Samsung Renews Bengaluru Office Lease for 420,000 Sq Ft
Real Estate

Samsung Renews Bengaluru Office Lease for 420,000 Sq Ft

Samsung Research and Development Institute India-Bangalore (SRI-B) has renewed its lease for 420,000 square feet of office space in Bengaluru. The lease, inked with Bagmane Developers, spans five years and includes a lock-in period until April 2027.

According to a lease renewal deed shared by analytics firm Propstack, SRI-B will pay an annual rent of ?500 million, with a 5% yearly escalation. This translates to a monthly rent of ?102 per square foot. The renewed lease, which commenced in June, covers the basement, ground, and ten floors, along with parts of the eleventh floor of the property initially leased in 2019, which expired in April 2024.

Despite a global increase in vacancy rates for Grade A office spaces, India is experiencing the opposite trend. Raja Seetharaman, co-founder of Propstack, attributes this to growth in the GCC, BFSI, and flexible office sectors. He noted that Bengaluru is witnessing numerous large transactions, echoing a trend of high-value deals in Indian cities like Mumbai.

SRI-B, Samsung's largest R&D center outside South Korea, plays a crucial role in driving innovation. It focuses on enhancing global flagship devices through advancements in multimedia, AI, and the Internet of Things, while also addressing the needs of Indian consumers. Earlier this year, Samsung Semiconductor India Research (SSIR) secured a 160,000-square-foot R&D facility in Bengaluru to bolster semiconductor research and development, planning to expand its workforce by over 700 individuals from its current strength of more than 4,500 employees.

Bengaluru has led office space absorption in India this year, accounting for about a quarter of total leasing from January to June 2024. This surge is followed by Delhi-NCR at 16%, Chennai at 14%, and both Pune and Hyderabad at 13%. Additionally, Bengaluru, Hyderabad, and Mumbai have led in supply additions, collectively accounting for 69% of the total office space added during the same period, according to CBRE.

Samsung Research and Development Institute India-Bangalore (SRI-B) has renewed its lease for 420,000 square feet of office space in Bengaluru. The lease, inked with Bagmane Developers, spans five years and includes a lock-in period until April 2027. According to a lease renewal deed shared by analytics firm Propstack, SRI-B will pay an annual rent of ?500 million, with a 5% yearly escalation. This translates to a monthly rent of ?102 per square foot. The renewed lease, which commenced in June, covers the basement, ground, and ten floors, along with parts of the eleventh floor of the property initially leased in 2019, which expired in April 2024. Despite a global increase in vacancy rates for Grade A office spaces, India is experiencing the opposite trend. Raja Seetharaman, co-founder of Propstack, attributes this to growth in the GCC, BFSI, and flexible office sectors. He noted that Bengaluru is witnessing numerous large transactions, echoing a trend of high-value deals in Indian cities like Mumbai. SRI-B, Samsung's largest R&D center outside South Korea, plays a crucial role in driving innovation. It focuses on enhancing global flagship devices through advancements in multimedia, AI, and the Internet of Things, while also addressing the needs of Indian consumers. Earlier this year, Samsung Semiconductor India Research (SSIR) secured a 160,000-square-foot R&D facility in Bengaluru to bolster semiconductor research and development, planning to expand its workforce by over 700 individuals from its current strength of more than 4,500 employees. Bengaluru has led office space absorption in India this year, accounting for about a quarter of total leasing from January to June 2024. This surge is followed by Delhi-NCR at 16%, Chennai at 14%, and both Pune and Hyderabad at 13%. Additionally, Bengaluru, Hyderabad, and Mumbai have led in supply additions, collectively accounting for 69% of the total office space added during the same period, according to CBRE.

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?