The new facility that is expected to go live soon and can seat 2750. According to the market sources, the Metlife will be paying an average rental of Rs 50 per sft in Embassy Oxygen.
Majority of the deals expected to take place in Q2 2020 were pushed to subsequent quarters, or are being reconsidered, as occupiers focus on business continuity plans during the lockdown and workplace readiness, as they slowly look to reopen offices.
Several of these companies like TikTok occupy premium office space in metro cities, and if the ban continues, they will start vacating their offices, say property brokers.
The currently committed land for the warehouse is estimated at 21,163 acres which has the potential of adding 63% more supply to the already existing 307 mn sq ft of warehousing stock. Three out of eight markets Hyderabad (2.19), Ahmedabad (2.09) and Chennai (2.02) ranked high on Knight Frank’s Development Potential Multiple, the report mentioned.
Companies like Google, Intel, Amazon, Microsoft, ANSR India and Accenture have either leased or are in talks with local builders to occupy over 6 mn sqft of office space in Bengaluru to consolidate or accommodate their expansion plans.
Places like Kochi, Baroda, Amritsar and Bhopal witnessed 30% footfalls in malls and barring Bengaluru and Kolkata, major cities recorded minimum double digit growth in people visiting malls.
Microsoft India has been lapping up office space in the last two years to cater to its growing employee population. The software giant has operations in 11 cities in India and employs about 8000 people across the country.
Residential sales in the April-June plummeted by 81% on yearly basis in these cities from 68,600 units in Q2 2019. From April to date, MMR & Bengaluru account for 52% of the total sales.
Total income rose to Rs 8,243.3 crore in FY20 as compared to Rs 5,284.1 crore in the previous year.
Online retail, industrial, warehousing and offices will lead the road to recovery for real estate: Savills India
According to Savills, commercial office space will bounce back over the next few quarters, driven by India’s availability of talent pool and low rentals as compared to other major global office markets.
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