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

ANZ Bengaluru Service Centre (ANZ Bengaluru), an existing occupier at Embassy Manyata Business Park (Embassy Manyata) since 2008, has increased the size of its footprint by signing a lease for 6,00,000 sq ft at Building M3.

The new building, which is now being built, is striving to house more than 6,000 employees.

S V Venkataraman, managing director of ANZ Bengaluru, told the media that with the lease for one of our current office buildings in Embassy Manyata Business Park coming to an end, they wanted to find a new office nearby for the convenience of over 5,000 employees as well as the expected growth of ANZ Bengaluru.

The operational area of Embassy Manyata, which is spread across 121 acres, is about 12 million sq ft.

Rahul Arora, head of Office Leasing Advisory India & MD - Karnataka & Kerala, JLL India, said that office leasing in significant cities has been fueled by demand brought on by a return to the office and aggressive hiring in the BFSI, technology, and start-up sectors.

He said strong market fundamentals, a healthy supply pipeline, and an increase in demand are supporting the leasing momentum's sharp acceleration.

Arora informed that this year, absorption rates are probably going to surpass pre-pandemic levels. Key developers and funders are including these components in more recent base building offerings as occupiers increasingly place a priority on sustainability, wellness, and improved employee experience.

He added that by the end of 2022, Bengaluru's stock is likely to reach 200 million sq ft, and they are already witnessing the construction of a whole generation of new-age structures that are designed to directly support occupier sustainability aspirations.

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