Amazon Development Centre has leased 6,59,662 square feet (sq ft) of office space in Bengaluru for five years and will pay rent at the rate of Rs 72.74 per sq ft per month, documents accessed by Propstack showed.
The web commerce company registered the document on February 27. The office is located in Constellation Business Park-Taurus II, a development by Bagmane Developers. The facility houses several tech companies.
The lease agreement has been signed between Bagmane Developers and Amazon Development Centre, the documents showed. The lease for the ground floor, and the fourth to the 12th floor from April 10, 2022, to June 30, 2024, is for Rs 72.74 per sq ft, and from July 1, 2024, to April 9, 2027, the rate is Rs 83.65 per sq ft.
The company has also taken 916 car parking lots on lease at the rate of Rs 2,875 per from April 2022 to June 2025. From July 2025 till April 2027, the rate will be Rs 3,306.
An email has been sent to Amazon and Bagmane Developers. The story will be updated once we hear back from them.
Previously, Amazon had leased 5 lakh sq ft of office space in Hyderabad, and 3 lakh sq ft in Gurgaon for a period of five years. Earlier this year, Amazon Development Centre leased 1.94 lakh sq ft at an IT park in Kharadi, Pune, from KRC Infrastructure and Projects, for five years at a rent of Rs 1.45 crore per month.
In September 2022, Amazon Data Services had taken on rent 4,51,037.54 sq ft of office space in Thane, Mumbai, at a rent of Rs 74.91 crore per year.
The lease was for a period of 29 years. The monthly rent works out to be Rs 6.24 crore. The rent will increase by 3 percent every 12 months for the first 36 months, and 3.5 percent every 12 months for the last 144 months, the agreement to sub-lease registered on September 24, 2022, showed.
In June 2022, Amazon Data Services leased 2.39 lakh sq ft of freehold industrial land from L&T in Mumbai’s Powai area for 21 years and six months, for a rent of Rs 3.57 crore per month. The security deposit paid by the company is Rs 99 crore, the documents showed.
According to JLL, 12.8 million sq ft of office space was leased across the top seven cities in India in Q1 2023, down 8.7 percent quarter-on-quarter.
The tech sector's share of leases has hit a six-quarter low at 22.3 percent due to slow hiring and global challenges, while BFSI and consulting firms have seen quarterly growth in their respective shares, an analysis of Q1 (January-March 2023) office leasing trends by JLL Research said on March 30.
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