Ernst and Young leases 115,000 sq ft office space in Noida

Global consultancy firm Ernst and Young (EY) has leased 115,000 sq ft office space at Noida’s Advant Navis Business Park, three people aware of the development, said.

According to one person, the office space is part of the company’s expansion plan.

EY was in talks with Advant for more than six months and deal was concluded recently.

International property consultant CBRE facilitated the deal but they declined to comment on the development.

EY and Advant did not respond to an email seeking comment till press time.

According to experts, Noida has emerged as the preferred destination for companies looking to relocate or expand with rental less than a US dollar per square feet.

In NCR, Noida contributed 55% of net absorption, backed by strong pre-commitment in the new completions of office space real estate projects followed by Gurugram with 38%.

According to a report by Cushman & Wakefield, Delhi NCR sees improvement in office leasing activity despite the evolving Covid situation.

“Noida has emerged as a preferred destination for global companies due to better infrastructure and lower rentals. The announcement of some big projects such as airport and Film City has also fuelled the demand. Once the lockdown is lifted, we will see more leasing activity in NCR,” said Vibhor Jain, managing director – North India, Cushman & Wakefield.

Office space take-up in Delhi NCR kept pace with the leasing momentum during the last quarter with Q1 2021 recording gross leasing of 2.05 million sf, according to Cushman & Wakefield report.