Amazon Development Centre has leased 650,000 sq ft of space in Bengaluru in one of the most recent office transactions. The web commerce company registered a 60-year lease in February and will pay ₹62 per sq ft as rent, according to the lease record shared by Propstack.
The new building will rise in a constellation business park on the Outer Ring Road owned by Bagmane Development and is a hub of large technology companies.
The deal follows two large transactions Amazon recently completed, acquiring more than 800,000 sq ft of space in Gurgaon and Hyderabad for web services, development centres, seller services, and transportation services.
The deal provides commercial real estate much-needed relief when many firms hold off on significant transactions because of global uncertainties. Google, JP Morgan, and Deloitte are a few companies with substantial leases that have recently closed.
Despite the global headwinds and other externalities, Colliers predicts that the office market will recover quickly in 2023. In the year’s second half, leasing activity will likely increase.
