Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
VerSe Innovation, parent of DailyHunt and Josh, has moved to a smaller office, cutting rent by half to save Rs 7.2 crore annually. Following significant layoffs and financial losses, the company joins a wave of startups downsizing to control costs, stabilise operations, and delay IPO plans amid shifting market conditions.
READ MOREPrime Offices Fund (PRIME), managed by NCW, has acquired the premium Prius Platinum office space in South Delhi for ₹750 crore. The 3 lakh sq ft Grade A property is 95% leased and ESG-compliant. This move strengthens PRIME’s strategy of investing in sustainable, income-generating commercial assets across India.
READ MOREA Jet Airways-owned office floor in Mumbai’s Godrej BKC tower is set for auction on June 2 with a reserve price of ₹335.24 crore. Brookfield, which owns two other floors in the building, holds first refusal rights. The sale follows an NCLT order lifting a previous property seal.
READ MOREBihar’s Urban Development Department has approved the construction of permanent office buildings for 15 municipal bodies, including older councils lacking dedicated spaces. This move aims to streamline urban governance. Municipalities must provide land and approvals, with costs estimated at ₹2.49 crore for councils and ₹4.98 crore for nagar panchayats.
READ MOREIncuspaze has leased 2.5 lakh sq ft at Olympia Crest in Chennai’s IT corridor to launch a 4,000-seat managed workspace. This move aligns with the rising demand for flexible offices, especially from global firms in India, and marks the company’s continued nationwide expansion.
READ MOREA new JLL report reveals that 62% of India’s Grade A office spaces across significant cities require retrofitting to stay relevant. With a Rs 45,000 crore investment opportunity, this shift is set to reshape the office market, driven by demand for sustainable, tech-enabled, and experience-driven workspaces.
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