Swedish telecom equipment manufacturer Ericsson has agreements to lease up to 525,000 square feet of office space from Skootr at the Vatika One on One building in Gurgaon, in one of the largest managed workspace agreements in the nation, according to three people with knowledge of the arrangement.
In addition to keeping the right of first refusal for an additional 200,000 square feet, the business has inked a lease to lease around 325,000 square feet for immediate move-in.
The demand for managed and flexible space in the nation has been brought to light by Ericsson’s decision to acquire a huge office with a manager and office space provider, in addition to its two existing locations in Gurgaon.
According to someone with knowledge of the situation, the corporation has also agreed to a 5-year lock-in, which is also extremely uncommon in the sector.
Another source claims that Vatika, the building’s builder, will hand over the first phase of the structure to Skootr in three to four months, and that the managed workspace provider will need an additional three to four months to finish the fit-out and prepare the office for Ericsson.
Vatika and Skootr did not respond to an email request for comment, and Ericsson did not answer either.
In light of the fact that demand for managed space has increased significantly since Covid faded, Skootr had previously stated that it intended to add 1.5 million square feet of space in the current fiscal year 2024.
In Max Square, the newest property by Max Estates in Noida, Skootr has leased 100,000 square feet over two floors and expects to add 500,000 square feet in the National Capital Region within a year.
Occupiers are gravitating toward managed offices as a result of the growing desire for flexibility. They want office solutions that are readily scaled up or down to meet their changing demands.