Author Archives: Rachna Ranjan

BHIVE workspace launches new, centrally located co-working space at Residency Road, Bengaluru

India’s leading shared office provider BHIVE Workspace has launched its largest co-working office in the heart of the Bengaluru city. The new office will be located at Prestige Towers, Residency Road and will have a capacity of over 600 members. With this, the company will strengthen its position as the largest co-working space provider in the city. “We are committed to extending the ‘BHIVE Experience’ to all entrepreneurs and professionals at the most convenient and premium locations. Our new co-working space at Residency Road is a huge step in this direction,” said Shesh Paplikar, co-founder and CEO of BHIVE Workspace. “We are focused on delivering the best co-working environment and our new office will set new benchmarks for office design and overall working experience,” he added.

MPS Group announces Kerala projects

MPS Group on Saturday announced multiple projects in the residential and commercial segments of property development in Kerala. The biggest project is a convention centre at Thiruvananthapuram, with a built up area of 2.5 lakh square feet. “This will be developed on 14.5 acres of land we are holding at Vazhamuttom, on Thiruvananthapuram-Kovalam stretch,” said M P Shamsudheen, chairman of MPS, while announcing the handing over of the keys of his residential project Argento in Kochi.

At Kozhikode, Shamsudheen is building a 5-star property, which will be managed by Amruda Nair, the scion of Leela Group, through her Ayana brand of luxury properties.

Read more: Economic Times

Infosys leases 2.10 lakh sq ft office space in Bengaluru

Infosys Technologies is locking up huge office spaces across the country, and has leased over 9 lakh sq ft office space across major cities to expand its business. In a recent transaction, Infosys Technologies has picked up over 2,10,000 sq ft office space on lease in Bhartiya City at Thanisandra Road in Bengaluru, said two persons having direct knowledge of the deal. This is one of the largest leasing transactions in terms of space, taking place in Bengaluru so far this year. The software major will be paying an annual rental of about Rs 9 crore. The lease term is a total 9 years with a clause of rental reset every three years. Infosys’ employee count stood at over 197,050 as on June 30, 2016.

Read more: Economic Times

Office space transaction in Kolkata fails to pick up in Q3

At just over 0.09 million sq ft, overall transaction volume in office space was unable to pick up in Kolkata this quarter as well said a recent report. Lease activity was driven by assortment of industries including Technology firms which shared about 33% of the absorption pie while, Engineering firms came in next at 25% share. FMCG and Pharmaceutical sectors both contributed 11% to the transaction volumes. Bulk of the leasing volumes was concluded in Sector V due to availability of large floor plates. A number of tenants whose leases were about to end were looking to benefit from affordable rents and high availability of good quality office space in peripheral area.

Read more: Economic Times

Office space demand sees sustained pickup across top cities

The demand for commercial real estate across the country is getting stronger and is witnessing a sustained momentum. The office space absorption across top 9 property markets has seen a sustained growth with total 28.3 million sq ft picked up during the first nine months of 2016. Last year, commercial real estate in India registered a record absorption, and given the current momentum, this year is also headed in the same direction. “The key office markets across India, especially in the south, continue to go from strength to strength in terms of office absorption, and with rents increasing significantly compared to prior years in certain micro markets.

Read more: Economic Times

Blackstone plans two REITs for office assets

Global private equity firm Blackstone Group Lp, the largest owner of office real estate in India, plans to list two separate real estate investment trusts (REITs) for its office assets with developer partners, said multiple people familiar with the development. For its office parks in the National Capital Region (NCR), and west India (Mumbai and Pune), Blackstone will collaborate with Pune-based Panchshil Realty for a REIT with about 20-25 million sq. ft of office space across cities. The proposed REIT includes office parks and buildings, some of them jointly owned by Blackstone and Panchshil, such as Eon Free Zone and Panchshil IOCC Park in Pune, 247 Park and Express Towers in Mumbai.

5 million sq ft office space absorption in Hyderabad till Q3

Hyderabad’s office market remained resilient with about 5.0 million sq. ft. office space absorption till the third quarter, which is about 79% more than the same period last year, said a property consultant in their quarterly report. Healthy demand from occupiers in Information Technology and Information Technology Enabled Services (IT-ITeS) segment took the gross leasing volume to 1.88 million sq. ft. in Q3 2016 totaling to about 5 million sq. ft. year till date ( YTD). The leasing in the third quarter of 2015 was 1.52 million sq. ft. while it was 3 million sq. ft. till September last year.

The segment also witnessed a spike in pre-commitments, and agreements to lease, mostly concentrated in the secondary business districts (SBD) mainly driven by the expansion strategy of the large occupiers.

Read more: Economic Times

Office space demand sees sustained pickup across top cities

The demand for commercial real estate across the country is getting stronger and is witnessing a sustained momentum. The office space absorption across top 9 property markets has seen a sustained growth with total 28.3 million sq ft picked up during the first nine months of 2016, showed a report. Last year, commercial real estate in India registered a record absorption, and given the current momentum, this year is also headed in the same direction. “The key office markets across India, especially in the south, continue to go from strength to strength in terms of office absorption, and with rents increasing significantly compared to prior years in certain micro markets.

Read more: Economic Times

Co-work spaces setting a new trend

Getting the right office space and turning it into an office remain a herculean task for many startups and budding firms. Now, aspiring entrepreneurs and professionals have stopped searching for offices and choose plug and play, thanks to some of the co-work spaces provided along the Pattom-Kuravankonam road. Co-work spaces offer professionals a space, the internet, power supply and basic amenities to work. Though co-work spaces are a trend in IT hubs like Bengaluru for the past three-five years, they sprouted in the city only recently.

When tech-entrepreneur Asha Jomis decided to launch Women’s Business Incubation Programme (WBIP) in 2014, she had also planned to utilize the office as a co-work environment, where professionals and startups can walk in and use the space. “Freelance writers, fashion designers, HR, etc. utilize the facilities since it is better to use the co-work space than opening a full fledged office,” Asha said.

MCX acquires office space in Guajrat’s GIFT City

In a move to expand the exchange’s operations in terms of technology (Business Continuity and Disaster Recovery – BC & DR) and education, Multi Commodity Exchange of India LtdBSE -0.01 % (MCX) has acquired office space in GIFT City in Guajrat. This office space will be utilised by MCX to set-up a full-fledged business continuity facility with state-of-the-art disaster recovery infrastructure to carry out all critical operations and processes seamlessly and effectively in any eventuality. The DR infrastructure planned at GIFT City will be more robust and less prone to failures which will be a replica of the primary site. The IT infrastructure at DR site will be hosted at Data Center which will be built and managed as per the international Tier-IV specifications.

Read more: Economic Times