Bengaluru was one of India’s leaders in commercial real estate transactions in 2024, with notable activity in office space, flex office space, and retail leasing. IT Capital accounted for about 30% of the total leasing across the country in the first nine months of 2024.
According to a report by Cushman & Wakefield, Bengaluru led the charge in H1 2024 with 12.2 million square feet of leasing across its office market.
Also Read: Office leasing up 56% YoY at 16.4 mn sq ft in Bengaluru between Jan-Sep: Report
Here are the top 5 office transactions that Bengaluru witnessed in 2024:
1) Table Space, a leading provider of managed office solutions, purchased a 5.5-lakh-square-foot building in the Whitefield neighbourhood in East Bengaluru in September for โน500 crore. The property, Kalyani Camellia, will be housed under the brandโs Table Space Towers portfolio.
With access to two key micro-markets, Whitefield and Outer Ring Road (ORR), Kalyani Camellia is a nine-storey Grade A and LEED Gold-certified strategically planned asset.
2) JP Morgan Services India Private Limited leased 5.6 lakh square feet of office space in Bengaluru’s Embassy TechVillage for over seven years at a starting monthly rent of โน4.47 crore.
The leased space includes several units spread across 11 floors, including the upper ground floor, in Block 8D of the business park. Property documents showed that the agreement also includes access to parking space for 724 cars.
3) For a monthly rent of โน5.94 crore, ANZ Support Services India Private Limited extended its four-year lease on a 6 lakh-square-foot office property spread across 18 floors in Bengaluru’s Embassy Manyata Business Park. The per sq ft rate works out to be โน96 per sq ft per month, and the rent comes with an escalation clause of 15% after 24 months. The company has paid a deposit of โน35.6 crore.
4) At a monthly rent of โน4.92 crore, Amazon Development Centre India Private Limited extended its lease for five years on a 6.76 lakh square foot office space in Bengaluru, located in the Taurus 3 building of Constellation Business Park.
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The deal, which was registered on October 18, named Bagmane Developers Private Limited and an individual named B N Neetish Purushottama as the lessors. It involved a stamp duty of โน1.11 crore and a registration fee of โน56.04 lakh, a copy of the lease deed showed.
5) In October, industrial major Honeywell Technology Solutions Lab Private Limited renewed its lease for a 5.9 lakh-square-foot office space in Blocks 3A, B, and C of RMZ Ecoworld in East Bengaluru. The lease deed listed Arliga Ecoworld Infrastructure Private Limited as the lessor. The transaction also included a security deposit of โน19.82 crore and a registration fee worth โน28.82 lakh. The agreement includes a starting monthly rent of โน2.41 crore and a rent escalation clause of 10% after 24 months following the commencement date. It also includes parking space for 787 cars.
