Deloitte leases 1.75 lakh sq ft office space at Prestige Trade Tower in Delhi
Deloitte, one of the top four professional services firms, has leased 175,000 sq ft of office space at the upcoming Prestige Trade Tower near the Delhi airport, said two people aware of the development
This is the Bengaluru-headquartered Prestige Group’s first commercial project in Delhi. It had entered into a joint venture with DB Realty in 2019 to develop a hospitality-led mixed use project spread over 7.7 acres of land in Delhi’s Aerocity.
Last year, Deloitte had inked deals with Prestige Group and Salarpuria to secure three office spaces spanning 1 million sq ft in a bid to bolster its operations in Bengaluru.
The National Capital Region (NCR) witnessed a gross leasing volume of 3.01 million square feet in the April-June quarter, similar to the volume recorded in the last quarter, although a 16% dip from the year-ago period, according to Cushman & Wakefield.
Fresh space take-up accounted for 77% of the deals, even as pre-commitments remained high at 23% as seen in the previous year.
The Deloitte deal is pre-commitment as the building is under construction.
“The buildings in Aerocity are in great demand due to proximity to the airport. While Bharti has developed phase-1 and is developing phase-2 of Aerocity, some of the hotel plots also have scope for office development. This was one such plot where Prestige is developing around 700,000 sq ft of office space,” said one of the persons, who did not wish to be identified.
Prestige Group will develop a 2 million sq ft project with 932 hotel rooms, 645,000 sq ft of office space and a 200,000 sq ft convention centre.
Deloitte did not respond to ET’s emailed queries, while Prestige Group declined to comment.
Delhi-NCR saw a nearly 2% quarter-on-quarter increase in rentals during the June quarter amid a robust leasing activity and an average annual rental growth of 4% in the same quarter. Rentals are expected to remain range-bound in the coming quarters of 2024, as the region anticipates a heavy influx of supply alongside elevated vacancy rates in certain submarkets.
