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New Delhi: Satellite internet company Starlink, owned by Elon Musk, has made a significant move to set up operations in India by renting out its first office in the north of India. The business has entered into a 50-seater office at the World Trade Center in Nauroji Nagar, New Delhi, which is the first physical presence of the business in the country.
The office is put on lease through CorporatEdge, a premium and flexible workspace provider. The relocation is a reflection of a comparable action by OpenAI, a US-based company that has rented its first India office in the same complex. According to the industry sources, the decision to choose Delhi is a plan to remain near the central government institutions and regulatory agencies.
Individuals close to the development claimed that the Indian market is becoming more popular among companies that are entering the market through a Delhi address in order to keep in closeness with the policymakers. As in the case of global technology companies such as Starlink, closeness to decision-makers is regarded as the important factor in the initial phase of operation.
Residential pricing was recently posted on the Indian site of the Starlink company, which means the launch. The company later explained that it was a technical error to be listed. Although it is still communicating with government entities, there has yet to be a commercial rollout schedule announced.
Managed office providers with flexible and high-end spaces are taking root among world companies. The offices offer flexibility in their operations as well as the hospitality-type services, which is why they appeal to firms that establish small, strategic teams.
CorporatEdge has been increasing its presence at a fast rate. Recently the company leased 51,000 sq ft in Godrej GCR in Gurugram and anticipates finishing the financial year with almost 590,000 sq ft of operational and signed space. It has expanded into the international market by leasing 36,000 sq ft in Dubai.
CBRE forecasts that the flexible office space in India will increase to 125 million sq ft by 2027, an increase of 80 million sq ft in 2024. This growth is predicted to be approximately a quarter in the Delhi-NCR area.
A credit rating agency, ICRA, has observed a distinct change in the demand trends, with large enterprises contributing to 55-60 per cent of the total demand of flexible office space. The trend is indicative of an increasing trend of established companies favouring flexible and high-quality working environments.
