Consulting and auditing firm Deloitte is on the verge of signing a lease deal for 1.5 mln sqft of office space in the city. Negotiations with top commercial real estate builders for the same are on and the deal will be finalized soon. Currently, Deloitte occupies over 8,00,000 sqft of office space in Bengaluru.
Deloitte intends to take up the space in two phases and at the moment the deal is in the request for proposal stage. Deloitte is looking to consolidate two of its campuses in Bengaluru into the new facility that will seat at least 1,500 employees. In fact, several top companies are looking for office space to consolidate their operations and prepare for growth as the economy improves.
Experts say Bengaluru tops companies' list of cities where they would like to set up office. Among the large lease deals in the city concluded recently are Amazon and Qualcomm taking up 6,00,000 sqft and 7,00,000 sqft of office space in Bagmane Constellation Business Park, respectively, and TCS leasing 3,60,000 sqft in Brigade Bhuwalka Icon.
“Despite headwinds and cautious stance by IT-BPM occupiers, the ITBPM sector continues to be the primary demand driver,” said Anshul Jain, managing director for India at Cushman & Wakefield. “Limited availability of quality supply has encouraged occupiers to pre-commit office spaces, resulting in a significant increase of about three times in such activity, primarily driven by IT-BPM and healthcare sectors in Hyderabad, Gurgaon and Bengaluru.”
According to Cushman and Wakefield, Bengaluru witnessed a total supply of 3.8 mln sqft of office space in H1of 2017, while total net absorption stood at 3.3 mln sqft.