IT major Cognizant Technology Solutions India has leased 645,000 square feet (sq ft) of commercial space in Chennai for five years at a monthly rent of ₹4.77 crore.
According to transaction documents accessed by Propstack, the company will pay rent for a chargeable area of 645,172 sq ft at a monthly rate of ₹74 per square foot.
The company is leasing space from the ground to the ninth floor of Tower 3 at Embassy Splendid TechZone Block 1, an office park in the Pallavaram locality of Chennai.
The lease agreement is for five years, with rent escalating by 15 per cent every three years.
Earlier in September, the company signed a lease agreement with flexible workspace operator WeWork India for an area of 141,392 sq ft. The office space was also located in the Pallavaram-based office park on Pallavaram-Thoraipakkam Road.
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In 2025, the company renewed its office lease at Mindspace Business Parks in Navi Mumbai, signing a fresh five-year agreement for 92,208 sq ft at a monthly rent of ₹62,70,144.
The deal comes at a time when India’s real estate market is witnessing record office absorption. A recent report by real estate services firm Anarock Research & Advisory revealed that net absorption reached 49.2 million square feet (msf) in the first nine months of 2026, indicating year-on-year growth of 2 per cent from 48.2 msf in the same period last year.
Further, a notable shift is underway, with co-working spaces overtaking information technology (IT) and IT-enabled services (ITeS) as the largest occupiers of office space for the first time in a nine-month period.
Another report by real estate consultancy Knight Frank India showed that office leasing remained stable in the first nine months of 2026, with transactions across eight key markets totalling 66.7 million square feet, mirroring levels recorded during the same period last year.