Workday Leases 1.94 Lakh Sq Ft Office Space in Chennai’s Perungudi

Chennai’s commercial real estate market continues to witness strong traction as global enterprises expand their footprint in key business hubs. In a significant development, Workday India Private Limited has leased approximately 1.94 lakh sq ft of premium office space in Perungudi, one of Chennai’s fastest-growing IT corridors.

The office space, located within the Millenia Business Park campus, has been leased from Cowrks India Pvt Ltd at a monthly rental of around ₹1.85 crore. The transaction highlights the growing preference for Grade A office spaces in well-connected micro-markets that offer robust infrastructure and proximity to talent pools.

According to property registration documents, the lease agreement has been structured in phases, with portions of the space becoming operational at different timelines in 2026. The company has also paid a security deposit of approximately ₹13 crore, indicating a long-term commitment to the location. The lease tenure spans seven years, with a 4.75 percent annual rental escalation, aligning with prevailing market trends.

The deal also includes additional payments towards fit-outs, amounting to about ₹1.52 crore per month for the initial six years. This reflects the increasing trend of fully managed office spaces and customized workplace solutions, especially among global technology firms.

Perungudi has emerged as a preferred destination for IT and multinational companies due to its strategic location along the Old Mahabalipuram Road corridor. With seamless connectivity to key residential zones, upcoming infrastructure projects, and proximity to major employment hubs, the micro-market continues to attract large-scale office transactions.

This leasing activity further strengthens Chennai’s position as a competitive commercial real estate market in South India. As demand for flexible and high-quality office spaces grows, developers and workspace providers are expected to see sustained momentum in leasing activity across the city.