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. This is one of the largest leasing transactions in terms of space, taking place in Bengaluru so far this year. Infosys Technologies has leased over 9 lakh sq ft office space across major cities to expand its business. The software major will be paying an annual rental of about Rs 9 crore. Bhartiya City plans to develop 10 million sq ft office space over the next few years. In the first phase, around 6 lakh sq ft of that will be fully operational by November this year. IBM has also taken 220,000 sq ft earlier this year to expand its presence in the city. Infosys also plans to expand to cities including Indore, Mohali, Belgaum, Hubli and Nagpur. Demand for office space in India touched about 11 million square feet in the July-September period, the highest level in two and a half years, expanding 14% from a year ago and 9% from the previous quarter. Overall prime office space absorption across the seven leading cities as of September 30 was about 28 million sq. ft. for the year. Demand was led by Bengaluru with a 24% share, Mumbai 16%, Chennai 16%, and Pune 13%, CBRE report showed.
Image source: Bhartiya City