Global medical technology company Stryker has leased a 150,000 sq ft office at the International Tech Park in the Golf Course Road Extension in Gurugram, two people aware of the development said.
The company has relocated from its existing space at Sohna road in Gurugram and is consolidating its operations.
International Tech Park Gurgaon (ITPG) is an IT Special Economic Zone (SEZ) developed by CapitaLand India.
Although the leasing activity gained momentum in Q3 2021, it is yet to reach the pre-pandemic levels measured in terms of quarterly average seen in 2019 and Q1 2020, according to JLL.
“Stryker has taken a slightly bigger space than the earlier one. The company also has an R&D centre in Manesar,” said one of the persons quoted above.
JLL was the transaction advisor for the deal. CapitaLand India and Stryker did not respond to ET’s queries.
In India, Stryker began its commercial operations in 1999, with its headquarters in Gurugram, and regional sales offices in Mumbai, Chennai and Kolkata. The company established Stryker Global Technology Center (SGTC) R&D in 2006 in Gurugram.
According to experts, the momentum in office space leasing has picked up and corporates are not downsizing or leaving premium space any more, which was a trend after the Covid-induced lockdown in March 2020.
Delhi NCR recorded the highest net absorption among the top 7 cities taken under consideration this quarter. The net absorption recorded this quarter surpassed that logged in Q1 2021 by 32%, indicating a strong market recovery despite a dip in Q2 2021.
Leasing activity was mostly driven by the manufacturing sector that accounted for about 40% of the total leasing activity.
Samsung recently leased 370,000 sq ft of office space at Candor TechSpace SEZ, a part of Brookfield REIT portfolio, in one of the biggest deals in NCR in recent years.
India’s net office absorption stood at 5.85 million sq. ft in Q3 2021 (July-September), a jump of 48% when compared to the previous quarter and an 8% Year-on-Year (YoY) growth in major cities, according to JLL’s Office Market Update-Q3, 2021.