WeWork India is currently negotiating leases for over 400,000 square feet in three buildings located in Delhi and Gurgaon as part of its ambitious expansion strategy in the Delhi-NCR region. The company is set to occupy 148,000 square feet at Prestige Trade Tower, 115,000 square feet at Bharti Worldmark 6 in Delhi's Aerocity, and 140,000 square feet at DLF Cyber City in Gurgaon. According to Vibhor Jain, Managing Director-North India at Cushman & Wakefield, Aerocity is attracting significant interest from global corporations, and flexible workspace providers are securing spaces in advance to meet this growing demand. Overall, office leasing activity in NCR is on the rise, and the upcoming delivery of several large office buildings is contributing to this momentum.
Prestige Group's Prestige Trade Tower, situated near the Delhi airport, marks their initial foray into commercial real estate in the city. The group had partnered with DB Realty in 2019 to develop a mixed-use project on 7.7 acres in Delhi's Aerocity, which includes a 2 million square foot development includes 932 hotel rooms, 645,000 square feet of office space, and a 200,000 square foot convention center.
Meanwhile, Bharti Realty is advancing a significant project covering about 6.5 million square feet, with an investment surpassing Rs 6,595 crore. This project aims to create a global business hub, with around 3 million square feet dedicated to retail, including one of the largest malls in the area. The subsequent phases will see the addition of 10 million square feet, with 2 million square feet allocated for retail. Bharti Realty's initial phases included the successful completion of Worldmark 1, 2, and 3, totalling about 1.5 million square feet.
