Deloitte Consulting Leases 1,56,000 sq ft Office Space in International Tech Park in Kharadi, Pune

Deloitte Consulting Leases 1,56,000 sq ft Office Space in International Tech Park in Kharadi, Pune 

As part of its India expansion plan, Deloitte Consulting India has leased approximatley 1,56,000 square feet of office space at the International Tech Park in Pune's Kharadi neighbourhood for 10 years. 

The top-notch consulting firm has leased 77,969 square feet per floor on the 10th and 11th floors for monthly rents of 79 and 280 per square foot, respectively, for a total of 176 crore over ten years for the base rent and escalations. 

The rental agreement includes a three-year lock-in period and a provision for a 15% rent increase every three years.

In order to expand its presence and service offerings in India, Deloitte will hire over 50,000 new employees over the next three to five years. According to reports, the company is projected to continue expanding at the same rate over the next four years. Its average annual growth rate over the past eight years has been 27%.

In addition to the base rent, Deloitte Consulting will pay a common area maintenance fee of INR 12.75 per square foot of rentable space. In addition, it has agreed to maintain a security deposit of 7.44 crore for the duration of the lease, which has already been paid to the property owner, as evidenced by documents obtained via CRE Matrix.

As part of the agreement, Deloitte Consulting will have exclusive use of 156 parking spaces in the office tower.

With global capability centres, captives, and shared services as the primary growth drivers, the office market in Pune and particularly the Kharadi micromarket is bustling. In three to four years, the supply in the micro-market of Kharadi is expected to reach 25 million square feet, according to property consultants. This would also impact the overall real estate market in Pune ina big way indeed.

Corporate leasing is at an all-time peak on the Indian commercial real estate market, which is moving at a rapid pace post the pandemic period.