Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
BFSI and flex spaces drove 39% of India’s office space absorption in Q3 FY24, while IT-ITeS demand declined. Southern cities dominated, with Bengaluru leading at 36%. Pan-India vacancy dropped to 14.8%, and new completions rose 3%. Hyderabad topped new supply, reflecting robust growth amid evolving workspace trends and economic resilience.
READ MOREAwfis Space Solutions will design, build, and manage 1.65 lakh sq ft of office space for NSE in Mumbai’s Adani Inspire building, expanding its footprint in BKC. The deal reflects Awfis’ leadership in the flex space sector, which is driven by rising demand and strong financial growth, including a 40.5% revenue surge.
READ MOREBrigade Group is set to transform Hyderabad’s skyline with South India’s tallest tower in Kokapet. Rising over 200 meters, the landmark will feature World Trade Center-branded office spaces, a seven-story Orion Mall, and a luxury Intercontinental hotel, redefining urban sophistication and boosting Hyderabad’s status as a global business destination.
READ MORECapitaLand Investment (CLI) secures over SGD 1 billion for its India Growth Fund 2 (CIGF2) with Daibiru Corporation’s SGD 131 million investment. Focused on premium business parks, CIGF2 targets India’s gateway cities. Backed by Mitsubishi Estate, CLI’s asset-light model attracts global tenants and underscores international confidence in India’s commercial real estate market.
READ MOREAmazon India is relocating its Bengaluru headquarters to reduce costs, saving nearly ₹8 crore annually on rent. The move affects 5,000 employees and raises challenges for landlord Brigade Enterprises. Meanwhile, Amazon’s logistics and payments units show steady growth, and its wholesale division reduces losses amid stricter FDI regulations in India.
READ MOREDelhi NCR ranks India’s most expensive office market and 6th in Asia-Pacific, with rents at ₹340/sqft/month. Mumbai follows at 8th with ₹317/sqft, while Bengaluru ranks 18th as a cost-effective option. Knight Frank highlights stable rents, strong global demand, and record transaction volumes driving India’s thriving office market.
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