Ericsson in talks to pick up over five lakh sq ft workspace on lease from Skootr in Gurugram

The company has signed an agreement to lease workspace about 325,000 sq ft for immediate move-in and kept the right of first refusal for another 200,000 sq ft.

Swedish telecom equipment maker Ericsson has signed pacts to lease up to 525,000 square feet of office space from Skootr, a managed workspace provider, in Gurgaon. This is one of the largest managed workspace deals in India.

Ericsson will initially lease 325,000 square feet of space for immediate occupancy, with the option to lease an additional 200,000 square feet in the future. The company has signed a five-year lease agreement, which is rare in the industry.

The office space is located in the Vatika One on One building, which is being developed by Vatika Group. The first phase of the building is expected to be delivered to Skootr in 3-6 months, with the fit-out and office setup taking an additional 3-4 months.

Skootr has been expanding its managed workspace portfolio in India, with plans to add 1.5 million square feet of space in fiscal 2024. The company has recently leased 100,000 square feet in Noida and plans to add 500,000 square feet in the National Capital Region in the next year.

The increasing demand for flexibility is driving occupiers towards managed office solutions, which can be easily scaled up or down as needed.

Key highlights of the deal:

• Ericsson has signed agreements to lease up to 525,000 square feet of office space from Skootr.
• The company will initially lease 325,000 square feet of space for immediate occupancy.
• Ericsson has the option to lease an additional 200,000 square feet in the future.
• The company has signed a five-year lease agreement.
• The office space is located in the Vatika One on One building in Gurgaon.
• Skootr has been expanding its managed workspace portfolio in India.

What does this deal mean for the future of managed workspaces in India?

The Ericsson deal is a sign that managed workspaces are becoming increasingly popular in India. This is due to a number of factors, including the increasing demand for flexibility, the growth of the coworking industry, and the rise of the digital nomad.

Managed workspaces offer a number of benefits to businesses, including:

• Flexibility: Managed workspaces can be easily scaled up or down as needed, which is ideal for businesses with fluctuating workforces.
• Cost-effectiveness: Managed workspaces can be more cost-effective than traditional office space, as businesses do not have to worry about the upfront costs of fit-out and furniture.
• Convenience: Managed workspaces provide businesses with a number of amenities and services, such as high-speed internet, meeting rooms, and printing facilities.

As the demand for managed workspaces continues to grow, it is likely that we will see more deals like the Ericsson deal in the future. This is good news for businesses, as it will give them more options when choosing office space.