Deloitte Secures Major Office Lease in Delhi Aerocity
Deloitte, a global leader in professional services, has leased 175,000 square feet of office space at the soon-to-be-completed Prestige Trade Tower near Delhi airport.This marks the Bengaluru-headquartered Prestige Group’s inaugural commercial project in Delhi. The project is part of a joint venture with DB Realty, launched in 2019, to create a hospitality-focused mixed-use development covering 7.7 acres in Delhi’s Aerocity.
In 2023, Deloitte expanded its operations in Bengaluru by signing deals with Prestige Group and Salarpuria to acquire three office spaces totaling 1 million square feet. This strategic initiative is designed to enhance Deloitte’s operational capacity in the region.
The National Capital Region (NCR) recorded a gross leasing volume of 3.01 million square feet in the April-June quarter, mirroring the previous quarter’s volume but reflecting a 16% decline from the corresponding period last year, as reported by Cushman & Wakefield. Fresh space take-up accounted for 77% of the deals, with pre-commitments remaining high at 23%, consistent with the previous year. Deloitte’s lease is a pre-commitment since the building is currently under construction.
Aerocity’s buildings are highly sought after due to their proximity to the airport. Bharti has finished phase-1 and is currently advancing phase-2 of Aerocity, with certain hotel plots being repurposed into office spaces. Prestige is developing approximately 700,000 square feet of office space on one such plot. The overall project by Prestige Group will encompass 2 million square feet, including 932 hotel rooms, 645,000 square feet of office space, and a 200,000 square feet convention center.
Despite the robust leasing activity, Delhi-NCR experienced a nearly 2% quarter-on-quarter increase in rentals during the June quarter, with an average annual rental growth of 4%. Rentals are expected to remain stable in the coming quarters of 2024, as the region anticipates a substantial influx of supply alongside elevated vacancy rates in certain submarkets.
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