Page 11 - Office Spaces

Smartworks leases tech park in Bengaluru; aims Rs 1,000 revenue in 2022

Smartworks' revenues have increased three-fold, and it aims to reach the Rs 1,000 crore revenue milestone in 2022

Fresh supply of office space rises 96% in Jan-Jun across 6 cities

The supply stood at 12.1 million square feet in the January-June 2021 across these six cities - Bengaluru, Chennai, Hyderabad, Pune, Mumbai and Delhi-NCR.

Coworking firm Simpliwork Offices takes on lease 150K sq ft in Chennai

Coworking firm Simpliwork Offices on Tuesday said it has taken on lease 1.5 lakh square feet of office space in Chennai from DLF and Mindspace Business Parks REIT to expand business. Bengaluru-based Simpliwork Offices, which provides managed office space to corporates, has taken on lease about 80,000 square feet from DLF and around 70,000 square feet from Mindspace. The demand for managed office space has increased during the COVID pandemic as corporates are looking for flexibility to scale up. The centre in DLF Downtown, Chennai will have more than 1,700 seating capacity and expected to be operational early next year, while the facility at Commerzone, Porur with Mindspace Business Parks REIT is already operational. "The office market in Chennai is known for its resilience. A key market, it accounts for a growing share of India's total Grade A office space stock and demand," Kunal Walia, CEO & Founder of Simpliwork Offices, said. Given its strategic location housing multiple ...

Happiest Minds buys 2.4 lakh sq ft office space for Rs 101 cr in Bengaluru

IT company Happiest Minds Technologies has purchased a fully built-up ready-to-use commercial property spread over 2.4 lakh square feet in Bengaluru for Rs 101 crore, the company said on Friday. The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City. Financially, the purchase is funded substantially through borrowings from banks at very favourable terms. The transaction is positive from a P&L perspective while adding a significant asset to our balance sheet," Happiest Minds Technologies managing director and CFO Venkatraman Narayanan said in a statement. "We have structured repayments in a manner such that cash flows are neutral in the medium and positive in the long term, Narayanan added. The facility enhances the company's seating capacity in Bengaluru by about 30 per cent and is in-line with expansion plans and objective of strengthening delivery capabilities across existing and newer locations like Bhubaneswar.

'Leasing of space at 18.2 mn sq ft in top 9 cities during Jun quarter'

Leasing of office space in top nine cities rose 61 per cent during the June quarter to record 18.2 million square feet from the previous quarter on better demand, according to a report. Real estate consultant CBRE on Monday releases its office leasing data for April-June (Q2) of 2022. "...office sector leasing in India recorded the highest-ever activity with a strong performance in Q2 2022," CBRE said in a statement. The gross leasing of office space jumped 220 per cent from the same period of the last year. "The office sector in India reflected a strong recovery in H1 (January-June) 2022 as occupier sentiments were uplifted due to the relatively reduced severity of the Omicron wave, the subsequent relaxation of restrictions, and improved economic activity," Anshuman Magazine, Chairman & CEO -India, South-East Asia, Middle East & Africa at CBRE, said. He expected the annual office space absorption for 2022 to be higher than 2021. CBRE said that the absorption in H1 ...

Recovery tracker: Surge in workplace attendance up despite rising cases

Power generation, vehicle registrations decline, recreation visits down

Net leasing of office space down 26% in 7 cities in April-June: JLL India

Net leasing of office space fell 26 per cent during April-June across seven major cities to 8.5 million square feet as compared to the previous quarter due to lower supply, says JLL India.

Total office space leasing in May jumps nearly 3-fold across 7 cities: JLL

The total or gross leasing of office spaces rose 28 per cent from 4.8 million square feet in April 2022 across seven major cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata

Highest office space vacancy in Delhi-NCR at 28.5%: Anarock report

Office vacancies in NCR are the highest among the top 7 cities at 28.5%, followed by Kolkata at 23.5% and Mumbai Metropolitan Region about 16%, Anarock said in a statement

Embassy REIT distributes over Rs 5,800 cr to unitholders since listing

Embassy REIT has delivered 2.5 million square feet of new space and commenced a 4.6 million square feet of the new development growth cycle

Tech industry comfortable with hybrid work model: Nasscom-BCG report

Over 80 percent of the IT companies and GCCs are most likely to adopt a hybrid work model as compared to the rest of the industry segments

Tata Realty leases 156,000 sq ft office space to Johnson Controls, PepsiCo

Johnson Controls has taken on lease 85,000-square-foot office space in Intellion Park Gurugram, an IT/ITeS SEZ campus

Tech, engineering, manufacturing firms lead office space in Chennai: Report

As per the latest office report 'CBRE India Office Figures Q1 2022', the total office leasing for the quarter (ending March 31, 2022) was at 2.3 million square feet in Chennai

Embassy REIT raises Rs 1,000 crore via 5-year paper to fund operations

The coupon rate on these bonds is 7.35 per cent

Employees trickle back into changed office spaces as Covid-19 cases decline

As India Inc gets back to office, employers are tweaking work spaces and using innovative solutions to tackle new concepts

Office leasing in Gurugram rise two-fold, Noida sees slight rise in 2021

The office market in Delhi-NCR remained active last year despite pandemic, with Gurugram witnessing a nearly two-fold jump in gross leasing to 4 million square feet, according to Colliers India.

Coworking firms lease 21% more office space in 2021 across top 8 cities

Co-working operators expanded their portfolio aggressively last year and took on a lease 21 per cent more office area across the top 8 cities to meet the rising demand of flexible workspaces from corporates amid the COVID pandemic, according to Cushman & Wakefield. The leasing of office spaces by co-working operators across eight major cities increased to 4.91 million square feet in 2021 from 4.05 million square feet in the previous year. These eight cities are -- Bengaluru, Hyderabad, Pune, Mumbai, Delhi-NCR, Chennai, Kolkata and Ahmedabad. Cushman and Wakefield India in its quarterly Office Market Beat report highlighted that the share of the co-working segment in the gross office leasing grew to 9.4 per cent last year from 8.1 per cent in the previous year. Across eight major cities, the coworking players provided on lease 78,869 seats or desks in the 2021 calendar year to occupiers, mainly to corporates. In 2020, the report said that 37,759 seats were given on lease to ...

Demand for office space segment to rise 15-20% YoY in 2022: Colliers

Demand for office space segment is expected to rise 15-20 per cent year-on-year in 2022 as there is a great appetite in this segment, global real-estate consultancy firm Colliers said on Monday.

Top-5 IT firms to rent 12 mn sq ft office space on robust hiring: Report

Co-working spaces to see demand because the challenges of the pandemic continue with discovery of new variants such as Omicron

Indian office market may take 2 years to reach pre-Covid level: Colliers

The leasing of office space across major cities is likely to rise marginally this year with corporates becoming less cautious, Colliers India CEO Ramesh Nair has said.