Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
India’s commercial real estate sector is not just booming; it’s on a trajectory for exponential growth. By 2029, its market value is projected to triple, soaring to an impressive $106.05 billion from the current $40.71 billion. The nation’s robust economic expansion, key governmental initiatives like Make in India, and realty sector reforms such as RERA
READ MOREIn partnership with Tribeca Developers, the Trump Organisation will launch its first Trump-branded office complex in Pune by 2025, marking a shift from residential to commercial real estate in India. This expansion includes six new projects across major cities, reinforcing India as the largest hub for Trump properties outside the U.S.
READ MOREIndia’s commercial real estate saw a 54% year-on-year increase in large office space leasing in H1 2024, driven by corporate expansion and Global Capability Centres (GCCs). Bengaluru led with 4.5 million sq ft leased. Mid-sized office spaces grew by 70%, and flexible workspaces remain crucial for IT and startups.
READ MOREIndia has become a top destination for Global Capability Centers (GCCs), leasing 53 million square feet of office space since 2022. With 67% of GCCs planning further expansion, India’s skilled workforce, cost-effectiveness, and supportive government policies continue to attract global firms, boosting the commercial real estate sector.
READ MOREIndia’s Q1 2024 office market showed resilience, with gross leasing surpassing 15 million sq ft, marking the second-best first quarter. Domestic occupiers led the demand, particularly in BFSI, Flex, and manufacturing sectors. Rental values rose, and Delhi NCR and Bengaluru dominated leasing activity.
READ MOREThe Q1 2024 India Office Market Overview by Colliers highlights robust growth in Bengaluru and Hyderabad, driving 50% of leasing activities and 75% of new supply. Rental rates are on the rise, and with stable vacancy levels, the market promises lucrative opportunities for investors and occupiers alike.
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