Tata Consultancy Services (TCS) leases 400,000 sq ft office space in Noida due to renew demand. Delhi-NCR records highest leasing volume, with flex space sector leading. Su increases, raising vacancy rate. Large corporations drive demand. Cushman & Wakefie comments. IT-BPM sector records high volume.
Tata Consultancy Services (TCS), India's largest IT company, which has asked employees to resume work from the office, has leased 400,000 sq ft in Noida in one of the biggest office space transactions in Delhi-NCR. The company has taken the space at Assotech Business Cresterra on the Noida expressway. “Return-to-office policies implemented by large corporations are fuelling a renewed demand for high-quality office space, particularly Grade A properties. IT companies have traditionally dominated office space needs, and with most of them having ended work from home, we expect an increase in demand for Grade A office space in the coming quarters,” said Vibhor Jain, Managing Director, North India, Cushman & Wakefield.
Assotech Business Cresterra is spread across 2 million sq ft, and this was the last building of the project where TCS has taken the space. Both companies did not respond to the email query. Earlier, Genpact and Celebal Technologies had taken space at the same complex. Delhi-NCR saw gross leasing volume (GLV) of 3.7 msf during October– December, the highest volume recorded in 2023. The GLV was 10% higher on a q-o-q basis and marginally lower than the healthy volumes recorded last year in the same quarter, according to Cushman & Wakefield. The bulk of this GLV consisted of fresh space take-up with a share of 83%, followed by pre-commitments that acquired 11%. Interestingly, the flex space sector was the biggest consumer of space in the fourth quarter with a 24% share, pipping the usually dominant IT-BPM sector, which had a 23% share in leasing.
