Zomato Leases Large Office Space in Gurugram, Eyes Further 1 Million Sq Ft Expansion

Zomato, the prominent food delivery company, has secured a lease for 270,000 square feet of office space at Tata Realty and Infrastructure's Intellion Park in Gurugram. This move is part of the company's strategy to expand its office footprint. Furthermore, Zomato is reportedly in advanced negotiations to lease another approximately 1 million square feet in Gurugram, with an option to potentially double that area. If finalized, this could represent one of the most significant office space deals in the country. The expansion underscores a continued strong demand for commercial office spaces in India's key metropolitan areas. Industry experts attribute this demand to the establishment of new Global Capability Centers (GCCs), the growth of flexible workspace providers, a rise in unicorn startups, and the expansion of Big Tech firms. Other companies like Ciena have also leased significant space at Intellion Park, which hosts occupiers such as Google and IBM. The Delhi-National Capital Region (NCR) saw a gross leasing volume of 5.1 million square feet in the September quarter, marking a 10% quarter-on-quarter and 56% year-on-year increase, with Gurugram accounting for the majority of this leasing activity. New supply also entered the market, and the vacancy rate declined. Impact: This development is positive for Zomato, signaling operational growth and confidence. It also benefits the commercial real estate sector, particularly developers like Tata Realty and Infrastructure, and reinforces the positive outlook for the Gurugram and Delhi-NCR office market. Rating: 7/10