AMAZON SIGNS DEAL FOR 1.1 MILLION SQ FT OFFICE SPACE IN BENGALURU: REPORT

Amazon is expanding its footprint in North Bengaluru, leasing over 1.1 million square feet of office space from property developer Sattva Group. According to The Economic Times report, the US tech giant will be the sole occupant of an 11-storey building in the Sattva Horizon business park near the international airport, capable of accommodating over 7,000 employees.

According to sources familiar with the deal, Amazon has recently signed a term sheet for the new facility, which will house all of the company's businesses. The facility is currently undergoing fit-out, with the first phase expected to be operational by mid-next year.

Related News |

Bollywood Actress Tripti Dimri Buys Luxurious Bungalow In Mumbai For Rs 14 Crore - Details

This latest agreement follows significant property deals by Amazon, including the acquisition of over 1.45 million square feet in Bengaluru, Gurugram, and Hyderabad. These spaces will serve various functions, including web services, development centers, seller services, and transportation services.

While initially slowing expansion plans due to hybrid work models, Amazon is now seeking additional space in Hyderabad and Chennai to accommodate its growing operations, according to sources.

As several IT/ITES firms, including Amazon, transitioned to hybrid work models requiring employees to be in the office at least three days a week, the return to work trend is now gaining ground. Consequently, demand for office space is expected to rise further.

The report added that in the March quarter, office space transactions in India's top eight markets reached 16.2 million square feet, a 43% year-on-year increase, according to Knight Frank. India-facing businesses and Global Capability Centers (GCC) primarily drove these transactions, with Bengaluru leading the market growth. Bengaluru secured the top position with 3.5 million square feet of transactions, accounting for 22% of the total office take-up during the quarter, the property consultancy reported.

Related News |

Gurugram: Why Haryana Government Has Asked Tower ‘J’ Residents Of Chintels Paradiso To Vacate Flats

2024-06-14T16:23:33Z dg43tfdfdgfd