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amazon development center leased 650,000 square feet of space in Bangalore In one of the most important office transactions in recent times. The web commerce company registered the document in February for a 60-year lease, and will pay a rent of ₹62 per sq ft, shared by Lease Records Support Has shown.
The new facility will come up in a planetarium business park owned by Bagmane Developers On the Outer Ring Road which hosts large technology companies.
The deal follows two larger transactions Amazon Recently signed, acquiring over 800,000 sq. ft. of space in Gurgaon and Hyderabad for web services, development centers, vendor services and transportation services. Transaction comes as a relief commercial Real estate, with many corporations slowing down major transactions due to global uncertainties. Some large leases that have closed recently include Google, JP Morgan, and Deloitte.
According to Colliers, the office market looks uncertain in 2023 and is expected to bounce back relatively easily despite global headwinds and other externalities. Leasing activity is likely to pick up in the second half of the year.
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