January 4, 2025 |
Google Leases 5.5 Lakh square feet Office Space in Gurugram
US technology giant Google has entered into a lease agreement for 550,000 square feet of office space with managed workspace provider Table Space at a commercial complex in Gurugram, according to two sources familiar with the matter.
The deal is reportedly one of the largest managed workspace transactions in the country. However, the duration of the lease and the financial terms have not been disclosed by the sources.
The agreement also includes an option for Google to lease an additional 200,000 square feet in the future, potentially increasing its total leased space to 750,000 square feet. Furthermore, the company is said to be in discussions to lease an entire tower in Gurugram.
One of the sources mentioned that Google has been expanding its office footprint in India and had been searching for large office spaces for over a year. The source added that the agreement with Table Space was recently finalised. While Table Space declined to comment on the matter, Google did not respond to an email inquiry.
In 2022, Google ended a lease for 700,000 square feet in an office complex in Gurugram. The initial agreement for that space had been signed in June 2020.
Meanwhile, other major companies have also secured office space in the same complex. Technology giant IBM leased 260,000 square feet, and US networking systems and software company Ciena leased 135,000 square feet.
The demand for Grade A office space is being driven primarily by the return-to-office trend among technology firms. Industry experts suggest that other contributing factors include the rise of new global capability centres (GCCs), an increase in flexible workspace operators, the growth of unicorn startups, and the continued expansion of major tech companies.
According to real estate consultancy Cushman & Wakefield, office space leasing in India is projected to reach a record 83-85 million square feet in 2024, representing a 13 per cent increase over the previous peak in 2023. India has established itself as a global leader in office leasing, surpassing markets such as the US and China. Within the Asia-Pacific region, India is expected to account for nearly 70 per cent of total net absorption by the end of the year.
Source : Construction World
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