Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
Office space demand in six major Indian cities is projected to rise 35% in Q1 2024, reaching 13.6 million sq ft. Hyderabad leads with a twofold increase, followed by significant growth in Mumbai and Bengaluru. The technology, engineering, manufacturing, and BFSI sectors drive this surge, with flexible workspaces also in high demand.
READ MORERegus opens a new flexible workspace in GMR Aerocity, Hyderabad, catering to various workstyles with modern, sustainable facilities. The workspace features business lounges, co-working spaces, and rentable offices. Located in GMR Business Park, it enhances Regus’s footprint in Hyderabad and offers strategic value to businesses of all sizes.
READ MOREIndia’s Global Capability Centers (GCCs) are set to occupy 26 million sq ft of office space by 2027. With 6,667 deals from 2018-2023, GCCs are crucial to India’s innovation landscape. Projections show that 1,900 centres will be built by 2025, driven by the IT/ITeS, BFSI, and consulting sectors, highlighting India’s global strategic importance.
READ MOREBHIVE Workspace has leased 42,000 sq ft from Brigade Group in Bengaluru, expanding its presence in Mahadevapura. The new facility supports 1,200+ seats and features tech-enabled conference rooms. This lease is part of BHIVE’s plan to add 1 million sq ft of managed office space, doubling revenue to ₹348 crore in FY 2024-25.
READ MOREDelhi-NCR ranks as APAC’s fifth most expensive office rental market, with monthly prime office rents at Rs 340 per sq ft. Indian office space transactions surged 50% in Q2 2024, driven by returning employees and strategic corporate investments. Mumbai and Bengaluru also saw stable rental rates and high demand.
READ MOREThe Union Budget 2024-25 offers major advantages for the commercial real estate sector, including urban development, rental housing reforms, and policies supporting the growth of coworking spaces.
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