OFFICE SPACE DEMAND HYDERABAD
Facebook renews lease for 370,000 sq ft office in Hyderabad's Hitec City
Meta has renewed its lease for 367,000 sq ft office space in Hyderabad for five more years, with a total rental payout of over Rs 170 crore. This commitment highlights the city's robust commercial real estate market and its importance as a tech hub in India.
IBM in advanced talks to lease 260,000 sq ft at Gurugram's TRIL Tower amid India's office leasing boom
IBM is negotiating to lease 260,000 square feet of office space in Gurugram's TRIL Tower. The increasing demand for office spaces is driven by new Global Capability Centres, flexible workspaces, and the growth of Big Tech. India is emerging as a bright spot in office leasing, contributing significantly within the Asia-Pacific region.
Peak after peak... leasing of offices shows no fatigue
India's office property market reached a new high in 2024, with the third consecutive year of record leasing driven by strong multinational demand for global capability centers and flexible workspaces. Leasing activity in top cities like Bengaluru, Hyderabad, and Mumbai saw significant growth, with Bengaluru alone accounting for one-third of the total space uptake.
IBM in talks to lease 260,000 sq ft with TRIL in Gurgaon
IBM is negotiating to lease 260,000 sq ft of office space in Gurgaon's TRIL Tower, signaling strong demand driven by the rise of Global Capability Centers, flexible workspaces, unicorn startups, and Big Tech growth. India is expected to contribute 70% of APAC’s net office space absorption this year.
Demand for logistics, industrial spaces seen at 50-53 mn sq ft in 2024: Cushman & Wakefield
Leasing of logistics and industrial spaces is expected to reach 50-53 million square feet in 2024 across eight major cities, driven by sustained demand from the production-linked incentive (PLI) scheme and the rise of retail and e-commerce sectors, as well as the ongoing diversification strategy of global manufacturing firms.
India office leasing touches new peak for third consecutive year in 2024
India’s office property market has achieved its third consecutive year of record leasing with 66.4 million sq ft, driven by multinational corporations and flexible workspace operators. Bengaluru led the demand with 21.7 million sq ft, followed by Hyderabad and Mumbai. Flex spaces accounted for 24% of Grade A space uptake in Q4 2024.
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Rising share of GCCs in office leasing
Global capability centres (GCCs) are expected to be key drivers of demand for grade A office space in India, contributing 40-50% of leasing activity by 2025.
Indian office market set for record leasing in 2024
India's office leasing market is projected to hit a record high in 2024, driven by Global Capability Centers (GCCs) and robust demand. While a slight dip is expected in 2025, growth will remain strong, fueled by GCC expansion and other factors. Limited Grade-A space is anticipated, encouraging pre-leasing strategies.
Outlook 2025: Indian real estate poised for consolidation and innovation
India's real estate market is poised for a transformative 2025, with industrial, warehousing, and alternative asset classes leading the charge. Office and residential sectors are stabilizing after strong growth, while institutional investments remain robust. Technology, sustainability, and evolving demographics are key drivers shaping the sector's future.
Airbus leases 650,000 sq ft office in Bengaluru for 10 years for GCC set up
The deal has provision for future scalability to accommodate growth with an additional 150,000 sq ft that can be exercised after a year, taking the total space to 800,000 sq ft. The clause for lease tenure also includes an option to extend the same by an additional five years, making it a 15-year deal.
Incuspaze leases 100,000 sq ft of office space at HQ27 in Gurugram
Incuspaze, a flexible workspace provider, secured 100,000 sq. ft. at HQ27 in Gurugram, aiming to raise $25 million pre-IPO. This expansion reflects the booming Indian office market, particularly in Delhi NCR. Incuspaze plans further growth, targeting 2 million sq. ft. by 2025, amidst a projected surge in flexible workspace demand driven by hybrid work models.
Before arrest, Pushpa 2 star Allu Arjun had clarified 'numbers are temporary but...'
Allu Arjun, who recently celebrated the record-breaking success of Pushpa 2: The Rule, has been arrested in Hyderabad following a tragic stampede at Sandhya Theatre during the film’s premiere. The incident claimed the life of a woman and injured her son. Just a day prior, Arjun had expressed heartfelt gratitude to fans for their overwhelming support of the film, which grossed Rs 1,000 crore globally within its first week.
RMZ, CPPIB to invest $750 million to develop 11 acre commercial project in Mumbai
RMZ Group and CPPIB are partnering to invest USD 750 million in a new commercial project in Mumbai. The 3.74 million square foot 'RMZ Nexus' will be located on a 10.94-acre site and is expected to be completed by 2027. This marks RMZ's entry into the Mumbai market and signifies their plans for further expansion.
India faces shortage of quality offices amid robust leasing
India faces a 20 million sq ft shortage of Grade A+ office space annually as demand surpasses supply. Strong leasing activity, exceeding 70 million sq ft for the third consecutive year, highlights this gap. Developers are racing to build more premium spaces with amenities to meet the rising demand from global companies.
CA Technologies’ India arm renews lease for 1.08 lakh sq ft office in Pune’s Kharadi
CA Technologies, now part of Broadcom, has renewed its lease for over 1.08 lakh sq ft in Pune's Eon Free Zone for five years. The deal, valued at Rs 1.23 crore monthly with a 5% annual escalation, includes parking and a three-year lock-in period. This renewal reflects India's strong office market driven by GCCs and corporate expansions.
