News: WeWork India in talks to lease 400,000 sq ft in Delhi, Gurugram-30-08-2024
Flexible office space providerWeWork India is in talks to lease over 400,000 sq ft across three buildings in Delhi and Gurgaon as part of an aggressive expansion plan in Delhi-NCR, three persons aware of the
development said. The company is taking 148,000 at Prestige Trade Tower and 115,000 at Bharti Worldmark 6 at Delhi’s Aerocity, besides 140,000 at DLF’sCyber City in Gurgaon.
“Aerocity is seeing a lot of interest from global corporates and flexible workspace providers are taking space in advance to cater to the demand. In general, NCR office leasing has picked up and is seeing traction from occupiers. Some large office buildings are set for delivery in the next 12 months, which has increased the momentum,” said Vibhor Jain, managing director-north India at Cushman &Wakefield.
WeWork India declined to comment. Prestige Trade Tower near the Delhi airport is Prestige Group’s first commercial project in the city. It had entered into a joint venture with DB Realty in 2019 to develop a hospitality-led mixed use project spread over 7.7 acres of land in Delhi’s Aerocity
Prestige Group will develop a 2 million sq ft project with 932 hotel rooms, 645,000 sq ft of office space and a 200,000 sq ft convention centre. Bharti Realty has already started the development of approximately 6.5 million sq ft with an investment of more than Rs 6,595 croreto turn the project into a global business hub.
About 3 million sq ft of it will be retail, including one of the biggest malls in the region. In the subsequent phases, a balance of 10 million sq ft will be developed, of which about 2 million sq ft will be retail. In the initial phase, Bharti Realty successfully built Worldmark 1, 2 and 3, covering around 1.5 million sq ft.
Later, Canada’s Brookfield Asset Management acquired a 51% controlling stake in Rostrum Realty Pvt Ltd., a real estate joint venture company in which Sunil Mittal-led BhartiEnterprises holds the remaining 49%. The National Capital Region (NCR) witnessed a gross leasing volume of 3.01 million sq ft in the April-June quarter, similar to the volume recorded in the last quarter, although a 16% dip from the year-ago period, according to Cushman &Wakefield.
WeWork India operates over 8 million sq ft of assets signed across 57 locations in Chennai, New Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Pune and Hyderabad. The company has been profitable since 2021.
