Google leased 3 million square feet of office space in Bengaluru
Google has recently taken on lease over 30 lakh square feet of space in Bengaluru in six separate deals with monthly rentals ranging from ₹58 per square foot (psf) to ₹230.88 psf, registration documents showed.
The Google entities that have rented the premises are Google India Pvt Ltd and Google Connect Services. The US-based tech giant will be paying ₹33 crore a month as starting rent.
Google India has leased 12 floors at Bagmane Rio Business Park for 56 months and two floors at Constellation Busiess Park for 60 months. The total area leased in the two places is nearly 17 lakh square feet, according to the documents made available by data analytics firm Propstack.
Gooogle Connect Services is renting the second to 12 th floors of Bagmane World Trade Centre for 36 months, one floor each at Constellation Business Park for 60 months and 11 floors at Primeco Union City for 36 months.
Last month, Google announced layoffs across the world to cut costs, and as part of this 450 employees lost their jobs in India. Despite this, the company is committed to the long-term prospects in the country and the leasing of the premises is an affirmation of that commitment, industry circles said.
The transactions also provide some optimism to the office leasing sector, which started out on a subdued note this year, after a record absorption of over 50 million square feet (msf) in 2022. A recent report by property consultant Colliers and industry body FII stated that in the most optimistic scenario office leasing could be in the range 35-38 msf this year. The Hindu BusinessLine
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