In a significant move, ANZ Support Services India has renewed its lease for a 6.18 lakh sq ft office space in Embassy Manyata Business Park, Bengaluru. The four-year lease, with a monthly rent of ₹5.94 crore, reaffirms the city’s status as a hub for commercial real estate. Documents reveal the lease includes an escalation clause of 15% after two years and a deposit of ₹35.6 crore. The rent, calculated at ₹96 per sq ft per month, reflects Bengaluru’s competitive yet high-demand office market.
This built-to-suit facility, developed by the Embassy Group, has housed ANZ since 2005. It accommodates over 6,000 employees, showcasing the city’s capability to provide large-scale, customised office spaces. Bengaluru’s steady rise in office space absorption is also evidenced by similar high-value deals. JP Morgan recently leased 5.6 lakh sq ft in Embassy TechVillage for seven years at ₹4.47 crore per month.
From a sustainability perspective, Bengaluru’s commercial spaces are increasingly adopting energy-efficient designs and sustainable construction methods. However, the growing demand for office spaces necessitates a balanced approach to resource consumption and urban planning. Initiatives in sustainable building practices could set benchmarks for environmental responsibility amidst the city’s rapid growth.
Bengaluru leads India’s office space absorption, accounting for 30% of leasing in the first nine months of 2024, totalling 16.4 million sq ft. The city recorded a remarkable 7.1 million sq ft leasing in the July-September quarter alone. As companies like ANZ continue to invest, Bengaluru strengthens its position as the country’s leading commercial real estate market, contributing significantly to India’s economic and urban development trajectory.
