EMC Software and Services, an Information technology solutions provider, has renewed leases for six of its offices situated around 825,000 sq ft at IT Special Economic Zone (SEZ) Bagmane World Technology Center in Bengaluru's Outer Ring Road. The firm has renewed these contracts for offices across three commercial buildings in the SEZ—WTC Moonstone, WTC Emerald and WTC Aquamarine—for five years at monthly lease rentals varying from Rs 54 to Rs 81 per sq ft, taking the yearly rental payout to approximately Rs 60 crore. The firm has paid security deposits worth 8-10 months’ rentals and the agreement renders for rental growth of 12-18% after the first three years, showing documents obtained through real estate analytics company Propstack. Of the six leases, EMC has renewed two deals worth more than 466,000 sq ft in WTC Moonstone at a monthly rent of Rs 54 per sq ft and over 102,000 sq ft in WTC Aquamarine at a rental of Rs 68 per sq ft a month. It has renewed three leases of 256,000 sq ft in WTC Emerald at a monthly rental of Rs 54-81 per sq ft. Bagmane World Technology Center, with approximately 5 million sq ft development spread across 28 acres, includes Boeing, Accenture, Dell, Nvidia, Visa, EY and Ericsson among its occupiers apart from EMC. The project has been collectively made by Bagmane Group and MTB Estates and Properties. Occupiers and tenants of large office complexes across the nation covering big corporations are renewing their lease agreements, citing their preference despite the much-discussed emergence of the work-from-home alternative following the Covid-19 pandemic. Approximately 21 million sq ft of office space has been renewed since April 2020 and renewals are helping the increase in leasing numbers. While the second wave of the pandemic temporarily slowed down the exuberance in office property market recovery in the June quarter, the accelerating speed of vaccinations and wider rollout by corporates have inculcated confidence, supporting the market bounce back swiftly in the September quarter. At the city level, as per the Cushman & Wakefield, Bengaluru reported robust traction, with a total leasing activity surging up to 4.8 million sq ft in the September quarter, a fourfold sequential surge, driven by large-scale term renewals. In Mumbai, the gross leasing volume touched 3.15 million sq ft, with fresh leasing and term renewals estimated for 44% and 56%, respectively, the data revealed. Delhi-NCR followed them with numbers totalling approximately 2.5 million sq ft, a 40% sequential growth. Image SourceAlso read: Byju's takes up 9,500 sq ft office in Mumbai on 5 year lease