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BENGALURU: EY Global Delivery Services India has renewed office lease for 420,000 square feet office space in Bengaluru. The move comes at a time when companies have largely turned cautious in expanding their operations amid a global financial slowdown.
The office space taken up by the London-headquartered multinational firm in WTC Coral, Bengaluru is spread across 11 floors and has a 60-month lease tenure, according to a lease register document shared by Propstack, a data analytics firm. As per the document, the lease renewal term includes a rental escalation of 13.5% after 12 months and thereafter every 36 months. “The rental is ₹1.7 crore per month with the lease tenure stating January 2023,” it said. EY did not respond to ET’s queries on the transaction.
The transaction comes as a boost for the real estate industry, after recent new and renewal leases by companies including Amazon, Google, JP Morgan and Deloitte.
The Indian office space market has witnessed a slowdown amid global geopolitical tensions. In the recent past many large companies have surrendered office spaces to cut real estate costs. Office leasing activity increased 9% year-on-year to 12.6 million sq ft during the January-March period.
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