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.

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