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Ericsson is in talks to lease over 500,000 sq ft of workspace from Skootr in Gurugram

Ericsson, the Swedish telecom equipment manufacturer, has inked deals to rent up to 525,000 square feet of office space from Skootr at Gurgaon’s Vatika One on One building. This marks one of the most extensive managed workspace agreements in the country, according to three sources familiar with the development.

Under the agreement, Ericsson is set to lease approximately 325,000 square feet for an immediate move-in while also retaining the first right of refusal for an additional 200,000 square feet.

“Ericsson already has two offices in Gurgaon, and the decision to take a large office with a manager and office space provider has highlighted the demand for managed and flexible space in the country. The company has also signed a 5-year lock-in, which is also very rare in the industry,” said one person aware of the development.

As per another source, Vatika, the developer, plans to hand over the initial phase of the building to Skootr within the next 3-6 months. Following this, Skootr anticipates an additional 3-4 months to carry out the fit-out process and prepare the office space for Ericsson.

Skootr had previously expressed its goal of incorporating 1.5 million square feet of space in the current fiscal year 2024, citing a substantial surge in demand for managed workspace since the decline of the Covid pandemic.

Skootr has recently secured a lease for 100,000 sq ft spanning two floors in Max Square, the latest project by Max Estates in Noida. The company aims to expand its presence in the National Capital Region by adding 500,000 sq ft within the following year.

The surge in demand for flexibility has prompted occupiers to shift towards the managed office segment. Businesses are seeking office solutions that can adapt to their evolving requirements and offer easy scalability as needed.

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BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.