Capgemini renews office lease in Hyderabad's Kokapet Area
Capgemini Technology Services India, the local unit of the European technology major, has renewed its lease for more than 300,000 square feet of commercial office space in Kokapet, Hyderabad, spanning across two assets. The property was leased from GAR & Sons builders. The office space has a lease tenure of 60 months across two separate deals with 15% escalation, as mentioned in a lease document shared by Propstack.
The firm will be paying a rent of Rs 34 and Rs 41 per sq. ft. across two properties.
There will be a 15% rent escalation after the initial 36 months, as stated in the lease document.Capgemini employs close to 180,000 team members working across 13 cities in India. For the France-based firm, India business is also the Group's largest platform for innovation and delivery. Gross leasing of offices in India in the first half of 2023 is up 2.5% to 25.31 mn sq ft, JLL said.
The office market has seen some large renewals, including American financial service major Wells Fargo International solution renewing its office lease for a commercial office space in Hyderabad, totalling over 3.7 lakh sq. This was followed by Amazon Development Centre India renewing its lease for around 500,000 square feet of office space in Chennai.India Inc's resilience demonstrated in the past six months is expected to last for the rest of the year, despite challenges posed by global headwinds and sluggishness in the tech sector. India's office markets have displayed remarkable strength and are well-positioned to navigate the current landscape with unwavering resilience.
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