HDFC Bank leases an entire 8-storey Mindspace Business Parks tower in Navi Mumbai
HDFC Bank secured a large office space in Navi Mumbai. The bank leased an eight-storey building in Mindspace Airoli West. The lease is for ten years. The deal is worth over Rs 320 crore. This includes a 15% escalation every three years. The building will support HDFC Bank's operations. This is one of the largest office deals this year.
WeWork India hits 1 lakh desks, opens IWF Campus in Bengaluru, and signs two buildings with DLF
WeWork India expanded its footprint with 3.43 lakh sq ft of new leases in major Indian cities. The company now offers 1 lakh operational desks across India. A new Bengaluru location is already open. Two more spaces in Gurugram and Chennai will open by early 2025. This expansion strengthens WeWork India's presence in key markets.
Flex office segment on realty cos' radar as demand surges
Property developers and institutional investors are increasing investments in managed office spaces due to rising corporate demand for flexible, scalable office solutions. Real estate firms like CapitaLand, Prestige, and Brigade Group are expanding in this sector. Managed offices attract corporates and global capability centres by offering reduced setup costs and quick market entry, aligning with modern workplace needs.
Chennai to add 12-13 million sq ft of premium office space in 2025-26
Chennai is set to expand with 12-13 million sq ft of premium office space by 2025-2026 due to strong corporate demand. The number of Global Capability Centres (GCCs) in the city is projected to more than double by 2030, driven by strategic government policies and a growing talent pool.
Demand for retail space in malls, high streets in top 8 cities up nearly 5pc in Jan-Sep: C&W report
Leasing of retail spaces increased by nearly 5% in eight major Indian cities from January to September 2024. Premium retail spaces are in demand due to higher discretionary spending and changing consumer preferences. Hyderabad witnessed a strong demand for retail space in high streets. To attract more global retailers, India needs to develop quality retail spaces.
Delhi-NCR 6th most expensive office market in Asia Pacific with monthly rent of Rs 340/sq ft: Knight Frank
Delhi-NCR secured the sixth position and Mumbai ranked eighth among the most expensive office locations in the Asia Pacific region, according to Knight Frank India's latest report. While Delhi-NCR's prime office rent remained stable at Rs 340 per sq ft per month, Mumbai and Bengaluru witnessed a year-on-year increase of 5% and 3%, respectively, during the third quarter of 2024.
Why MNCs are making a beeline for Hyderabad
Hyderabad's office market is seeing a surge in demand, driven by major tech companies establishing large campuses in the city. Key areas like Hitech City are witnessing significant growth, attracting global giants like Google and Microsoft. This influx is fostering a collaborative ecosystem, further solidifying Hyderabad's position as a prominent tech hub in India.
India continued to lead APAC office market activity, driving over 70% of the total demand during Q3 2024
The Asia Pacific office market is expected to witness growth in 2025. Demand for office spaces surged in the third quarter of 2024. India dominated the market, accounting for over 70% of the total office demand. Bengaluru and Hyderabad led the demand in India. Rental rates are projected to rise due to robust demand.
Global tech giants drive strong leasing demand in Bengaluru’s office market
Major tech companies have leased a significant amount of office space in Bengaluru. Amazon, Synopsys, and Honeywell Technologies are among those who have secured large leases. This activity indicates a strong demand for office space in the city. The technology sector is a major driver of this demand, along with BFSI and flex space operators.
Mindspace REIT to acquire 2.6 lakh sq ft office space for Rs 275 crore
Mindspace Business Parks REIT, supported by K Raheja Corp, is acquiring 2.6 lakh sq ft of ready office space in Hyderabad's Mindspace Madhapur, expanding its portfolio to 34.7 million sq ft. The REIT reports a 5.1% NOI growth and announces a Rs 305 crore distribution for Q2 FY 2024-25.
Urban Vault leases 1.2 lakh sq ft in Bengaluru to meet corporate demand for managed office spaces
Urban Vault, a Bengaluru-based managed office space provider, has leased 1.2 lakh sq ft in the city's CBD to meet soaring demand from corporates. The company offers desks priced at INR 8000-10000 per month, achieving over Rs 100 crore turnover with an 18% PAT in the last fiscal year.
Vacancy rate dips further as office space demand remains robust
India's office space vacancy rate has fallen to 17.1%, its lowest since 2020, due to heightened corporate demand and low new supply. High leasing rates by Global Capability Centers are driving growth, with rentals up by 4-5% amid shortages in key markets.
iSprout expands its footprint in Hyderabad with one million sq ft office space
iSprout has leased approximately one million sq. ft. of workspace in Hyderabad, significantly expanding its managed office space to 1.7 million sq. ft. This expansion aims to meet the increasing demand for flexible office solutions and solidify the company's leadership in the premium managed office space market.
Average transaction size by flex space operators doubled since 2015
Flex space operators have nearly doubled average transaction size, reaching 36,590 sq ft in H1 2024. Post-pandemic demand shift to large conglomerates fueled growth, adding 27 million sq ft from 2020-2023. Flex stock hit 67 million sq ft in H1 2024, poised to exceed 100 million by 2026.
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