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DLF has leased over two lakh square feet of office space in Downtown 3 Gurgaon to an athletic clothing brand for nine years at a cost of about Rs 130 per sq. ft. per month.
The DLF Downtown project is located on National Highway 8 as the Downtown 2 and Downtown 3 are completed and fully leased. According to sources, the two towers have gotten an occupancy certificate and are currently being fitted out.
Eight to nine corporate tenants have taken up the entire 1.6 million square feet in the two towers. Construction on the third tower, Downtown 4, which would cover an area of 2 million square feet, will begin soon and will take around 2.5 years to finish, they said.
DLF declined to respond, claiming client confidentiality as an excuse. Adidas has yet to comment on the deal. According to real estate specialists, while retail has reached pre-COVID-19 levels, office space rental is also ramping up quickly.
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The majority of DLF’s rental properties are held by DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore’s sovereign wealth fund GIC. DLF owns about 67% of the DCCDL, with GIC owning the remaining.
DLF revealed plans to build a 2 million square foot office complex in Gurugram in October, as demand for premium workspace from corporates and co-working operators increased. The company also stated that it would lease two huge malls as well as local shopping centres.
DLF, India’s largest real estate firm has built over 153 real estate projects totalling 330 million square feet. The corporation has 215 million square feet of residential and commercial development potential. The DLF Group’s annuity portfolio totals more over 40 million square feet.