Ernst and Young leases 115,000 sq ft office space in Noida – ET RealEstate

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Global consultancy firm Ernst and Young (EY) has leased 115,000 sq ft office space at Noida’s Advant Navis Business Park, three people aware of the development, said.

According to one person, the office space is part of the company’s expansion plan.

EY was in talks with Advant for more than six months and deal was concluded recently.

International property consultant CBRE facilitated the deal but they declined to comment on the development.

EY and Advant did not respond to an email seeking comment till press time.

According to experts, Noida has emerged as the preferred destination for companies looking to relocate or expand with rental less than a US dollar per square feet.

In NCR, Noida contributed 55% of net absorption, backed by strong pre-commitment in the new completions of office space real estate projects followed by Gurugram with 38%.

According to a report by Cushman & Wakefield, Delhi NCR sees improvement in office leasing activity despite the evolving Covid situation.

“Noida has emerged as a preferred destination for global companies due to better infrastructure and lower rentals. The announcement of some big projects such as airport and Film City has also fuelled the demand. Once the lockdown is lifted, we will see more leasing activity in NCR,” said Vibhor Jain, managing director – North India, Cushman & Wakefield.

Office space take-up in Delhi NCR kept pace with the leasing momentum during the last quarter with Q1 2021 recording gross leasing of 2.05 million sf, according to Cushman & Wakefield report.

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EY looks to lease three million sq ft office space in Bengaluru – ET RealEstate

BENGALURU: Professional services firm EY is looking to lease 3 million sq. ft. in Bangalore to consolidate and expand its India back office operations.

The new facility would seat 30,000 employees and also host the company’s global delivery services centre.

”The firm has shortlisted some builders and the deal is likely to be closed soon, ” said a person familiar with the request for proposal.

According to people aware of the plans EY is looking to either set up a company-owned campus or rent out office space in North Bangalore.

“The firm is open to both renting and owning the commercial property totalling to 25 acres, ” said another person aware of the deal.

EY currently occupies 1.1mn sq ft office space across commercial properties in Bengaluru.

The firm has around 35,000 employees working out of different locations in the country and is looking to ramp it further.

At EY global development centres, executives work across functions like finance, business development, technology, talent, procurement and risk management functions to help deliver solutions to global clients.

The firm currently has about 9 global development centres in India in cities like Bengaluru, Chennai, Gurugram, Kochi, Kolkata and Trivandrum.

EY is one of the very few multinational firms that have gone ahead with the office expansion despite the business uncertainties.

Some of the large MNCs that have leased spaces in the past six months include Amazon, WellsFargo, GSK and Google.

According to Colliers International report, Commercial office absorption is seeing uptick in demand across the top six Indian cities, with Q3 2020 gross absorption at 6.5 million square feet (msf), up 58% QOQ. Bengaluru contributed the majority of the transaction followed by Hyderabad and Delhi-NCR.

The rise in leasing activity signals that occupiers are returning to the drawing board to close ongoing deals that were stalled earlier.

However, during January-September 2020, gross absorption fell 46% YOY to 22.5 msf due to the prolonged lockdown in the country.

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