Accenture has leased and renewed 5.84 lakh sq ft of office space in Airoli, Navi Mumbai in Mindspace Business Parks REIT through three long term lease agreements of 10 years. The deals include 3.08 lakh sq ft of fresh leasing and expansion and 2.76 lakh sq ft of renewals.
The transactions take Accenture’s total office footprint with Mindspace REIT in Navi Mumbai to around 1 million sq ft and boosts the technology and consulting company’s presence in commercial office space.
Accenture Adds Space Across Airoli East and West
The fresh leasing and expansion at Mindspace Airoli West and Mindspace Airoli East are 1.60 lakh sq ft and 1.48 lakh sq ft respectively. In total, they sum up to 3.08 lakh sq ft, besides the 2.76 lakh sq ft from renewals.
With the additional space at Airoli West, Accenture will occupy an entire eight-floor building. Its expanded presence at Airoli East will span seven floors. The transactions bring more of the company’s Navi Mumbai operations within the REIT’s business parks, where it already has an established presence.
The difference between new space and renewals is significant. Though the total area covered under the agreements is 5.84 lakh sq ft, only about half of it is fresh leasing and expansion. The balance is on renewals of existing offices.
Accenture at Mindspace Airoli: space leased and renewed
Leases Carry Rs. 70 Per Sq Ft Monthly Rent
The agreements carry a monthly rental rate of Rs. 70 per sq ft, with a lease tenure of 10 years and an annual rental escalation of 4.5%. Based on the combined area and assuming the same rental rate applies to both renewed and newly leased space, the estimated rental value over the full tenure works out to around Rs. 605 crore, including annual escalations.
The estimate excludes common-area maintenance charges, fit-out costs and other expenses. It represents the projected rental value under the reported assumptions rather than the total cost of occupying the premises.
The ten year tenure secures the office space over the long-term while allowing Accenture to expand its operations across the two business parks.
New Space Expected to Accommodate Around 10,000 People
The fresh leasing and expansion are expected to accommodate around 10,000 people. The offices will support operations, technology functions, global capability centre (GCC) activities and back-office operations.
Accenture has been adding office space across major Indian markets in recent months. It has also leased around 3 lakh sq ft at Hiranandani Estate in Thane under a separate 10-year agreement. The latest transactions in Airoli add to this activity, with the new and expanded premises expected to support the company’s workforce and business functions.
The expected capacity of around 10,000 people relates to the fresh and expanded space, not necessarily the entire 5.84 lakh sq ft covered by the agreements. The renewed area is existing office space, so it should not be treated as an equivalent addition to capacity.
Accenture Expands Its India Office Footprint
Accenture’s leased office portfolio in India was previously estimated at around 11.5 million sq ft. Following additional leasing of approximately 4 million sq ft in recent months, its overall office footprint is now estimated at around 15 million sq ft. The company has more than 350,000 employees in India. Like Accenture, Wipro has also expanded its office space at Mindspace Airoli, leasing 1.45 lakh sq ft at the business park.
Airoli has developed into an established office destination for multinational companies and GCCs, supported by its talent pool, comparatively lower occupancy costs and access to nearby residential areas. Infrastructure improvements, including Atal Setu and Navi Mumbai International Airport, are also expected to improve connectivity across the wider region.
The latest transactions add to the concentration of large corporate occupiers in Airoli’s business parks. For Accenture, the agreements combine additional workspace with the renewal of existing offices, while taking its footprint with Mindspace REIT in Navi Mumbai to nearly 1 million sq ft.
