NEW DELHI: Consultancy and management services provider Accenture has leased around 280,000 sq ft office space on a long-term lease at Bagmane World Technology Center IT SEZ in Bengaluru, said two persons familiar with the development.
The lease, which was formalised early this year, has a monthly rental of Rs 59 per sq ft, that translates into an annual rental payout of around Rs 20 crore. Transaction advisor JLL declined to comment, while an email query to Bagmane Developers remained unanswered as of press time on Sunday. Accenture in an emailed response said, “We regularly evaluate our real estate options to meet our business needs. Bengaluru is a strong talent hub and we continue to have a significant foot print here, supporting and driving innovation for our clients.“
“Big corporates typically take up space which has an option to expand. These are pre-negotiated deals,” said Ram Chandnani, managing director – advisory and transaction services, CBRE South Asia. Accenture has lately been bullish in taking up office space, reportedly leasing 4 lakh sq ft in Hyderabad and 3.5 lakh sq ft of office space in Chennai last year. Bagmane World Technology Center is a notified IT/ITeS special economic zone located on the Outer Ring Road in Bangalore.
Search giant Google has recently taken 1 lakh sq ft office space in the same SEZ to expand its business in India.
While Bengaluru continue to see high demand from IT/ITeS companies, the city has registered a fall in gross office space absorption to 2.3 million sq ft in the June quarter, from 2.75 million sq ft in the same period last year on lack of ready-to-move-in quality office space, according to a recent CBRE report. Half-yearly office absorption also decreased to 3.8 million this year, from 4.5 million in the same period last year.
“Large occupiers these days are taking up space in under construction buildings in key micro markets of Bengaluru, where they can get delivery in 6-9 months due to non-availability of quality space,” said Chandnani. Lack of grade A office space and high demand has also resulted in the IT capital of India having just 3% vacancy, an all-time low, against the top seven cities in the country, according to a report.
Credits ET Realty