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Societe Generale renews 3.23 lakh sq ft office space lease in Bengaluru

Gross office space absorption in 2022 will be about 15-20% higher as occupier confidence is back in the market, as per Colliers. (Photo: Mint)Premium
Gross office space absorption in 2022 will be about 15-20% higher as occupier confidence is back in the market, as per Colliers. (Photo: Mint)

  • Overall office gross absorption across the top six cities in 2021 was at about 33 million sq feet, 10% higher compared to 2020, as per property advisory Colliers India. At city level, all cities, except Bengaluru and Delhi-NCR surpassed the annual average absorption of 2016-2018

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BENGALURU: Societe Generale Global Solution Centre Pvt Ltd has renewed its lease agreement for about 3.23 lakh sq ft of office space with Information Technology Park Ltd, in Bengaluru’s Whitefield area. The area spread across multiple floors is in the Voyager building, ITPL Main Road, and the renewal is for a three-year eaccording to documents accessed by real estate data and analytics firm Propstack.

The monthly rental rate is around 57 per sq ft.

Societe Generale Global Solution Centre is an offshore development centre and a subsidiary of French financial services giant Societe Generale. It provides services in the areas of application development and maintenance, infrastructure management, business process management, research among others, to Societe Generale's business lines around the world.

“This transaction is yet another indicator of strong comeback by BFSI sector. We believe that with the new hybrid and remote work culture, India and particularly south India will continue to have an advantage," said Raja Seetharaman, co-founder, Propstack.

Overall office gross absorption across the top six cities in 2021 was at about 33 million sq feet, 10% higher compared to 2020, as per property advisory Colliers India. At city level, all cities, except Bengaluru and Delhi-NCR surpassed the annual average absorption of 2016-2018.

“The year 2021 has emerged to be better than expected, considering the devastating wave we saw during the year. Demand continues to be led by technology companies. However, we are seeing greater appetite for office space by start-ups. The year 2022 will even be better, even if the concerns of Covid-19 persist. Gross absorption in 2022 will be about 15-20% higher as occupier confidence is back in the market," Ramesh Nair, CEO, India and MD, market development, Asia, Colliers.

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