Gurugram’s office real estate market is experiencing a resurgence, marked by significant leasing activity from global corporations and co-working operators. A standout development is US tech giant Google’s lease of 550,000 sq ft of workspace from managed workspace provider Table Space. The deal, among the largest in India’s managed workspace segment, includes an option to lease an additional 200,000 sq ft, potentially expanding Google’s footprint in Gurugram to 750,000 sq ft. Reports also suggest Google is negotiating to lease an entire tower in the city.

Other global players are following suit. IBM has recently leased 260,000 sq ft at the TRIL Tower, while US networking systems company Ciena secured 135,000 sq ft in the same complex. These deals underscore Gurugram’s renewed appeal to multinational corporations seeking high-quality office spaces.

Co-Working Spaces on the Rise

The co-working segment is also making significant strides in Gurugram. Smartworks, a leading co-working operator, added 0.47 million sq ft at the DLF Commercial Building in DLF City-V. This expansion brings Smartworks’ Gurugram portfolio to over one million sq ft, highlighting the city’s growing demand for flexible workspaces.

“Gurugram is back and with a bang,” said Randhir Rajwansh, an office space consultant. “Global majors, after considering other centres, are returning to the Millennium City to expand their footprints. Its connectivity to the capital, upscale residential options, healthcare and entertainment services, and relatively safer environment give Gurugram an edge.”

Factors Driving the Revival

The resurgence of Gurugram’s office realty can be attributed to several factors:

• Return to Office Work: As companies return to on-site operations post-pandemic, the demand for premium office spaces has surged.
• Emerging Unicorn Startups: The rise of unicorn startups and global capability centres (GCCs) has created new demand for state-of-the-art facilities.
• Flex Space Operators: Expanding co-working providers has added to Gurugram’s attractiveness as a flexible and business-friendly location.

Experts also cite Gurugram’s excellent connectivity, modern amenities, and a safer environment compared to nearby cities as key factors driving the city’s revival as a leading corporate hub.

Turning Point for Gurugram

The city’s recent success comes after concerns about its competitiveness, mainly after Google ended a 700,000 sq ft lease in Gurugram in 2022. However, the influx of new leases from global corporations and the rapid growth of co-working spaces have reversed that narrative. “This ongoing expansion will significantly boost office realty, which saw sluggish growth over the past two years,” added Rajwansh.

As more companies look to expand their operations in Gurugram, the city is reaffirming its status as a preferred destination for corporate office spaces in India. The combination of multinational interest, co-working innovation, and a robust infrastructure makes Gurugram a powerhouse in the nation’s office leasing market.