Qualcomm leases over 1.8 million sq ft space in K Raheja's Hyderabad IT park - ET RealEstate
Qualcomm leases over 1.8 million sq ft space in K Raheja's Hyderabad IT park - ET RealEstate
Abstract
American multinational corporation Qualcomm has picked up over 1.8 million sq ft spread over an entire 20-storey commercial tower in realty developer K Raheja Corp's information technology park in Hyderabad in one of the largest office lease transactions, said persons with direct knowledge of the development. "The commitment for the large office space at the developer's nearly completed project, Commerzone Madhapur, is part of Qualcomm's growth and consolidation strategy," said one of the persons mentioned above. Qualcomm already has offices across the country in Mumbai, Bengaluru and Delhi, apart from multiple offices in Hyderabad. In Hyderabad alone, Qualcomm occupied 1 million sq ft office space across multiple commercial buildings in K Raheja Corp's Mindspace IT park. The new office is expected to accommodate over 17,000 employees, including its existing staff in Hyderabad that is expected to shift here and new hires that will be part of its India growth plan. Overcoming the challenge of the work-from-home model, office real estate continued to recover across key commercial property markets of India and has made a strong comeback. According to a JLL India report, net office absorption has recorded a 107% year-on-year jump at 30.3 million sq ft across the top seven cities in the first nine months of 2022, backed by robust supply completions with healthy pre-commitments. While Covid-19 did have an impact on the market, the long-term demand for offices from global entities operating from India has been intact.