Deloitte India Expands Mumbai Presence with 81,000 sq ft Office Lease
Deloitte India has leased 81,000 sq ft office space in Mumbai's Goregaon, marking its second major office deal in two months.
Deloitte IndiaOberoi RealtyMumbai Office SpaceCommercial Real EstateIndian Office SectorReal Estate MumbaiSep 06, 2024
The initial rentals for the office space on 30th and 31st floor of Oberoi Commerz III is set at Rs 258 per sq ft, taking total monthly outgo to Rs 2.09 crore. The lease agreement includes a clause to escalate the rentals by 15% after three years.
This is Deloitte’s second major office deal in two months, following the lease of 175,000 sq ft in Delhi’s Aerocity. Both leases are pre-commitments. Employing around 15,000 professionals, Deloitte currently operates across 13 offices in key Indian cities and of these three are in Mumbai region including Lower Parel, Goregaon and Thane.
The lease for this new office in Mumbai is set to commence on November 1 and Deloitte has paid a security deposit of Rs 18.8 crore, equivalent to nine months rent, showed documents accessed through realty data analytics firm Propstack.
Deloitte Shared Services India LLP has leased this new space from developer Oberoi Realty to shift its existing operations from another office complex in Goregaon.
In a recent interaction, Romal Shetty, Deloitte's chief executive for South Asia, had stated that Deloitte India is looking to double its annual revenue to Rs 20,000 crore by 2027 and become the first of the Big Four firms to achieve this landmark.
The firm has also stated its plan to have around 30% of its workforce operating from India within the next four years, with an estimated total employee count ranging from 150,000 to 160,000, as the country figures prominently in the firm’s global growth plans.
The Indian office sector has been witnessing sustained growth despite a sluggish global market environment marked by economic uncertainties. This robust performance is seen as a testament to the strong underlying fundamentals and absence of any lasting impact of global headwinds.
According to recent JLL India data, the office market surged to its best-ever first half in the period ended June with gross leasing of 33.5 million sq ft, up 29% from a year ago, surpassing the previous record of 30.71 million sq ft in the first half of 2019.
About Oberoi Realty
Oberoi Realty is a leading real estate developer in India, known for its high-quality commercial and residential projects.
About Deloitte India
Deloitte India is a professional services firm that provides audit, tax, consulting, and financial advisory services to clients across various industries.
Keywords Deloitte India, Oberoi Realty, Mumbai office space, commercial real estate, Indian office sector
FAQs
Q How much office space has Deloitte India leased in Mumbai?
A Deloitte India has leased 81,000 sq ft office space in Mumbai's Goregaon.
Q What is the initial rent for the office space?
A The initial rentals for the office space is set at Rs 258 per sq ft.
Q What is the lease term for the office space?
A The lease term is over five years.
Q How many offices does Deloitte India have in India?
A Deloitte India has 13 offices in key Indian cities.
Q What is Deloitte India's plan for its workforce in India?
A Deloitte India plans to have around 30% of its workforce operating from India within the next four years.
Frequently Asked Questions
How much office space has Deloitte India leased in Mumbai?
Deloitte India has leased 81,000 sq ft office space in Mumbai's Goregaon.
What is the initial rent for the office space?
The initial rentals for the office space is set at Rs 258 per sq ft.
What is the lease term for the office space?
The lease term is over five years.
How many offices does Deloitte India have in India?
Deloitte India has 13 offices in key Indian cities.
What is Deloitte India's plan for its workforce in India?
Deloitte India plans to have around 30% of its workforce operating from India within the next four years.
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