MetLife leases 2.95 lakh sq ft office space in Noida
Global insurance provider, MetLife has leased 2,95,000 sqft office space in Embassy Oxygen, Noida to expand its business.
The new facility that is expected to go live soon and can seat 2750. According to the market sources, the Metlife will be paying an average rental of Rs 60 per sft in Embassy Oxygen. "The new facility will work as a global capacity centre for the insurance giant and will support it's US operations, ” said people aware of the deal.
Embassy Oxygen is a 3.3 mn sft office building, part of theEmbassy REIT. Other tenants in the property includes Optum Global, NTT Data, GlobalLogic EXL, Sapient Consulting.
Vikaash Khdloya, Deputy CEO and COO, said that there has been a healthy demand for an office. "We are working on a number of new leasing enquiries and RFPs though these are likely to take couple of quarters to move to conclusion. While today’s immediate occupier focus is business continuity and employee safety, we see return of robust office demand and healthy rental growth over the coming quarters given de-densification and ever increasing need for technology supported solutions." However, he did not confirm.
During H1 2020, gross absorption in Delhi-NCR fell 27% YOY to 3.2 million sq feet. Majority of the leasing activity was led by NOIDA that accounted for 56% of the total leasing in the region said Colliers International in it's latest report.
"We foresee the markets to pick up in H2, 2020 as most transactions for Q2 have been pushed to the second half and majority of occupiers have now started taking decisions about their real estate portfolios”, said Sanjay Chatrath, Managing Director, North India at Colliers International India.