A substantial space of 400,000 sq. ft. office space in Noida has been secured by Tata Consultancy Services (TCS). As per the reports it is one of the largest office space transactions in the Delhi-NCR region and it also marks as the India’s largest IT company move to its return-to-office policy, which bolsters the enforcement of the return to office policy by major corporations.
TCS’s Acquisition of Premium Office Space
The space leased by TCS is located at Assotech Business Cresterra on the Noida expressway, a prime Grade A property.
Managing Director of Cushman & Wakefield’s North India division, Vibhor Jain highlighted that there is a surge in demand of premium office spaces post return to office policy by large companies.
The widespread enforcement of work from office policy is expected to further increase the demand for Grade A office spaces in the upcoming quarters, since it is most of the IT companies who are driving this change or demand increase.
TCS’s acquisition of leased office space in Assotech Business Cresterra, spanning 2 million sq ft represents the final addition to this project, which also earlier leased by companies like Genpact and Celebal Technologies.
Delhi-NCR’s Robust Leasing Activity in Q4 2023
With a gross leasing volume (GLV) of 3.7 million sq ft during the October–December period, Delhi-NCR region witnessed a robust leasing activity, notably highest in 2023.
With pre-commitments comprising 11%, the fresh space take-up dominated the GLV at 83%.
Securing a 24% share, the flex space sector emerged as the leading consumer of space in the fourth quarter, also surpassing the 23% leasing activities shareholder, traditionally dominant IT-BPM sector.
It was in October 1, 2023 that TCS mandated the return-to-office for most of its employees and has resorted to salary hikes as well as variable pay outs to compliance. There has been a broader industry shift towards working from office in order to boost face to face work conversations and re-establishing in-person work. The same change driven by the IT giant is also potentially influencing other IT firms in the region.
As per the CEO of TCS, K Krithivasan “We believe working from the office is good for the associates, customers and TCS. You’re talking only about work output in terms of how they deliver to customers, but how do they get mentored on cultur on how they deal with customers and colleagues.”
