![Office](https://img.etimg.com/thumb/msid-100294573,width-300,height-225,imgsize-341812,resizemode-75/office.jpg)
Spread across 4 acres, the technology park offers a seating capacity for over 4,000 employees. The company led by Sachin Bansal has leased the office for nine years and 11 months and will be paying a rental of over Rs 200 crore over the next five years for the office asset located in the Outer Ring Road, Bangalore.
“Demand for commercial office space remains robust in Bangalore with high levels of transaction activity seen in Q1 of CY 2023. Despite fears of a global recession, Indian commercial real estate continues to exhibit resilience,” said Darshan Govindaraju, Director of Vaishnavi Group.
This new-age office takes a holistic approach, with employee well-being at the centre of the design. Meeting pods, large open spaces, ample natural light and a host of sports infrastructure, including a gymnasium, running track, cycling track, table tennis and futsal court, are a part of Vaishnavi Tech Square.
This comes on the back of Bengaluru, witnessing a healthy demand for Grade A properties with efficient space planning and attractive amenities as employees return to work from the office.
The Bengaluru-based real estate firm has been strengthening its commercial portfolio and has signed two large deals recently, including 7 lakh sft with SmartWorks and 1.1 lakh sft with Zetwerk
The firm has a one million sft commercial project under construction, and an additional three million sft is in the pipeline, expected to be launched in the next six months.
“The focus in the shift back to work-from-office, and on de-densification in the workspace, has resulted in increased leasing of Grade A commercial office spaces in established and growth corridors with high floor plate efficiencies,” said Govindaraju.
Separately, Navi Technologies is planning to raise Rs 3,350 crore through its IPO and has already received SEBI’s nod. The proceeds will be invested in its subsidiaries Navi Finserv Pvt: Ltd and Navi General Insurance Ltd and other general corporate purposes.
According to CBRE, office leasing increased by 9% y-o-y and touched 12.6 mn. sq. ft. during the Jan-Mar 2023 period. Bangalore, Delhi-NCR and Chennai accounted for 62% of the overall transaction activity during the quarter.
“In line with past trends, Bangalore, Delhi-NCR, and Hyderabad are expected to continue to drive absorption, while Chennai, Mumbai, Pune and Kolkata would also witness robust space take-up. Select tier-II markets would also continue to attract corporates’ attention as the following growth destinations due to improving infrastructure and the presence of a large talent pool,” said Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India.
Similar to the previous quarter, domestic firms overtook American companies in terms of quarterly leasing, accounting for nearly half of the leasing activityFlexible space operators, BFSI firms, and technology corporates mainly led this leasing activity.
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