The company has moved from its existing space on Sohna Road to Gurugram and is consolidating its operations.
International Tech Park Gurgaon (ITPG) is an IT Special Economic Zone (SEZ) developed by CapitaLand India.
Although rental activity accelerated in the third quarter of 2021, it has yet to reach pre-pandemic levels measured in terms of the quarterly average seen in 2019 and the first quarter of 2020, according to JLL.
“Stryker took up a slightly larger space than the previous one. The company also has an R&D center in Manesar, ”said one of the people named above.
JLL was the transaction advisor for the transaction. CapitaLand India and Stryker did not respond to questions from ET.
In India, Stryker began commercial operations in 1999, with its headquarters in Gurugram and regional sales offices in Mumbai, Chennai and Kolkata. The company established the Stryker Global Technology Center (SGTC) R&D in 2006 in Gurugram.
According to experts, the momentum for leasing office space has accelerated and companies are no longer downsizing or leaving premium space, which was a trend after the Covid-induced lockdown in March 2020.
Delhi NCR recorded the highest net absorption among the top 7 cities considered this quarter. The net absorption recorded this quarter was 32% higher than that recorded in the first quarter of 2021, indicating a strong market recovery despite a decline in the second quarter of 2021.
Rental activity was mainly driven by the manufacturing sector which accounted for around 40% of total rental activity.
Samsung recently leased 370,000 square feet of office space to Candor TechSpace SEZ, part of the Brookfield REIT portfolio, in one of the largest transactions in the NCR in recent years.
Net office absorption in India was 5.85 million square feet in the third quarter of 2021 (July-September), a jump of 48% from the previous quarter and an 8% year-on-year growth in major cities, according to JLL’s Office Market Update-T3, 2021.