Ericsson in talks for workspace lease from Skootr in Gurugram

Swedish telecom equipment manufacturer Ericsson has reportedly entered into agreements to rent office space totalling up to 525,000 square feet from Skootr at the Vatika One on One building in Gurugram. This marks one of the most significant managed workspace deals in the country. The company has formalised a leasing arrangement for approximately 325,000 square feet for an immediate move-in, retaining the right of first refusal for an additional 200,000 square feet. Ericsson currently maintains two offices in Gurgaon, and the decision to secure a large office through a managed workspace provider underscores the growing demand for flexible and managed office spaces in the country. Additionally, the company has committed to a rare 5-year lock-in period in the industry. The builder, Vatika, is expected to hand over the initial phase of the building to Skootr within the next 3-6 months. Subsequently, Skootr will require an additional 3-4 months to complete the fit-out and prepare the office space for Ericsson. Earlier, Skootr had announced its goal of adding 1.5 million square feet of space in the fiscal year 2024, responding to the increased demand for managed spaces following the easing of COVID restrictions. Skootr has recently secured a lease for 100,000 square feet across two floors in Max Square, the latest project by Max Estates in Noida. The company plans to further expand its presence in the National Capital Region by adding 500,000 square feet within a year.