Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
Urban Vault has expanded its flexible office space by 120,000 sq ft in Bengaluru’s central business district to meet corporate demand. With over 2 million sq ft in its portfolio, Urban Vault is set to expand to Gurugram, Pune, and Mumbai, aiming to become a leading provider of flexible workspace solutions in India.
READ MOREAmazon, Honeywell, and Synopsys secured major office leases in Bengaluru, highlighting the city’s position as India’s top office space market. These deals, totalling over 1.6 million sq ft, align with Bengaluru’s record-breaking office leasing activity, which accounts for 30% of India’s total leasing and signals strong future demand.
READ MOREIndia’s office market is booming, with record leasing expected to surpass 80 million sq ft this year, driven by demand from multinationals and Global Capability Centers (GCCs). Luxury residential demand remains strong, and new REIT regulations are expanding investment opportunities, solidifying India’s role in the global real estate landscape.
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 MOREWeWork India reported a 26.7% revenue growth to Rs 1,665 crore in FY24, reducing losses and achieving a strong EBITDA margin of 64.42%. Amid its global parent’s restructuring, WeWork India is considering an IPO with a $2-2.5 billion valuation, reflecting confidence in India’s flexible workspace demand.
READ MOREAccording to CBRE, office space supply in India’s top nine cities surged by 46% to 13.4 million sq ft in early 2019, led by Hyderabad’s unprecedented growth. With demand from corporates and coworking operators rising, developers are investing in flexible workspaces and SEZs to support expanding businesses and startups.
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