Ericsson has signed a substantial office space deal with Skootr at Gurgaon's Vatika One on One building, marking one of India's largest managed workspace agreements. Covering 525,000 square feet, Ericsson's commitment involves an immediate occupancy of 325,000 square feet, with a right of first refusal for an additional 200,000 square feet. The move highlights a growing demand for flexible office spaces in the country. The builder, Vatika, is expected to deliver the first phase in 3-6 months, with Skootr handling fit-out over the subsequent 3-4 months.
Ericsson, Swedish telecommunications equipment manufacturer has entered into significant agreements to lease a substantial office space of up to 525,000 square feet from Skootr at the Vatika One on One building in Gurgaon, marking one of the most substantial managed workspaces deals in India.
Under the terms of the deal, Ericsson is set to lease approximately 325,000 square feet for immediate occupancy, while retaining the right of first refusal for an additional 200,000 square feet. Notably, Ericsson already maintains two offices in Gurgaon, and the decision to secure a sizable office through a managed workspace provider underscores the increasing demand for flexible and managed office spaces in the country.
Adding a unique aspect to the agreement, Ericsson has also committed to a rare 5-year lock-in period, indicating a substantial commitment in the industry. Vatika, the builder of the property, is expected to deliver the first phase of the building to Skootr within the next 3-6 months. Following this, Skootr will undertake the fit-out process, with an estimated timeline of 3-4 months to prepare the office space for Ericsson's use.
Skootr, expressed its ambition to add 1.5 million square feet of space during the ongoing fiscal year, citing a significant surge in demand for managed office spaces since the waning of the Covid-19 pandemic. Skootr's recent activities also include leasing 100,000 square feet across two floors in Max Square, a project by Max Estates in Noida. Additionally, the company plans to incorporate an additional 500,000 square feet of space in the National Capital Region within a year, highlighting the continued expansion and growth of the managed workspace provider.
The observed uptick in demand for flexible office solutions reflects a broader trend where occupiers are increasingly drawn to the managed office segment. Businesses seek office solutions that can adapt to changing needs and can be easily scaled up or down based on requirements, aligning with the evolving dynamics of the modern workplace.
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