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Bangalore, EY Global Delivery Services India has renewed the office lease for 420,000 sq ft of office space in Bengaluru. The move comes at a time when companies have become largely cautious in expanding their operations amid the global financial meltdown.
Office space occupied by a multinational company headquartered in London WTC CoralThe Bengaluru is spread over 11 floors and has a lease term of 60 months, according to the lease register document shared by. Support, a data analytics firm. According to the document, the lease renewal period includes a 13.5% increase in rent after 12 months and every 36 months thereafter. “The rent is ₹ 1.7 crore per month with the lease term stating January 2023,” it said. EY did not respond to ET’s queries on the transaction.
The transaction comes as a boost for the real estate industry, following recent new and renewal leases by companies including Amazon, Google, JP Morgan and Deloitte.
The Indian office space market has witnessed a slowdown amid global geopolitical tensions. In recent times many large companies have given up office space to cut real estate costs. Office leasing activity grew 9% year-on-year to 12.6 million sq ft during the January-March period.
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