March 25, 2023
Deloitte inks one million sq ft of office lease in Bengaluru
Deloitte, a Big Four firm, has signed agreements with Prestige Group and Salarpuria to secure three office spaces totaling one million square feet in order to expand its Bengaluru operations.
The company has leased approximately 500,000 square feet of office space at Prestige Tech Park on the Outer Ring Road, as well as over 460,000 square feet in SalarpuriaAura and Eminence in Bengaluru.
"The new office leases can house 9,000 employees with a lock-in period of five years and an option to renew for an additional five years for the next two years," said two people aware of these deals.
A questionnaire sent to Deloitte received no response as of press time.
Over the last three years, Deloitte has hired nearly 50,000 professionals, nearly doubling its headcount in India.
The company intends to continue investing in people and productive capacities in India in order to support education, digital skills development, and training opportunities.
"Despite the uncertainty in the office market, the office sector is poised for growth in 2023, assuming the economic environment remains favourable. Even in the most pessimistic scenario, we do not expect leasing numbers to fall below peak pandemic levels "Colliers India MD Peush Jain stated.
Since the beginning of 2023, the India office leasing market has slowed and is expected to pick up in the second half of the year, led by global capability centres, BFSIcompanies, and startups with sound business models.
According to a Colliers-Ficci joint report, India's office sector is likely to see 35-38 million sq ft of gross leasing in 2023, with economic headwinds expected to ease by Q2 2022 and larger occupiers re-examining leasing decisions that were put on hold temporarily.