Schneider Electric India leases 4.8 lakh sq ft of office space in Bengaluru, ET RealEstate
Schneider Electric India, a subsidiary of the French multinational company, has rented approximately 4.8 lakh square feet of office space in Outer Ring Road (ORR), Bengaluru, from real estate developer Bagmane as part of its expansion plans.
The new Schneider facility will come up at Bagmane Solarium, a large business park in Bengaluru and can seat over 4800 employees.
“The deal was signed recently for 10 years for the company’s research and development and technology centre. It has a five-year lock-in period,” said two people aware of this deal.
Bagmane Solarium, which spans across 85 acres and boasts a built-up area of 10.5 million square feet, is home to various corporate tenants, including prominent names such as Cognizant, Baker Hughes, and Legato.
ET’s email query to Schneider remained unanswered until the time of going to press.
Colliers, the transaction advisor to the deal, refused to comment and share any details.
As one of the sources mentioned earlier stated, “Over the past three quarters, ORR has witnessed numerous significant transactions, making it the preferred destination for many multinational companies, thanks to the ample space available in the extensive business parks.”
The year 2023 has seen corporations opting for renewals and leases of large office spaces in crucial office markets, with several large deals recently concluded.
Some of the large deals closed recently include Bhive Workspaces, which has leased 1.5 lakh square feet of office space in the central business district; Northern Trust leasing 4.7 lakh sq feet; and Morgan Stanley Advantage Services renewing its 1.36 lakh sq feet of office space in Bangalore.
Despite worldwide economic difficulties, a cautious approach to expansion was initially taken by many tenants. Nevertheless, in Q2 of 2023, a significant rebound occurred,, with a 2% year-on-year increase, resulting in the absorption of 14.6 million square feet of office space across the top 6 cities, mentioned industry experts.