As offices set to reopen, companies like OLA, Apple and Amazon buy record office space in B’luru

Bengaluru: The large global technology companies looking for expansions during the third and fourth quarter of 2020, led to record office space absorption in Bengaluru.

The companies entered into pre-commitment deals with property developers, who ensured quick deal closures in Q4 2020.

Majority of the space absorption took place along the eastern part of Bengaluru on the Outer Ring Road (ORR), for an average of 85-90 per sqft per month.

The prominent names with committed office spaces in Bengaluru are Ola with 4.5lakh sqft, Apple with 3.5lakh sqft, Google with 10lakh sqft, Amazon with 13 lakh sqft, Siemens with 7.3 lakh sqft and Continental Automotive with 8.5 lakh sqft.

Senior  Branch Director at Knight Frank India, Shantanu Mazumder, said that Bengaluru being a premier commercial market and a hotspot of capital investment, has pre-committed activity with 2.47 million sqft of space being taken up in Q2 2020.

As per Knight Frank India’s half yearly report, Bengaluru recorded office leasing of 7.54 million sqft which accounted for 34 percent of overall volumes across the markets in India.