Boom Time For Chennai Real Estate as Hewlett Packard Leases Close to 2 Lakh Square Feet of Office Space in Chennai

According to recent real estate reports, the US technology company Hewlett Packard has leased around 1.8 lakh square feet of office space in Chennai in order to consolidate and grow its operations in the South Indian metropolis.

HP will apparently accommodate around 1800 employees in the new campus.

This transaction would undoubtedly have a significant influence on the Chennai real estate market as well as the South Indian real estate industry.

Prestige Metropolitan is a 5 lakh square foot Grade A Premium office complex located on Mount Artery, Chennai's main arterial road.

Following the global outbreak of the COVID-19 pandemic, HP has undertaken massive restructuring activities, including global staff reductions. The IT company now employs 55,000 people worldwide and intends to save $1 billion through restructuring plans by 2022.

Large office space deals in prominent Indian cities have recently increased significantly.

Bengaluru, the country's IT centre, had the largest number of office sales in 2021.

Cisco 2,700,000 sft Prestige Cessna and Byju's renting 2,93,000 sq ft in PrestigeTech Park are two recent significant agreements done in Bangalore alone. Collins Aerospace then leased 2,75,000 square feet in the city's Northgate SEZ.

The Indian commercial office space market is predicted to bounce back strongly as a result of increased investment in information technology, IT-enabled services, and aggressive immunisation rates in the country. According to real estate sources, the IT industry had leased more than 7.5 million square feet of office space in India by the end of the third quarter.