Demand for Office Space Increases as Corporates Grow Business
With corporates back in act with hiring, growth and consolidation, deals for leasing office space are on the surge. Requirement for office space in selected metros is raised by about 30 percent.
India, November 21, 2014 (Newswire.com) - In the biggest office leasing deal, homegrown eCommerce giant Flipkart has leased around 3 million sq ft of principal office space in Bangalore from realty firm Embassy group at an yearly rent of Rs 300 crore.
The eCommerce giant has picked Bangalore based Embassy Office Parks, which is a mutual venture between Embassy group and Blackstone for constructing their extensive office campus in the heart of Bangalore. According to the reports pouring in, the initial phase of deliverance will begin within 24 months; since a plug and play model based office space of about 1.5 million square feet would begin operations at Embassy Tech Village on the Outer Ring Road in Bangalore by the finish of January 2017.
Demand for Office Space Increases as Corporates Grow Business
Sahaana Jai, Manager
The lease contract is part of Flipkart’s growth strategies as it will appoint 12,000 people in 2014 to give a boost to support and technology operations. Approximately 2500 staffs of India’s biggest eCommerce company are anticipated to make use of this space at first. Embassy Tech Village is a 105 acre lavish property in the Outer Ring Road in Bangalore, which is a division of the IT corridor intended by the government.
This region is linked well with the IT hubs of Bangalore: Electronics City and Whitefield, making it one of the most preferred office spaces for any technology based company. This office property has names such as Nokia, Sony, Brocade, Geometric, Cisco, Amba, Ness, Blue Ocean, Creative, Autonomy, Outsource Partners International and Iron Mountain.
The Bangalore-based firm has planned a determined expansion plan as it targets to take on arch rivals like Amazon and Snapdeal to take a lion’s share of the projected above $3-billion eCommerce market in India which is believed to be the biggest ever office leasing transaction in India.
Around 23 million sq ft. of office space has been leased in 7 cities namely Bangalore, Delhi-NCR, Kolkata, Chennai, Hyderabad and Pune.
The key demand driver for corporate real estate all through the first three quarters of 2014 was IT/ITes sector which engaged about 8 million sq ft of office space across the major commercial districts, justifying nearly 32 per cent of this general potential employment opportunity.
Commercial leasing in the initial 9 months of 2014 show Bangalore to be the top city in India to provide potential office employment opportunities, with nearly 30 percent share of the in general opportunity produced across sectors on the major cities.
The chief reasons behind Bangalore being the centre of such real estate activity could be credited to more rational commercial property values and excellent investment-grade office space at the part of the cost of the other key metropolitan cities.
According to a real estate facts, September quarter in 2014 witnessed over 8 million square feet of office space being rented/sold, which is 31% extra than the equivalent period previous year.
Evidently good governance and a guarantee of investor friendly atmosphere in the Indian corporate sector have aided these firms to make data-based assumptions of development for the next 10 years. And this is definitely an excellent sign for the Indian financial system.
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