Wipro Ltd has expanded its presence in the Mumbai Metropolitan Region by leasing 145,157 sq ft of office space for five years at Mindspace Business Parks in Airoli East, Navi Mumbai. The Bengaluru-headquartered firm will pay a monthly rent of Rs 9.73 million, calculated at Rs 67 per sq ft, with an annual escalation of 5 per cent, according to registration documents accessed by CRE Matrix. The space has been leased from Mindspace Business Parks Pvt Ltd, a unit of Mindspace REIT. The documents show that possession of the office will be handed over on 7 January, with rent commencing from 1 April, and include a rent-free period of 84 days. Wipro has been steadily increasing its real estate footprint at the same location. The latest transaction follows its lease of 387,000 sq ft at the property last year for a monthly rent of Rs 24.7 million. Commenting on the deal, Abhishek Kiran Gupta, chief executive officer of CRE Matrix, said the transaction highlights the structural strength of Navi Mumbai’s SEZ office market, where large IT occupiers continue to favour long-term cost visibility and operational scale over short-term flexibility. Such deals, he added, reinforce Airoli’s position as a cost-efficient extension of Mumbai’s office ecosystem, attracting institutional landlords and blue-chip tenants seeking stability, scalability and predictable cash flows. Mindspace Business Parks REIT and Wipro did not respond to queries on the transaction. IT companies, once the largest office space occupiers, had slowed expansion after the pandemic, but the return of employees to offices has renewed demand. In 2025, Tata Consultancy Services leased 1.4 million sq ft at 360 Business Park in Electronic City, one of the largest office leasing deals in recent years. According to CBRE India, technology firms and flexible workspace operators led office absorption in 2025, with gross leasing reaching a record 82.6 million sq ft across the top nine cities, up from 79 million sq ft in 2024.