Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
M3M 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.
READ MOREIndia’s real estate market is projected to reach $10 trillion by 2047, contributing up to 20% of the nation’s GDP. Rapid urbanisation, foreign investments, and technological advancements will fuel growth. Sustainability and PropTech will play pivotal roles, with reforms like RERA and REITs driving future Expansion.
READ MOREChevron Global Technology & Services has leased 300,000 sq ft of office space from RMZ Corporation in Bengaluru for its $1 billion Chevron Engineering and Innovation Excellence Center (ENGINE). This move highlights India’s growing role as a hub for Global Capability Centres (GCCs) and RMZ’s leadership in premium office spaces.
READ MOREAhmedabad recorded a 99% year-on-year growth in small office space sales, with 0.73 million sq ft transacted in H1 2024. Small offices comprised 44% of total transactions, driven by the city’s thriving business environment. Large and mid-sized spaces also saw significant growth, with development plans boosting future demand.
READ MOREIndia’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.
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