Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
Smartworks Coworking Spaces reported a ₹50 crore loss for FY 2023-24 despite a 50% reduction from the previous year. As it prepares for an IPO, the company plans to use the funds for expansion and debt repayment, aiming to achieve profitability amid India’s recovering coworking market.
READ MOREBlackstone Group has acquired Mumbai’s iconic One BKC building in Bandra Kurla Complex for ₹2,500 crore, marking India’s largest commercial real estate deal this year. This acquisition is part of Blackstone’s aggressive expansion in India’s office space market, reflecting the growing demand for premium commercial properties.
READ MORETable Space has bolstered its leadership by appointing John Hogan as Chief Sales Officer, Americas, and Robert Newman as Non-Executive Chairman. These strategic hires are part of Table Space’s global expansion efforts and commitment to GCCs. The company continues to lead India’s managed workspace market, operating over 9.5 million square feet across 60+ centres.
READ MOREIndia’s office market embraces sustainability, with 65% of Grade A spaces now green-certified. Bengaluru leads the way, driving demand for eco-friendly offices. Tenants are willing to pay a 12-14% premium for these spaces, recognising their benefits for productivity and well-being. Green certifications are shaping the future of real estate in India.
READ MORERevenue
Awfis Space Solutions Ltd pivots to profit in Q1 FY24, netting Rs 2.78 crore after last year’s loss, with revenue soaring by 39% to Rs 267.8 crore. Expanding across India’s major cities, Awfis now operates 169 centres, offering a versatile mix of workspace solutions, signalling a shift towards flexible office environments.
Prime office rents in the Asia-Pacific region saw a 3.1% decline in Q2 2024, driven by a sharp drop in Chinese cities. Conversely, India experienced a surge in office leasing, with significant growth in Bengaluru and Mumbai. Australia’s market grew, while Southeast Asia and New Zealand had mixed results.
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