Zomato Leases 300,000 Sq Ft Office Space

Zomato Leases 300,000 Sq Ft Office Space

Food delivery company Zomato has leased 300,000 sq ft of office space at Emaar India’s Downtown Capital tower in Gurgaon in one of the biggest leasing deals in the National Capital Region (NCR) in recent times.

The building where Zomato has taken up space is located on Mehrauli-Gurgaon Road.

“The building where Zomato has taken space is a JV (joint venture) between Emaar India and another developer. Zomato has relocated from existing space and an international property consultant facilitated the deal,” a person aware of the deal said on condition of anonymity.

Both Zomato and Emaar India did not respond to queries emailed by ET till press time.

According to international property consultants, large-sized deals of 100,000 sq ft or more have dominated leasing activity in the NCR, constituting over 41% of the total office space demand in 2021.

Office space leasing in India has picked up again and, despite Omicron threatening the recovery, large corporates have continued to assess grade-A assets.

E-commerce firm Amazon.com Inc. is also in talks with real estate developer DLF to take on lease more than 600,000 sq ft of office space at its upcoming project, ‘Downtown Gurgaon’.

According to international real estate advisory firm Savills India, Delhi-NCR is expected to see leasing deals for about 8.1 million sq ft of office space in 2022 as a result of a strong vaccination drive and a gradual return to the office by employees.

Gross absorption touched 7.8 million sq ft in 2021, an increase of 79% year-on-year, indicating a strong resurgence in office demand.

Delhi-NCR has a pipeline of about 5.1 million sq ft in 2022. Most of the upcoming supply, about 4.6 million sq ft, is concentrated along Golf Course Extension Road, Noida Expressway and the NH-8 micro-market.

Gurgaon contributed most to the leasing activity, with a 63% share, followed by Noida (32%), Noida Expressway (19%) and Golf Course Extension Road (15%)

Source : ET

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