[ad_1]
american multinational corporation Qualcomm Leasing 700,000 Sq. Ft. Chennai To expand and consolidate its operations in the city. This is the semiconductor and software maker’s second biggest office deal in three months.
People aware of the matter said the company will pay a rent of over Rs 80 per sq ft for the long-term lease, which includes escalation every three years.
The new office will be built in a 24-acre IT SEZ. Ramanujan IT ParkIn Starmani, a major center for technology firms. The space will be taken over by Qualcomm in two phases,” said one of the people.
“The facility is expected to accommodate over 7,000 employees and there will be new hires that will be part of India’s growth plan,” the person said.
Late last year, the firm acquired over 1.8 million sq ft spread across 20 storeys commercial The tower at realty developer K Raheja Corp’s Information Technology Park in Hyderabad. It was the largest Qualcomm office set up anywhere outside the US.
Qualcomm and Tata Realty & Infrastructure, which own Ramanujan IT Park, declined to comment.
Qualcomm already has offices in India in Mumbai, Bengaluru and Delhi, apart from several offices in Hyderabad. I
Overcoming the challenge of the work-from-home model, office real estate has continued to improve and made a strong comeback in India’s leading commercial property markets.
The year 2022 sees record net absorption supported by strong supply fulfillments and healthy pre-commitments. According to property consulting and management firm Vestian, the office market across seven cities in the country is set to post an absorption of 52.8 million sq ft of office space in 2022, boosting last year’s figure by 33%.
Office space completions also remained upbeat, with 47.45 million sq ft infused into the market this year, a 21% increase over 2021 and an 18% improvement on the 2019 figure, Vestian said.
[ad_2]
Source link