Page 2 - Office Spaces

Embassy Reit leases 800k sq ft space to Commonwealth Bank of Australia

Embassy Office Parks REIT has signed an agreement to provide on lease 8 lakh square feet prime office space in Bengaluru to global banking major Commonwealth Bank of Australia, with an option to expand leasable area further by 6 lakh square feet. In a regulatory filing, Embassy REIT informed that the company has signed an Agreement to Lease (ATL) with the Commonwealth Bank of Australia (CBA) for a premium office campus of approximately 0.8 million square feet along with an expansion option of an additional 0.6 million square feet at 'Embassy Manyata' project, one of Asia's largest and India's most prominent business parks. The new space is being designed as a comprehensive built-to-suit solution, and Embassy REIT expects to deliver the facility, including fit-outs in the fourth quarter of the calendar year 2026. Embassy has been home to CBA for 4 years, and we are delighted to extend our long-standing partnership with one of the world's leading financial institutions," Jitu Virwani,

BHIVE to add 3 mn sqft over next 2 yrs, eyes Rs 350 cr revenue in FY25

Over the past two years, BHIVE has expanded its managed office portfolio by adding 1.5 million square feet

Firms lease 53mn sq ft office space since 2022 to set up GCCs in 6 cities

Leading global companies have taken on lease nearly 53 million square feet of office space since 2022 across six major cities to set up Global Capability Centres (GCCs) with maximum demand in Bengaluru, according to CBRE and Zyoin. In their joint report, property consultant CBRE and hiring solutions firm Zyoin highlighted that GCCs have significantly amplified their Indian operations over recent decades, propelled by a skilled workforce, cost efficiency, and a conducive business climate. This GCC growth trajectory is anticipated to be concentrated in India's top six metropolitan areas, driven by their exceptional talent pools, enabling expansion and future development. "Global corporations are affirming their long-term commitment to India by securing larger office spaces for their GCCs," the consultant said. Nearly 53 million square feet of office space was leased by GCCs between 2022 and the first half of 2024 across Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR and Mumbai. Out

AI, Robotics companies led office space absorption in Bengaluru: Vestian

The office market demand surge in Bengaluru is attributed to the rapid global advancements in artificial intelligence and a supportive local ecosystem

Office or hotel? Workspaces embrace hospitality trends for employees

New-age offices and co-working spaces are adding creches, cafes, and concierge services

GCCs may occupy 26 million sq ft office space by 2027: Knight Frank India

As per the report, between 2018 and 2023, 5,349 GCC-focused office deals under 50,000 square feet were finalised across eight cities

65% Grade A office space in India's top 7 cities green-certified: Vestian

Southern cities such as Bengaluru, Chennai, Hyderabad comprise 58% of India's total green building stock, says the consultancy

Delhi HC sets July 25 deadline for Centre to decide on office space to AAP

The Delhi High Court on Tuesday granted the Centre time till July 25 to decide on allotment of office space to the AAP here on account of it being recognised as a national party. On June 5, the high court granted six weeks to the Centre to decide the Aam Aadmi Party's (AAP) request in this matter. The Directorate of Estates, Ministry of Housing and Urban Affairs, on Tuesday, sought four more weeks to comply with the court's direction, stating it was occupied with the "mammoth task" of alloting accommodation to parliamentarians. The senior counsel appearing for AAP opposed the Centre's request and emphasised that keeping in view the six-week deadline, which is expiring on Wednesday, the Supreme Court has granted the party time till August 10 as the last opportunity to vacate its present office in Rouse Avenue. In March, the Supreme Court first granted the AAP time till June 15 to vacate its Rouse Avenue office after noting that the land was allotted to the Delhi High Court for ...

Bengaluru office stock to reach 330-340 msf by 2030: CII-CBRE

In Bengaluru, the technology sector accounts for 30-35 per cent of annual absorption, primarily in the commercial hubs of Outer Ring Road (ORR) and Whitefield

Office transactions hit record highs in H1 2024: Knight Frank India

The office market saw 25.1 million square feet completed in H1 2024

Family offices surge to 300 since 2018 on Tier-II,-III push: PwC report

Family offices are increasingly venturing into startups and venture capital, although they typically prefer to see some traction before investing

Commercial real estate has bounced back after Covid-19 pandemic blues

Office leasing has surpassed pre-pandemic levels, driven by the growth of global capability centres (GCCs) and flexible office spaces

