Salesforce leases around 7 lakh sq ft commercial IT space in Hyderabad

Asia's Tech News Daily

#commercial, #Covid-19, #leasing, #Real Estate, PropStack

Salesforce has leased around 7 lakh sq ft of space in Hyderabad for a period of six years, registration documents accessed by PropStack showed. The floors, spread across an area of 6,82,768 sq ft, come with 911 parking slots, the documents showed.

Salesforce, an American technology company that specialises in customer relationship management, leasedf the floors for a monthly rent of Rs 71 per sq ft. The total amount works out to around Rs 4.8 crore a month.

The company leased the space at Divyasree Orion, Block 3, Serilingampally in Hyderabad, Telangana and registered the lease on October 11, 2021.

The transaction date was December 15, 2020, and the expected lock-in expiry is until December 2023, the documents showed.

There was no response from the company.

The lease agreement executed by Salesforce has a rental escalation clause, which ensures 15% rental reset every three years. Escalation for this deal will be due in December 2023 and the rent would be Rs 81 per sq ft, the documents showed.

“Leasing momentum has undoubtedly picked up in South India with Bengaluru and Hyderabad leading the way. Some of the larger transactions indicate that post pandemic corporates have started planning ahead and are willing to take long term decisions,” said Raja Seetharaman, co-founder, Propstack.

Experts say after a devastating wave in the second quarter of 2021, leasing activity improved meaningfully in Q3 2021 for the first time since the onset of the pandemic. The strong surge in leasing activity can be attributed to the translation of pent-up demand from previous quarters as corporates are planning for a gradual re-entry due to a significant decline in Covid-19 cases.

Demand for new leases has improved significantly due to robust hiring plans of firms in the IT-BPM, BFSI and manufacturing sectors looking to set up new global in-house centres, said Bhupindra Singh, Managing Director – Office Services, Colliers India.

It was reported recently that Wipro has leased a commercial tower in Navi Mumbai spread across 3.5 lakh sq ft for a tenure of 10 years.

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