Schneider electric expands Bengaluru presence

Schneider Electric India, a subsidiary of the French multinational, has leased approximately 048 mn sq ft of office space in Bengaluru's Outer Ring Road (ORR) area from Bagmane, a real estate developer. This move is part of Schneider Electric's expansion plans and will establish its new facility at Bagmane Solarium, a large business park in Bengaluru, capable of accommodating over 4,800 employees. The 10-year deal includes a five-year lock-in period and focuses on the company's research and development and technology centre. Bagmane Solarium, covering 85 acres with a built-up area of 10.5 million sq ft, houses various corporate tenants, including Cognizant, Baker Hughes, and Legato. Bengaluru's ORR has witnessed several significant transactions in recent quarters, making it a preferred destination for multinational companies due to the ample space available in extensive business parks. Despite global economic challenges, many tenants initially adopted a cautious approach to expansion. However, in Q2 2023, there was a significant rebound, with a 2% year-on-year increase in office space absorption across the top six cities, according to industry experts. This growth has led to renewed leases and large office space deals, such as Schneider Electric's recent expansion.