Professional services firm Deloitte India has picked up an office space spread over nearly 81,000 sq ft across two floors in an under-development commercial tower in Mumbai’s western suburb Goregaon through a long-term lease of over five years.
The initial rentals for the office space on 30th and 31st floor of Oberoi Commerz III is set at Rs 258 per sq ft, taking total monthly outgo to Rs 2.09 crore. The lease agreement includes a clause to escalate the rentals by 15% after three years.
This is Deloitte’s second major office deal in two months, following the lease of 175,000 sq ft in Delhi’s Aerocity. Both leases are pre-commitments. Employing around 15,000 professionals, Deloitte currently operates across 13 offices in key Indian cities and of these three are in Mumbai region including Lower Parel, Goregaon and Thane.
The lease for this new office in Mumbai is set to commence on November 1 and Deloitte has paid a security deposit of Rs 18.8 crore, equivalent to nine months rent, showed documents accessed through realty data analytics firm Propstack.
Deloitte Shared Services India LLP has leased this new space from developer Oberoi Realty to shift its existing operations from another office complex in Goregaon.
ET’s email query to Deloitte India and Oberoi Realty remained unanswered until the time of going to press.
Deloitte India is looking to double its annual revenue to Rs 20,000 crore by 2027 and become the first of the Big Four firms to achieve this landmark, Romal Shetty, Deloitte’s chief executive for South Asia, had told ET in a recent interaction.
The firm has also stated its plan to have around 30% of its workforce operating from India within the next four years, with an estimated total employee count ranging from 150,000 to 160,000, as the country figures prominently in the firm’s global growth plans.
The Indian office sector has been witnessing sustained growth despite a sluggish global market environment marked by economic uncertainties. This robust performance is seen as a testament to the strong underlying fundamentals and absence of any lasting impact of global headwinds.
According to recent JLL India data, the office market surged to its best-ever first half in the period ended June with gross leasing of 33.5 million sq ft, up 29% from a year ago, surpassing the previous record of 30.71 million sq ft in the first half of 2019.
