US technology giant Google has leased 550,000 sq ft from managed workspace provider Table Space at commercial complex in Gurugram, said two people familiar with the development.
This marks one of the largest managed workspace deals in the country, said the people cited above. The people did not disclose the duration of the lease and financial details of the transaction.
The agreement also provides Google the option to lease an additional 200,000 sq ft in the future, potentially increasing the total leased space to 750,000 sq ft. In addition, Google is reportedly in talks for leasing an entire tower in Gurugram.
“Google is expanding its office presence in India and has been searching for large office spaces for over a year. The deal with Table Space as a managed workspace provider was recently finalised,” one of the persons said.
Table Space declined to comment while Google did not respond to an email query.
Google had in 2022 ended a lease for 700,000 sq ft in an office complex in Gurugram. The original agreement was signed in June 2020.
Recently, other major tenants have also secured space at the complex.
Technology giant IBM leased 260,000 sq ft, and US networking systems and software company Ciena picked up 135,000 sq ft in the same complex.
The absorption of Grade A office space is largely being driven by the return-to-office trend among tech firms. However, industry experts believe additional factors such as the emergence of new global capability centres (GCCs), growing presence of flexible workspace operators, rise of unicorn startups, and ongoing expansion of Big Tech firms will sustain demand.
Office space leasing in India is projected to hit a record 83-85 million sq ft in 2024, a 13% rise over the previous peak in 2023, according to realty consultancy Cushman & Wakefield.
India has emerged as a global leader in office leasing, outpacing other markets like US and China. Within the Asia-Pacific region, India is expected to contribute nearly 70% of the total net absorption by this year-end.
