Hewlett Packard leases 1.8 lakh sq ft office space in Chennai
Real Estate

Hewlett Packard leases 1.8 lakh sq ft office space in Chennai

US technology firm Hewlett Packard had rented a 1.8 lakh sq ft office facility in Chennai to consolidate and boost its operation in the city.

HP will utilise the new space to house around 1,800 employees. The office area was coming up Prestige Metropolitan and inked at Rs 75 per sqft. The lease is for 15 years. Prestige Metropolitan is a five lakh sq ft Grade A Premium office development situated on Chennai’s main arterial road, mount road.

The new office for HP will witness it moving away from numerous areas in Chennai and consolidating in Prestige Metropolitan. The office is under fit-outs and will be operating between March and June 2022.

After the outbreak of the Covid-19 pandemic globally, HP has taken significant restructuring initiatives, including streamlining headcounts globally. The technology company presently employs 55,000 employees globally and anticipates restructuring programs to save $1 billion by next year.

In recent times, top Indian cities have seen a substantial increase in large office space deals. Bengaluru, the IT capital of the nation, registered the highest number of office agreements in 2021. Few of the large contracts closed recently in Bangalore alone comprises Cisco 2,700,000 sq ft Prestige Cessna and Byju's leasing 2,93,000 sq ft in PrestigeTech Park. It was followed by Collins Aerospace renting 2,75,000 sq ft in Northgate SEZ in the city.

The Indian office market is likely to observe a rebound driven development in the information technology, IT-enabled services sector record hiring and aggressive vaccination rates in the nation. By the end of the third quarter, the IT sector had rented 8 million sq ft.

Image Source

Also read: DLF to kick off construction of 2 million sq ft office space in Gurugram

US technology firm Hewlett Packard had rented a 1.8 lakh sq ft office facility in Chennai to consolidate and boost its operation in the city. HP will utilise the new space to house around 1,800 employees. The office area was coming up Prestige Metropolitan and inked at Rs 75 per sqft. The lease is for 15 years. Prestige Metropolitan is a five lakh sq ft Grade A Premium office development situated on Chennai’s main arterial road, mount road. The new office for HP will witness it moving away from numerous areas in Chennai and consolidating in Prestige Metropolitan. The office is under fit-outs and will be operating between March and June 2022. After the outbreak of the Covid-19 pandemic globally, HP has taken significant restructuring initiatives, including streamlining headcounts globally. The technology company presently employs 55,000 employees globally and anticipates restructuring programs to save $1 billion by next year. In recent times, top Indian cities have seen a substantial increase in large office space deals. Bengaluru, the IT capital of the nation, registered the highest number of office agreements in 2021. Few of the large contracts closed recently in Bangalore alone comprises Cisco 2,700,000 sq ft Prestige Cessna and Byju's leasing 2,93,000 sq ft in PrestigeTech Park. It was followed by Collins Aerospace renting 2,75,000 sq ft in Northgate SEZ in the city. The Indian office market is likely to observe a rebound driven development in the information technology, IT-enabled services sector record hiring and aggressive vaccination rates in the nation. By the end of the third quarter, the IT sector had rented 8 million sq ft. Image Source Also read: DLF to kick off construction of 2 million sq ft office space in Gurugram

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?