Google has leased out over 29 lakh square feet (sq ft) of space in Bengaluru through six separate deals with a monthly rent in the range of Rs 58 per sq ft to Rs 230 per sq ft, registration documents accessed by Propstack showed.
Of the six transactions, five have been signed between Google India Private Limited and Google Connect Services India on the one hand and Bagmane Developers on the other, and one with managed workplace provider Table Space, revealed the registration documents dated February 2023.
According to the documents, Google Connect Services India has leased 4.58 lakh sq ft for 36 months at Rs 58 per sq ft in a building named Primeco Union City, which is managed by Table Space.
Apart from this, it has leased 51,638 sq ft on the ninth floor in Bagmane Constellation Business Park at Rs 81 per sq ft rent, and the 10th floor spread across 48,221 sq ft for Rs 84 per sq ft in a separate deal.
Google Connect Services India has also leased 6.21 lakh sq ft for 36 months at Rs 230.88 per sq ft in Bagmane World Trade Centre Opal. The documents also show that two transactions signed by Google India Private Limited include 16.60 lakh sq ft space leased for 56 months at Bagmane Rio Business Park for Rs 85 per sq ft and 1.24 lakh sq ft for 60 months for Rs 84 per sq ft at Bagmane Constellation Business Park - Carina Block.
Moneycontrol has sent queries to Google and Bagmane Developers. The copy will be updated after receiving a response.
This comes after Google's parent company Alphabet's decision to lay off 12,000 employees in its second round of job cuts. The tech giant has laid off about 12,000 employees in the wake of market uncertainties.
Previously, Sankey Prasad, chairman of Colliers India, told Moneycontrol that global headwinds following the collapse of Silicon Valley Bank in the US will dent affordability in the commercial real estate sector, especially in IT hubs such as Bengaluru.
"If the slowdown continues, we could see a low gross commercial absorption of as much as 30-33 million square feet. And this can potentially delay new residential launches already in the pipeline,” he added.
