Morgan Stanley renews Bengaluru office lease

Morgan Stanley Advantage Services has decided to extend its lease for commercial office space in Bengaluru. They have renewed their lease for approximately 136,000 square feet of space. The property, located in Ecoworld on Outer Ring Road, was originally leased from RMZ Corp for duration of 120 months, with a provision for a 15% increase in rent every three years. According to the lease renewal document shared by Propstack, the company will be paying a rent of Rs 116 per sq ft during the entire lease tenure. Additionally, it has come to light that Morgan Stanley is in the process of relocating its current India headquarters, which has been operational for 13 years, to a larger office space in Mumbai. This move reflects the bank and financial services company's growing presence and workforce in the country. Despite facing global macroeconomic challenges, office leasing activity in India saw a 12% increase quarter-on-quarter, totalling 13.9 million sq ft in the April-June period. Bengaluru, Chennai, and Pune accounted for 59% of the overall transaction activity during the quarter. However, during the first half of 2023, absorption decreased by 12% year-on-year, amounting to approximately 26.4 million square feet, according to CBRE. Also read:  UPRERA refunds 1.39M to Greater Noida project allottee  Luxurious Nizamuddin bungalow fetches whopping Rs 620 million