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american multinational corporation Qualcomm Spread over 1.8 million square feet spread across the entire 20-storey commercial Realty Developer in Tower K Raheja Corp.information technology park Hyderabad In one of the largest office lease transactions, said persons with direct knowledge of the development.
This will be Qualcomm’s largest office of its kind established anywhere outside the US.
As per the terms of the agreement, the company will pay Rs 3,054 crore as rental over a total period of 15 years, which includes an increase of 15% every three years.
“The developer’s commitment to large office space in a nearly completed project, Comerjon MadhapurThat’s part of Qualcomm’s growth and consolidation strategy,” said one of the individuals mentioned above.
The property is not currently part of the K Raheja Corp-backed listed Mindspace Business Park REIT. However, the REIT retains the right of first offer (ROFO) for this property. The deal for this built-to-suit office is part of a pre-commitment that Qualcomm entered into earlier.
Qualcomm already has offices across the country in Mumbai, Bengaluru and Delhi, apart from several offices in Hyderabad. In Hyderabad alone, Qualcomm captured 1 million square feet of office space across multiple commercial buildings at K Raheja Corp’s Mindspace IT Park.
The company’s offices in Hyderabad are likely to be part of this consolidation plan.
The new office is expected to accommodate over 17,000 employees including its existing employees in Hyderabad who are expected to move here and new employees who will be part of India’s growth plan.
The project, spread over 9 acres, is almost complete and is scheduled to be delivered by the end of this year, when the company is expected to start operations from here.
ET’s email query to Qualcomm and K Raheja Corp remained unanswered till it went to press. Transactions advisor JLL India declined to comment for this story.
Overcoming the challenge of the work from home model, office real estate is recovering in India’s major commercial property markets and has made a strong comeback.
The first nine months of 2022 have seen record net absorption backed by strong supply fulfillment and healthy pre-commitments.
According to a report by JLL India, net office absorption has registered a jump of 107% YoY at 30.3 million sq ft in the top seven cities in the first nine months of 2022, supported by strong supply fulfillment with healthy pre-commitments Is.
Hyderabad, in particular, has been a leader in the markets with the highest net absorption. The southern markets of Bengaluru and Hyderabad accounted for more than half of the net absorption.
While Covid-19 had an impact on the market, the long-term demand for offices of global entities operating out of India remains intact. Office occupants usually take a long-term approach when making leasing decisions, and many occupiers are using the current situation to obtain lucrative deals from landlords.
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