EY Global Delivery Services India renews office lease of 4.2 lakh sq ft in Bengaluru

June 13, 2023
0 Comments

The office space taken up by the London-headquartered multinational firm in WTC Coral, Bengaluru is spread across 11 floors and has a 60-month lease tenure, according to a lease register document shared by Propstack, a data analytics firm.

Sobia Khan
  • Updated On Jun 13, 2023 at 08:58 AM IST

Read by: 100 Industry Professionals

Reader Image Read by 100 Industry Professionals

BENGALURU: EY Global Delivery Services India has renewed office lease for 420,000 square feet office space in Bengaluru. The move comes at a time when companies have largely turned cautious in expanding their operations amid a global financial slowdown.

The office space taken up by the London-headquartered multinational firm in WTC Coral, Bengaluru is spread across 11 floors and has a 60-month lease tenure, according to a lease register document shared by Propstack, a data analytics firm. As per the document, the lease renewal term includes a rental escalation of 13.5% after 12 months and thereafter every 36 months. “The rental is ₹1.7 crore per month with the lease tenure stating January 2023,” it said. EY did not respond to ET’s queries on the transaction.

The transaction comes as a boost for the real estate industry, after recent new and renewal leases by companies including Amazon, Google, JP Morgan and Deloitte.

The Indian office space market has witnessed a slowdown amid global geopolitical tensions. In the recent past many large companies have surrendered office spaces to cut real estate costs. Office leasing activity increased 9% year-on-year to 12.6 million sq ft during the January-March period.

  • Published On Jun 13, 2023 at 08:57 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Leave a Comment

Compare Properties

Compare (0)