Shared spaces: Demand for co-living spaces up again after Covid blip

With occupancy rates up again, coliving firms are also promoting their centres as hubs for networking with like-minded individuals

Election impact on demand anticipated to be moderate: Shishir Baijal

As global uncertainties gradually abate, the robust Indian economy and favourable real estate fundamentals are anticipated to bolster private equity inflows into the sector

In home and office, India's real estate market charting a course for growth

In the residential domain, a resurgence post-pandemic is evident, characterised by robust market demand buoyed by both buyer confidence and favourable economic conditions

Office space leasing by GCCs up 17% to 22.5 mn sq ft in 2023-24: Report

India expected to have more than 1,900 such facilities by 2025 and more than 2 mn will be employed there, it says

WFH no more concern for office space demand: Cushman & Wakefield India head

The demand of premium office space across major cities is likely to exceed 70 million square feet this year and going forward as work-from-home is no longer a concern for the Indian commercial real estate market, said Cushman & Wakefield India chief Anshul Jain. Cushman & Wakefield, one of the leading global real estate consultants, is bullish on the Indian office market, driven by high demand from global capability centres (GCCs) and domestic companies across major sectors. In an interview with PTI Videos, Jain, Chief Executive, India & Southeast Asia and Head of Asia Pacific Tenant Representation, Cushman & Wakefield, said, "India is now being called the Office of the world interestingly. And the demand in India is one of the highest in Asia, and in fact the rest of the world." Indian office market across seven major cities is witnessing a very strong demand, with both gross leasing and net leasing reaching around pre-COVID level, he said. "So, from an office market .

Table Space takes lease of 1.35 mn sq ft office space in four cities

Table Space has taken on lease 13.5 lakh square feet of office space across Mumbai, Chennai, Hyderabad and Bengaluru to meet the growing demand for premium managed workspace from corporates. In a statement on Tuesday, the company said it has taken on lease 1.35 million (13.5 lakh) sq ft in response to rising demand in key micro markets. Table Space also plans to add another 1.75 million (17.5 lakh) sq ft in Mumbai, Hyderabad, and Bengaluru to expand its portfolio. "India is witnessing high growth in the larger flexible workspace market. This is fuelled by an influx of multi-national companies (MNCs), global capability centres (GCCs) and the larger industrial expansion driving an increase in demand for premium offices and custom-managed solutions," Kunal Mehra, President of Table Space, said. The expansion plans are in line with the positive and healthy outlook of the market, he added. At present, Table Space has over 9.5 million (95 lakh) sq ft and more than 60 centres in its ...

REIT to invest Rs 3,800 cr to construct of 6.1 mn sq ft office space

Bullish on demand for premium workspace, Embassy Office Parks REIT will invest Rs 3,800 crore over the next four years to complete its ongoing office complexes as part of its strategy to expand rental portfolio. Embassy REIT, which is India's first publicly listed Real Estate Investment Trust (REIT), currently has 36.5 million (365 lakh) square feet of completed office space across Bengaluru, Mumbai, Pune and Delhi-NCR. In an interview with PTI, Aravind Maiya, Chief Executive Officer of Embassy REIT, said the company's business has been growing from strength to strength. To expand its portfolio, he said the company is constructing 6.1 million (61 lakh) square feet of premium office space in Bengaluru to cater to rising demand from global capability centres (GCCs) and also domestic players. That apart, Maiya said the company has signed an agreement to purchase Embassy Splendid TechZone (ESTZ), a Grade-A business park, from sponsor Embassy Group for an enterprise value of Rs 1,269 .

53 mn sq ft office space eligible to be monetised via SM-REIT for Rs 70K cr

Rating agency ICRA has estimated that around 530 lakh square feet of office spaces are eligible for small and medium REITs (SM-REIT) listing, creating a monetisation opportunity of Rs 67,000-71,000 crore. In November last year, the Sebi board cleared the amendments to the REITs Regulations, 2014, in order to create a regulatory framework for the facilitation of SM REITs, with an asset value of at least Rs 50 crore vis-a-vis minimum asset value of Rs 500 crore for existing REITs. As per the notification, the minimum price of each unit of the scheme of SM-REIT shall be Rs 10 lakh or such other amount as may be specified by Sebi from time to time. The size of the asset proposed to be acquired in a scheme of the SM-REIT is at least Rs 50 crore and less than Rs 500 crore. "Small and Medium REITs will provide an opportunity for small Grade A and most of the Grade B office developers to monetise their investments. Also, Fractional Ownership Platforms (FOPs) are expected to be formalised, .