Accenture leases, renews 5.84 lakh sq ft across Mindspace REIT’s Airoli parks
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Accenture has secured over 5.84 lakh square feet of office space in Navi Mumbai. This includes fresh leasing, expansion, and renewal of existing spaces spanning ten years. The new offices are expected to house around 10,000 employees engaged in various functions. Mindspace Airoli is becoming a preferred location for multinational companies due to its connectivity and lower costs.
Global technology and consulting major Accenture has picked up over 5.84 lakh sq ft of office space through three long-term lease deeds spread over 10 years across Mindspace Business Parks REIT’s business parks in Navi Mumbai, comprising fresh leasing and expansion of 3.08 lakh sq ft along with renewal of 2.76 lakh sq ft.The transactions cover 1.60 lakh sq ft at Mindspace Airoli West and 1.48 lakh sq ft at Mindspace, Airoli East, as part of fresh leasing and expansion, alongside the renewal area. The transactions take Accenture’s total footprint with Mindspace REIT in Navi Mumbai to nearly 1 million sq ft.
With the additional space at Mindspace Airoli West, Accenture will occupy an entire eight-floor building, while its expanded footprint at Mindspace, Airoli East, will span seven floors, showed documents accessed through Propstack, a realty data analytics platform.
The leases carry a monthly rental of Rs 70 per sq ft, with a 10-year tenure and annual rental escalation of 4.5%. Based on the total leased area of 5.84 lakh sq ft, the estimated rental value over the tenure works out to around Rs 605 crore, including annual escalations, on the basis that the same rental rate applies across the renewed and newly leased space. This excludes common area maintenance charges, fit-out costs and other expenses.
The fresh leasing and expansion are expected to accommodate around 10,000 people and will house operations, technology, global capability centre (GCC) and back-office functions.
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Accenture has already been operating from Mindspace REIT’s assets, and the latest transactions consolidate more of its Navi Mumbai operations within the REIT’s business parks. The company has also been adding office space across major Indian markets in recent months including 3 lakh sq ft in Thane’s Hiranandani Estate through a long-term lease of 10 years.
Accenture’s leased office portfolio in India, earlier estimated at around 11.5 million sq ft, has grown following additional leasing of about 4 million sq ft in recent months, taking its total footprint to around 15 million sq ft.
It has one of its largest delivery and workforce footprints in India, with more than 350,000 employees in the country.
ET’s separate email queries to Accenture and Mindspace REIT remained unanswered.
Airoli has emerged as an established office destination for multinational companies and GCCs, supported by its talent pool, relatively lower occupancy costs and access to residential catchments. Infrastructure improvements, including the Atal Setu and the Navi Mumbai International Airport, are also expected to support connectivity across the broader region.
Mindspace, Airoli East, houses companies including Wipro, IBM, Dow Chemicals, eClerx, IKS Health and Syntel. Gigaplex in Airoli West has tenants including HDFC Bank, GEP, HERE Solutions, Axis Bank, Infosys, Table Space, UBS and Worley India.
The transactions underline demand for large office blocks in established suburban business districts, particularly from multinational occupiers consolidating operations and expanding technology-led functions in India.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
