 60 months in two deals with 15% escalation, detailed in a Propstack document. Rent amounts to Rs 34 and Rs 41 per sq ft across the two properties, with a 15% increase after 36 months. Capgemini, with around 180,000 employees in 13 Indian cities, considers India a prime innovation hub.
In a strategic move, Capgemini Technology Services India, the local arm of the prominent European technology giant, has extended its lease agreement for more than 300,000 square feet of prime commercial office space located in Kokapet, Hyderabad. This renewed lease encompasses two distinct properties and solidifies the company's commitment to its operational presence in the region.
The lease, facilitated by GAR & Sons builders, stipulates a duration of 60 months, comprising two separate deals, with an incremental escalation clause of 15%. According to a lease document shared by Propstack, the rental structure involves payment of Rs 34 and Rs 41 per square foot across the two properties. Notably, after an initial 36-month period, the lease outlines a 15% increase in rent, showcasing Capgemini's proactive approach to accommodate potential market changes.
Capgemini, with a sprawling workforce of approximately 180,000 employees dispersed across 13 Indian cities, underscores the pivotal role that the Indian subsidiary plays in the global conglomerate's innovation and delivery strategy. The firm's extensive operations in India have consistently showcased its resilience and adaptability, making it a robust platform for future growth and innovation.
This renewal mirrors a broader trend in the Indian office space market. The first half of 2023 has witnessed a 2.5% rise in gross office leasing, totalling 25.31 million square feet, according to industry experts. Other major players have also demonstrated their commitment to India's commercial landscape, with Wells Fargo International renewing a substantial office lease in Hyderabad spanning over 370,000 square feet. Amazon Development Centre India followed suit by renewing its lease for an expansive 500,000 square feet of office space in Chennai.
Despite facing headwinds from the global economic scenario and a relatively subdued tech sector, India's office markets have exhibited remarkable resilience in the past six months. Industry insiders are optimistic that this resilience will continue to be a defining feature for the remainder of the year. India's office market, known for its robustness, seems well-prepared to navigate the challenges presented by the current global landscape, standing firm with its unwavering determination.
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