Byju's leases 5.5 lakh sq ft office space in Bengaluru

01 Jul 2022 CW Team

Think and Learn, also known as Byju's, has decided to lease a 5.5 lakh sq ft office building in Bengaluru’s Kalyani TechPark for roughly Rs 95 per sq ft.

The Chan-Zuckerberg Initiative and Sequoia Capital are two of Byju's investors.

According to media sources, the lease contains a 5% yearly rent increase clause.

The Brookfield Road location where Byju's has leased space from Kalyani Group has long been the preferred micro-market for software firms. The company's second important deal is this one.

To centralise its operations, it leased 4 lakh sq ft from Prestige Group last year.

Over the past six months, the highest-valued start-up in the nation has spent more than $2 billion on acquisitions, leading to consolidation in a sector that saw growth throughout the epidemic.

By the first half of 2022, 1 million of Bengaluru's 3 million workers are likely to return to their offices gradually.

Shishir Baijal, the chairman and managing director of Knight Frank India, told the media that there was undoubtedly increased activity in the past quarter, particularly as a result of numerous market renewals and a new startup section that helped to increase space take-up.

He said in the coming quarters, as the Indian economy continues to grow, they expect the office segment to regain its pre-Covid momentum.

According to Knight Frank, 10.8 million square feet (MSF) of office space was transacted in the first quarter (Q1) of 2022 (January-March).

Bengaluru remained the foremost market with total leasing of 3.5 MSF of office space, followed by NCR, which recorded 2.3 MSF of gross leasing in the first three months.

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Also read: ANZ Bengaluru signs a 6,00,000 sq ft lease from Embassy Group

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