Major IT operator Cognizant Technology Solutions India has signed a lease agreement for a commercial space measuring 645,172 square feet at Embassy Splendid TechZone in Chennai. The lease term is five years, and the monthly rent is set at 4.77 crore rupees, with a 15% increase every three years.
According to deal documents obtained by Propstack, the company will pay rent for the 645,172 sq ft area at a rate of 74 rupees per square foot per month. The leased space is located on the first through ninth floors of Tower 3 in the Embassy Splendid TechZone Block 1 complex, situated in the Pallavaram area of Chennai.
Previously, in September, the same company signed a lease agreement with flexible workspace operator WeWork India for an area of 141,392 sq ft. These office spaces are also located in the Pallavaram office park on the Pallavaram-Thooraipakkam Road.
Furthermore, in 2025, the company extended its lease at Mindspace Business Parks in Navi Mumbai, signing a new five-year contract for 92,208 sq ft with a monthly payment of 62,701,44 rupees.
These deals occur against the backdrop of record office space absorption in the Indian real estate market. A recent report by consulting firm Anarock Research & Advisory showed that net absorption reached 49.2 million square feet in the first nine months of 2026, demonstrating a 2% year-on-year growth compared to 48.2 million sq ft during the same period last year.
There is also a significant shift: co-working spaces have overtaken Information Technology (IT) and IT-enabled Services (ITeS) as the largest office space tenants for the first time in nine months. Another report from consulting company Knight Frank India demonstrated stable office leasing in the first nine months of 2026, with transactions across eight key markets totaling 66.7 million square feet, matching the level of the same period last year.
