Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
India’s office space demand reached 46.7 million sq ft in the first nine months of 2024, with Bengaluru and Hyderabad leading the leasing activity. Flex spaces and large enterprises drove the surge, while new supply increased by 33% year over year. The tech and BFSI sectors also contributed significantly to the growth.
READ MORE91Springboard expands its presence in Hyderabad with a new 48,000 sq. ft. hub in HITEC City, offering flexible workspace solutions for medium and large businesses. Located in Raheja Commerzone Hetero Tower, this is 91Springboard’s 31st hub in India, providing modern amenities and tailored office spaces to enhance productivity.
READ MOREBHIVE appoints Venkatesh Shenoy as Chief Operating Officer (COO) to lead its managed office and coworking operations. With 18 years of experience in operations and supply chain management, Shenoy will focus on scaling operations and expanding BHIVE’s footprint to become India’s top real estate company.
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 MOREMorgan Stanley has secured a 1.1 million sq ft office space lease in Mumbai’s Oberoi Commerz III for ₹2,122 crore, marking India’s largest office lease deal this year. The nearly 10-year agreement reflects the growing demand for large-scale premium workspaces in India’s commercial real estate market.
READ MOREDomestic firms are projected to lease 60-65 million sq ft of office space by 2024-25, driven by government initiatives, a robust banking sector, and a booming startup ecosystem. Key sectors include flexible space operators, BFSI, and technology. Flexible workspaces are expected to expand, with 80 million sq ft by 2024.
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