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Wells Fargo International SolutionsBack-end branch of the US financial services major Wells Fargorenews its lease for over 3.7 million square feet of commercial office space Hyderabad2023 marking one of the largest office lease transactions in the country.
Wells Fargo International Solutions has leased the office space, according to a lease document shared by data analytics firm PropStack Divyashree OrionHyderabad, from Divyashree NSL Infrastructure 57.48 per sq. ft. for a period of 60 months, with no increase during the lease term.
Divyashree Developers could not be reached for comment.
In 2022, the San Francisco-headquartered company has increased its lease to 8.47 lakh sq. ft. Embassy Tech Village (ETV) – owned by Embassy REIT in Outer Ring Road, Bengaluru.
Wells Fargo has renewed the lease for the space, which houses its technology back-end offices, through June 2032, with 15% increases to the current rent every three years.
Despite facing global headwinds and a sluggish tech sector, the office sector is expected to maintain its resilience throughout the year. While challenges remain, several top global companies including EY Global Delivery Services India, Amazon Development Center India and Apple India have recently renewed their office leases.
Net office absorption in the top seven cities broke its six-quarter declining trend by marginally improving in Q2 of 2023. While occupiers are in a slight slump on expansion activity, India is witnessing growth by both domestic firms and global occupiers spreading their wings. Albeit a bit slow.
JLL noted that the gross leasing of India’s office market for the first half of 2023 grew by 2.5% to 25.31 million sq ft as compared to the same period a year ago.
