In a significant move reflecting growing demand for premium industrial spaces in India, Steelcase Inc’s Indian arm has leased approximately 130,000 sq ft at IndoSpace Industrial Park in Chakan, Pune. The long-term lease, spanning over five years, underscores the company’s commitment to strengthening its regional operations in the country.

Steelcase Asia Pacific Holdings India, a wholly owned subsidiary of the NYSE-listed office furniture giant, has taken up the space across two units within the park. The leased facility is expected to be a key hub supporting Steelcase’s ongoing expansion in the Asia-Pacific region.

The lease agreement sets the monthly rent at ₹36.37 per sq ft, bringing the total rent to over ₹46.4 lakh per month. It includes a 5% annual rent escalation and a three-year lock-in period, providing financial and operational predictability. A security deposit of around ₹2.78 crore, equivalent to six months’ rent, has also been paid upfront.

This transaction is part of a broader trend of large-format industrial leases across India, driven by rising demand for grade-A warehousing and logistics assets. Companies from sectors such as e-commerce, manufacturing, renewable energy, and third-party logistics are aggressively securing long-term space in key industrial corridors.

The IndoSpace park in Chakan—already a sought-after logistics destination—continues to attract high-profile tenants. Backed by improving infrastructure, pro-industry policies, and a consumption-driven economy, India’s logistics and industrial space is transforming rapidly.

Steelcase’s latest move reinforces its presence in India and signals the increasing maturity of the country’s industrial leasing market. Long-term, large-scale leases like these reflect growing investor confidence and the evolution of India’s supply chain landscape to meet global standards.