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Office Space Market in Bengaluru

Office lease deals in Bengaluru has come down compared to last year, the numbers of these are increasing at a fast clip.

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Office Space Market in Bengaluru

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  1. Commercial Office Bangalore Office Space Market in Bengaluru

  2. IBM and the shared services arm of UK-based auditing and consulting major EY are in the process of taking 500,000 sq ft of office space each at different business parks in Bengaluru. IBM has committed to take the office space in Bhartiya City, an integrated property project at Thanisandra in Bengaluru. The EY arm has taken similar space in Bagmane Tech Park.

  3. Rent expected to pay: IBM is expected to pay around Rs 45 a sq ft or Rs 27 crore yearly as rent. EY is expected to pay Rs 65 a sq ft or Rs 39 crore a year. The entire building with 550,000 sq ft has been leased out and the majority taken by IBM. Though the size of office lease deals in Bengaluru has come down compared to last year, the numbers of these are increasing at a fast clip.

  4. JPMorgan took 220,000 sq ft at Embassy Golf Links Business Park in Bengaluru for a support centre. JC Penney, took 130,000 sq ft at Embassy Manyata in Bengaluru.

  5. The Outer Ring Road Leasing: Wells Fargo leasing 860,000 sq ft at Embassy Tech Village. Oil major Shell leasing 788,000 sq ft at RMZ Eco World. Amazon leasing 500,000 sq ft at Constellation Business Park. The city leases around 3 million sq ft of office space every quarter. Bengaluru is the first choice of any multinational company entering or expanding in India.

  6. The city climate and entire ecosystem are very conducive for the IT and IT-enabled services (ITeS) industry. Bengaluru has reached scintillating heights as a commercial real estate destination. The city's rapid progress in technology and global connectivity has helped drive real estate growth. According to Colliers International, the city, with 13.43 mn sq ft of annual office space absorption and 12.85 mn sq ft of new construction, continues at number one position.

  7. 33 per cent and 41 per cent, respectively, in total absorption and new supply among the eight major cities in the country last year. The city's traditional primary office demand driver, IT/ITeS, took 57 per cent (7.7 mn sq ft) of the total absorption. Followed by the banking, financial services and insurance segment at 20 per cent and manufacturing at 13 per cent. Others were nine per cent.

  8. Reference:http://www.business-standard.com/article/companies/bengaluru-s-vibrant-office-space-mart-116020800023_1.htmlhttp://www.commercialofficebangalore.com/Reference:http://www.business-standard.com/article/companies/bengaluru-s-vibrant-office-space-mart-116020800023_1.htmlhttp://www.commercialofficebangalore.com/

  9. Thank You...

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