DLF Leases out Office Space to Facebook in Gurgaon

DLF, a renowned name in real estate has leased 2 lakh sq. ft of office space in Gurgaon’s Cybercity to Facebook. People who were well aware of the development told that the office space that has currently been taken by Facebook was leased only after another company vacated the building situated at National Highway 8. A senior executive stated that the space has been taken at DLF Atria, on NH8. The average rental in the area per month is Rs 120 per sq. ft.

Sriram Khattar, the managing director for rental business at DLF made it clear that they do not comment on individual deals due to client confidentiality. Katthar added “Our highest standards of compliance, safety and sustainability coupled with our passion for customer delight does attract occupiers to our properties. DLF has a demonstrated record of unwavering commitment towards providing the highest quality standards at affordable rentals.”

DLF has started constructing another 20 million sq. ft. an area in Gurgaon and Chennai as the commercial real estate is performing well. The company is also planning to develop an 11-million-sq-ft project named DLF Downtown which is in Gurgaon and it falls under DLF Cyber City Developers Ltd. (DCCDL). This project is a joint venture between DLF and GIC. 33.34% stake in the rental arm has been sold by the promoters of DLF to GIC for nearly Rs 9,000 crore. The conclusion of this transaction was made in December 2017 and as of now; it holds 66.66% in DCCDL.

International Property Consultant, Knight Frank shared his views by saying that National Capital Region, in the year 2019, has recorded transactions of 0.80 million sq. meters that in turn registered the significant growth of 17% over last year. The year 2019 marked a sturdy office leasing in micro markets compared to 2018 (16.1%) and experienced positive growth in the pent-up supply which has deciphered a higher vacancy level in the second half, that is of 17.1%.

Taking up a share of 65% from the overall leasing activity of NCR, Gurgaon has led the transaction activity again in 2019. Leasing activity in Gurgaon was being enhanced by companies such as Google, Huawei, Concentrix, Simliworks, Genpact and Oyo and resulted in the registering year-over-year growth of 15%. The companies leased more than 50,000 sq. ft. of floor space in Gurgaon.

Source: https://www.businessinsider.in/business/news/dlf-gives-on-lease-2-lakh-sq-ft-office-space-in-gurugram/articleshow/73906379.cms

https://economictimes.indiatimes.com/industry/services/property-/-cstruction/dlf-leases-2-lakh-sq-ft-to-facebook/articleshow/73892575.cms