MANAGED OFFICE SPACE PROVIDER
Eton Solutions onboards NR Narayana Murthy’s family office as first client
Eton Solutions announced Catamaran Ventures, associated with NR Narayana Murthy, as the first Indian user of its AtlasFive platform, managing $781 billion for 665 families globally. Deepak Padaki praised AtlasFive's efficiency. Eton, with 300 Bengaluru employees, plans a new GIFT City tech center. Satyen Patel cited India's financial emergence. Founded by Robert Mallernee, its international HQ is in Singapore.
Bengaluru office stock set to touch 330-340 mn. sq. ft. by 2030, highest in India
Bengaluru, leading India's office space to 330-340 million sq. ft. by 2030, shows a 41% GCC leasing share. Main areas include ORR, Whitefield, and North Bengaluru, with 15-16 mn sq. ft. annual absorption and competitive rents. The city’s ease of doing business and sector diversification like retail and aerospace boost its growth.
Redbrick Offices acquires properties in Mumbai’s Andheri for Rs 267 crore
Redbrick Offices, a coworking and managed space provider, has acquired nearly 90,000 sq ft of commercial properties in the Marol locality of Mumbai's Andheri suburb. The acquisition, totaling over Rs 267 crore, involves office space spread over three floors in the Times Square commercial complex. This purchase was made through Redbrick Offices' subsidiary, Red Fox IT Infra LLP, from Ajmera Group’s NTPL Developers entity.
Tata Realty plans to triple its office space portfolio in 7 years
On launching a real estate investment trust (REIT), Sanjay Dutt said, “Those options are always there. At that point in time, we will take a call. We don't want to comment right now because it's very fluid. Rightnow, our goal is to scale our portfolio and become meaningfully sizeable”.
British PM's 1st day at 10 Downing St. will stretch from nuclear weapons briefing to Larry the cat
On his first day in office, Starmer will get briefings from senior civil servants about key issues facing the government, receive congratulatory phone calls from world leaders and begin the process of appointing his Cabinet.
Global Capability Centres drive office leasing in H1 2024, with a 37% share
India's office leasing market is dominated by Global Capability Centres (GCCs), with 37% of total leasing activity in January to June 2024. The country's robust workforce, competitive costs, and established ecosystem make it a key market for GCCs. With a projected 20% growth in GCC presence by 2025, the Indian office market is poised for significant expansion. 67% of GCCs plan to increase their office portfolios by over 10% in the next two years.
Aerospike appoints Venkatesh Guntur as country manager for Southeast Asia
California-based Aerospike has appointed Venkatesh Guntur as its new country manager for Southeast Asia. Guntur, with over 25 years in enterprise IT sales, will lead the firm's growth and expansion in the ASEAN region, focusing on enhancing its presence in AI-centric business applications.
Corporates embrace more flexibility amidst the hybrid work model
About 30% of occupiers are expected to expand their use of flexible office space over the next 12 months, while 17% are likely to consolidate their offices into fewer locations, CBRE said in its latest ‘2024 India Office Occupier Survey’.
Awfis plans to raise seats by 50% in FY25
Awfis Space Solutions targets a 50% seat expansion to 135,000, focusing on managed office spaces to drive revenue growth. The company plans to add 40,000 seats by FY25, with new centers following a managed aggregation model. Sobia Khan's report highlights the successful addition of 15,084 seats, primarily under the managed aggregation approach.
WeWork India appoints Janak Malkani to drive expansion in managed office business
WeWork India has appointed Janak Malkani as the head of managed office and sales for the West region. Malkani's extensive real estate experience will enhance WeWork India's managed office offerings, with a focus on innovative and efficient workspace solutions. WeWork India's flexible workspace market has seen significant growth, with a third of its business driven by the Managed Office portfolio, serving notable enterprise members.
Gross leasing of office space up 8 pc to 158 lakh sq ft in Apr-Jun in top 6 cities: Colliers
India's office market shows resilience with sustained growth driven by positive economic indicators. The surge in demand for quality office spaces, led by technology and manufacturing sectors, is expected to surpass 50 million square feet in 2024, reflecting confidence in the market's future prospects.
Indian office market shows strong growth in H1 2024
The Indian office market showcased resilience in H1 2024 with significant office leasing and new supply growth. Occupiers' confidence, highlighted by major players like HCL Technologies and Tech Mahindra, spurred demand for quality office spaces.
Northeast floods: Home Minister Amit Shah backs use of satellite imagery provided by ISRO
Union Home Minister Amit Shah proposed creating 50 large ponds in the Northeast to divert Brahmaputra water for flood management, agriculture, and tourism. He emphasized using ISRO satellite imagery for water management and preparing for Glacial Lake Outburst Flood (GLOF) risks.
Awfis to expand in new markets, says CMD Amit Ramani
Awfis is targeting a 30% revenue growth in FY25, driven by expanding its supply and achieving higher occupancy rates at its current centers. The company operates in 17 cities, hosting 181 centers with approximately 110,000 seats and covering a chargeable area of 5.6 million square feet. Awfis saw its operating revenue grow 45% year on year to Rs 232.3 crore.
WeWork India debuts in Chennai with launch of first co-working space in the city
WeWork India opened its first co-working space in Olympia Cyberspace in Chennai. This is the company's 55th building in India, offering 2,000 seats on 130,000 sq. ft. Karan Virwani, CEO, WeWork India, highlighted a strong demand in multiple industries such as agri-tech, IT/ITES/ HR, among others.
Wipro bags $500 million deal from US communications provider
The large deal win comes just two months after its new CEO Srinivas Pallia took charge following the resignation of its former chief Thierry Delaporte just seven days into the new fiscal year 2025.
Smartworks expands Pune portfolio, leases entire 6 lakh sq ft tower in Balewadi
Smartworks leases tower in Pune's Balewadi for coworking with 8,000 desks. The Indian market has become one of the fastest-growing centers for flexible office spaces, driven by the rising demand for adaptable workspace solutions from large corporations and dynamic startups worldwide, especially after the Covid-19 pandemic.
Table Space targets high growth, leases over 2.5 million sq ft across four cities
Table Space expands its presence in Indian cities by acquiring and leasing office spaces to meet the growing demand for managed workspaces. They aim to add more space in key metros and provide world-class workspace solutions.
Incuspaze leases 350,000 sq ft in Gurugram
The company has also leased 150,000 sq ft space in Pune and 60,000 sq ft space in Jaipur, as it is looking to add 1.5 million sq ft this year owing to increasing demand for flexible space in the country.
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