CitiCorp's Massive Office Space Lease in Pune: A Game-Changer in Real Estate

CitiCorp Services India Pvt Ltd has leased 7.71 lakh square feet of office space in Pune's Panchshil Business Hub for a monthly rent of nearly Rs 7 crore. The leases span a decade with periodic rent hikes. This move marks a significant moment in Pune's burgeoning office market sector.

CitiCorp Services India Pvt Ltd has secured a significant lease, acquiring 7.71 lakh square feet of office space in Pune's Panchshil Business Hub. This strategic move involves a starting monthly rent close to Rs 7 crore, setting the foundation for growth in the city's dynamic real estate market.

The lease agreements, officially registered on March 12, span approximately 10 years, with periodic rent escalations of 15% every three years. This underscores Pune's strategic importance as a key office market in India, amid soaring demand from both foreign and domestic companies.

Industry experts highlight the unprecedented surge in office space leasing in 2024, a testament to Pune's evolving status as a commercial hub. This sizable agreement not only boosts Pune's market stature but also reflects a broader trend of increasing investment in India's office space sector.

(With inputs from agencies.)