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DLF Gurgaon leases 3 lakh sq ft office space in Gurugram :- DLF Downtown

Real estate firm DLF NSE 2.90 % has leased nearly 300,000 sq ft office space to three companies in Gurgaon at a time when the Covid-19 pandemic has slowed down commercial deals, said two people aware of the development.

The corporate has leased 180,000 sq ft house to Microsoft, 40,000 sq ft to Morepen and one other 80,000 sq ft to an undisclosed world information administration firm.

Majority of the house has been taken at DLF Downtown, an upcoming venture in Gurgaon.

“The leasing is a part of these corporations’ growth plan as soon as the present Covid-19 state of affairs stabilises. The constructing the place house has been taken is below building and is predicted to be prepared by December 2021,” mentioned a property marketing consultant, who didn’t want to be recognized.

Sriram Khattar, managing director of DLF Rental Enterprise, mentioned the corporate is not going to touch upon particular person offers.

Microsoft and Morepen didn’t reply to queries emailed by ET.

Earlier this yr, DLF had leased 210,000 sq ft of workplace house to US healthcare firm Syneos Well being, in one of many largest offers in industrial actual property in Delhi-Nationwide Capital Area (NCR) in latest months. The corporate had additionally taken house in DLF Downtown.

The primary section of the venture – being developed below DLF Cyber Metropolis Builders, a three way partnership between DLF and GIC, with leasable space of 1.5 million sq ft – is predicted to change into operational by December 2021.

The workplace house leasing in Delhi-NCR witnessed a internet absorption enhance of 5% quarter-on-quarter in January-March, with 1.07 million sq ft, in keeping with a report by worldwide property marketing consultant JLL.

“Delhi-NCR continues to be a vibrant location for the workplace market, with well-established submarkets and corridors,” mentioned Manish Aggarwal, managing director, Delhi-NCR, JLL India. “Whereas Gurgaon and Noida have taken the lead by way of improvement and infrastructure, town itself continues to stay a extremely most well-liked location. In whole, eight initiatives totalling 4 million sq ft had been added to the inventory, which stood at 129 million sq ft on the finish of the quarter.”