Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
iSprout has expanded its Hyderabad presence by leasing an additional 1 million sq ft of premium office space across SAS iTower, iSprout Tower at Minaas, and Trendset Jayabheri Connect. This brings their total managed space in the city to 1.7 million sq ft, strengthening their leadership in innovative, tech-driven work environments.
READ MOREIndia’s office space absorption rose by 14% in Q3 2024, reaching 12.16 million sq ft across seven major cities, led by Bengaluru. While most cities saw growth, Hyderabad and Kolkata experienced declines. Overall, office demand remains strong, driven by corporate expansion and economic recovery, with 31.03 million sq ft absorbed year-to-date.
READ MORENvidia has renewed its 10-year lease for 375,000 sq ft of office space in Pune’s Yerwada at Commerzone Tower. The deal includes a 5% annual rent escalation. This renewal underscores Nvidia’s commitment to India’s growing tech landscape, focusing on AI, GPUs, and cloud computing innovations.
READ MOREIn Q3 2024, office space absorption in India’s top six cities surged 31% year-on-year, driven by large deals in Bengaluru, Hyderabad, and Pune. The tech and BFSI sectors led demand, with 17.3 million sq ft leased. New Grade A office supply also grew by 33%, reflecting a strong market recovery.
READ MOREM3M has leased 220,000 sq. ft. to Incuspaze at M3M Urbana Premium in Gurugram. This deal reflects rising demand for flexible workspaces, with Incuspaze expanding across India. The flexible workspace market is projected to grow significantly by 2030, offering scalable solutions for businesses. M3M plans to lease 2 million sq. ft. in 2024.
READ MOREIndia’s flexible office space sector has attracted $820 million in private equity funding since 2017, driven by corporate demand for innovative workspaces. Despite fluctuations, the sector has leased 52.9 million sq ft with a 22% growth rate. The future looks promising, with flexible operators embracing technology and ESG principles.
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