Office realty in Gurugram sees resurgence with mega leases
Gurugram's office real estate market is witnessing a revival, marked by large-scale leases from global players. In a significant development, US tech giant Google has leased 550,000 sq ft of workspace from managed workspace provider Table Space at a commercial complex in the city. The deal, one of the largest managed workspace agreements in India, includes an option to lease an additional 200,000 sq ft in the future, potentially taking the total to 750,000 sq ft. Sources also suggest Google is in talks to lease an entire tower in Gurugram.
Other big-ticket deals
- IBM leases 260,000 sq ft at TRIL Tower
- Ciena takes 135,000 sq ft in the same complex
Co-working expansion
- Smartworks adds 0.47 million sq ft at DLF Commercial Building, totalling over 1 million sq ft in Gurugram
Reasons for resurgence
- Return to office work post-pandemic
- Rising unicorn startups and global capability centres
- Flexible workspace operators expanding their presence
- Gurugram’s connectivity, safety and modern amenities
This deal is being hailed as a turning point for Gurugram, which faced concerns about losing its appeal to Noida and Greater Noida after Google ended a 700,000 sq ft lease in the city in 2022. Over the past few months, however, Gurugram has made a strong comeback, attracting global corporations like IBM, which recently leased 260,000 sq ft at the city’s TRIL Tower, and Ciena, which picked up 135,000 sq ft in the same complex.
Co-working spaces are also marking their presence. Smartworks Coworking Spaces Ltd has expanded its portfolio, adding 0.47 million sq ft at DLF Commercial Building in DLF City-V, bringing its Gurugram footprint to over one million sq ft.
“Gurugram is back and with a bang,” said Randhir Rajwansh, an office space consultant. “Global majors, after considering other centres, are returning to the Millennium City to expand their footprints. Its connectivity to the capital, upscale residential options, healthcare and entertainment services and relatively safer environment give Gurugram an edge. This ongoing expansion will significantly boost office realty, which saw sluggish growth over the past two years.”
Experts attribute the resurgence to several factors, including the return to office work, the rise of unicorn startups, the emergence of global capability centres, the growing presence of flexible workspace operators and the expansion of big tech firms. Gurugram's latest leasing deals reaffirm its status as a leading hub for corporate office spaces in India.
