According to the company, HP will use the new facility to house around 1800 employees. “The office space was coming up Prestige Metropolitan and signed at Rs 75 per sqft. The lease is for 15 years,” an HP official told TO on condition of anonymity.
Prestige Metropolitan is a 5 lakh sq ft Grade A Premium office development located on Chennai's main arterial road, mount road. “The new office for HP will see it moving away from multiple locations in Chennai and consolidating in Prestige Metropolitan. The office is under fit-outs and will be operational between March and June next year,” the HP official said.
The company at present is undergoing major restructuring which includes streamlining headcounts globally. The technology firm currently employs 55,000 employees globally and expects restructuring plans to save $1 billion by 2022.
Following the Covid-19 outbreak last year, top Indian cities have seen a significant rise in large office space transactions. Bengaluru, the IT capital of the country, recorded the highest number of office deals in 2021.
Some of the large deals closed recently in Bangalore alone include Cisco 2,700,000 sqft Prestige Cessna and Byju's renting 2,93,000 sq ft in PrestigeTech Park. This was followed by Collins Aerospace leasing 2,75,000 sq ft in Northgate SEZ in the city.
The Indian office market is expected to witness a rebound-driven expansion in the information technology, IT-enabled services sector record hiring, and aggressive vaccination rates in the country. By the end of the third quarter, the IT sector had leased 8 million sq ft, mentioned Knight Frank.