Deloitte India Expands Its Footprint in Mumbai with 81,000 sq. ft Office Lease
Deloitte India has leased 81,000 sq. ft of premium office space in Mumbai's Oberoi Commerz III, marking a significant expansion move.
Deloitte IndiaMumbaiOffice SpaceReal EstateIndiaOberoi RealtyReal Estate MumbaiSep 19, 2024
The company will pay INR 2.09 crores per month as per the terms of the agreement, which also includes a 15% yearly increase in rent after a period of three years. The starting rent works out to be INR 258 per sq. ft each month, as per the documents. The organization has deposited INR 18.8 crore to secure the lease.
This is Deloitte India's second huge leasing deal in two months, following the office deal of 175,000 sq. ft in Delhi's Aerocity. Both of the two leases are pre-commitments, showcasing the organization's strategic expansion plans. The firm works across 13 major Indian urban cities and in Mumbai, it includes offices in Lower Parel, Goregaon, and Thane.
Deloitte India aims to increase its annual revenue to INR 20,000 crore by 2027, striving to become the first among the Big Four firms to reach this milestone. India assumes a crucial part in Deloitte's worldwide strategy, and the firm plans to have around 30% of its labor force situated in India over the course of the following four years.
Recent data from JLL India reveals that the office market experienced its strongest first half ever, with gross leasing reaching 33.5 million sq ft by the end of June. This represents a 29% increase from the previous year and exceeds the former record of 30.71 million sq ft set in the first half of 2019. The country's ability pool and powerful market position make it a critical supporter of the company's drawn-out worldwide desires.
Deloitte India's leasing of nearly 81,000 sq. ft in Mumbai's Oberoi Commerz III highlights its significant expansion strategy, following a recent large lease in Delhi. With plans to grow its workforce in India, Deloitte aims to reach INR 20,000 crore in annual revenue by 2027. This strategic move underscores India's critical role in Deloitte's global ambitions, aligning with the country's strong office market performance.
Deloitte India's focus on India reflects its goal to house 30% of its global workforce in the country over the next four years. With a projected representative population of 150,000 to 160,000 in the country, India is a focal point of Deloitte's future.
About Deloitte India Deloitte India is a part of Deloitte Touche Tohmatsu Limited (DTTL), a UK-based private company. Deloitte India provides audit, tax, consulting, financial advisory, and risk advisory services to clients across various industries.
About Oberoi Realty Oberoi Realty is a leading real estate development company in India, known for its premium residential and commercial projects. The company has developed several iconic projects in Mumbai, including the Oberoi Commerz III tower.
Frequently Asked Questions
How much office space has Deloitte India leased in Mumbai?
Deloitte India has leased approximately 81,000 sq. ft of premium office space in Mumbai's Oberoi Commerz III.
What is the monthly rent for the leased office space?
The company will pay INR 2.09 crores per month as per the terms of the agreement.
What is Deloitte India's expansion plan in India?
Deloitte India aims to increase its annual revenue to INR 20,000 crore by 2027 and plans to have around 30% of its labor force situated in India over the course of the following four years.
Who is the developer of the Oberoi Commerz III tower?
The Oberoi Commerz III tower is developed by Oberoi Realty, a leading real estate development company in India.
What is the significance of India in Deloitte's global strategy?
India assumes a crucial part in Deloitte's worldwide strategy, and the firm plans to have around 30% of its labor force situated in India over the course of the following four years.
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