Amazon Expands in Bengaluru with 1.1 Million Sq Ft New Office Space
- Industry News
- June 20, 2024
Bengaluru led India’s office leasing surge in 2024, with a 56% YoY growth, absorbing 16.4 million sq ft from January-September. Across nine key cities, total office leasing hit 53.8 million sq ft, driven by tech, e-commerce, and flexible space operators. Office leasing is projected to reach 70 million sq ft by year-end.
READ MORENvidia has renewed its 10-year lease for 375,000 sq ft of office space in Pune’s Yerwada at Commerzone Tower. The deal includes a 5% annual rent escalation. This renewal underscores Nvidia’s commitment to India’s growing tech landscape, focusing on AI, GPUs, and cloud computing innovations.
READ MORENet office leasing in India is projected to grow 10-12% to 41-43 million sq ft in FY25, driven by strong demand from GCCs, BFSI, and manufacturing sectors. Vacancy rates are stabilising, and GCCs are expected to account for 40-45% of total net leasing, signalling continued growth in commercial real estate.
READ MOREUrban Vault has leased 1 lakh square feet in Bengaluru’s Brigade Summit to meet the rising demand for flexible workspaces. The facility offers 2,000 desks at ₹9,000 per seat. Urban Vault plans further expansion into Pune, Gurugram, Hyderabad, and Mumbai, positioning itself as a key player in India’s coworking market.
READ MORECiena has leased 1.35 lakh sq. ft. in Gurugram’s TRIL Tower to expand its operations in India. This strategic move highlights the growing demand for premium office spaces in Gurugram, a key business hub. It reflects Ciena’s commitment to strengthening its presence in the telecommunications and IT sectors.
READ MOREBlackRock Services India has leased 42,700 sq. ft. of office space in Mumbai’s Worli at Rs 1.1 crore per month. The five-year lease includes a 36-month lock-in period and escalations in rent over time. The office is located in the Altimus Tower by K Raheja Corp.
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