NPCI Picks Up 1.15 Lakh Sq. Ft. Office Space in Mumbai’s Goregaon

The National Payments Corporation of India (NPCI) has leased 1.15 lakh square feet of office space in Mumbai's Goregaon area.

As per the agreement, NPCI will pay a monthly rental of Rs 2.15 crore. The lease includes a clause to escalate rentals by 15%, which will take effect after three years, taking the total rental payout to over Rs 136 crore over the entire tenure of the lease.

Here are some key details:

• Location: Oberoi Commerz III, Goregaon East, Mumbai.
• Floors: 27th and 28th floors
• Lease Duration: Five years.
• Monthly Rent: ₹2.15 crore, with a 15% escalation after three years.
• Annual Rent: Over ₹25 crore
• Rent per Sq. Ft.: ₹187 per sq ft

This move highlights the ongoing demand for Grade A commercial real estate in Mumbai, driven by leading institutions and multinational corporations.

The NPCI has several offices across India to support its operations. The key locations include Mumbai, Maharashtra, with addresses at Bandra East, Mumbai, and Raheja Titanium, Western Express Highway, Goregaon East. In Chennai, Tamil Nadu, NPCI's office is located Siruseri Information Technology Park, Kanchipuram. NPCI's Hyderabad, Telangana, office can be found at Ranga Reddy District.

Lastly, in Delhi, National Capital Territory, NPCI is located at Level 8, The Executive Centre, DLF Centre, Sansad Marg, Connaught Place, New Delhi.

These offices help NPCI manage and operate various retail payment and settlement systems across India, ensuring seamless and efficient digital transactions.

Recent Real Estate Deals in Mumbai:

1. Morgan Stanley: Leased 1 million square feet of office space in Oberoi Commerz III for over nine years at a starting monthly rental of ₹15.96 crore.
2. Nielsen Media and Whats On India Media Pvt Ltd: Leased 1.52 lakh square feet of office space in Oberoi Commerz III for a starting monthly rent of ₹3.87 crore for 10 years.
3. Deloitte Shared Services India LLP: Leased 80,849 square feet of office space in Oberoi Commerz III at a monthly rent of ₹2.09 crore.

These transactions highlight the ongoing demand for Grade A commercial real estate in Mumbai, driven by leading institutions and multinational corporations.

Cisco and Morgan Solar Piloting Project That Powers Office Spaces with Solar Energy

Cisco and Morgan Solar have teamed up for an innovative pilot project that aims to power collaboration and meeting spaces using solar energy. This project is a part of their efforts to unlock clean energy adoption in office spaces.

Below is the brief overview of the project:

• Energy Blinds: The project features Morgan Solar’s Energy Blinds, which are photovoltaic, algorithmically controlled window shades designed to capture clean, solar energy.
• Power-over-Ethernet: Cisco’sPower-over-Ethernet (PoE) switch is used to distribute the energy within the room efficiently.
• Webex Integration: The system is integrated with Cisco’s Webex platform, which detects when the room is not in use, thereby maximizing energy generation and minimizing consumption.
• Sustainability Goals: The solution offers businesses a new way to approach their path to net zero, providing innovative methods that can be used in commercial office spaces to advance sustainability goals through technology.

The pilot project, which is currently deployed at Cisco’s Toronto Innovation Centre, has shown promising initial results, producing up to 50W of renewable energy per window. This energy is sufficient to run the required equipment and devices in the pilot room. When the room is not occupied, the system stores excess solar energy for later use or during peak times when grid energy may be more expensive.

This initiative not only supports sustainability but also offers tangible business value, including cost savings and enhanced productivity. It could also contribute to achieving LEED certification in older buildings. With Canada committed to achieving net-zero emissions by 2050, projects like this represent a creative approach to meeting national sustainability goals.

The two companies are also planning to expand the Cisco and Morgan Solar project. The first pilot project is currently deployed at Cisco’s Toronto Innovation Centre, and there are plans to include two additional customer sites. While the current information does not specify the exact locations or timeline for the global expansion, the inclusion of more sites indicates a move towards broader implementation.

The project's success at the initial site could pave the way for further expansion, potentially on a global scale. This would enable greater energy efficiency and on-site energy generation than rooftop solar alone, providing businesses with innovative approaches to achieve their sustainability goals.

Keep an eye out for updates from Cisco and Morgan Solar, here at IndianWeb2.com, as they continue to develop and potentially expand this promising clean energy initiative.

Bengaluru Outrace Pune in Office Market Activity in H1 FY-2023

• With approx. 6.1 Mn sq. ft. new office completions & approx. 6.08 Mn sq. ft. absorption in H1 FY23, Bengaluru races far ahead in office activity in the period
• Pune saw just 0.85 Mn sq. ft. of new office completions & 1.35 Mn sq. ft. absorption in H1 FY23 - however, it also has the lowest office vacancy among the top 7 cities
• Avg. monthly office rentals in Bengaluru increased by 6% in H1FY23 against last year; Pune remains relatively cheaper
• IT-ITeS is still the top office space occupier in both Bengaluru & Pune; however, Bengaluru saw increased leasing activity in BFSI (nearly 30% share); in Pune, coworking & Manufacturing / Industrial comprised leasing share of 31% & 18%
• With a possible recession looming over the US in early 2023, both these markets' office space bears watching next year

While Bengaluru and Pune remain the top commercial office destinations for IT-ITeS and coworking occupiers, Bengaluru has overtaken Pune in overall office space activity. ANAROCK's India Office Market Update H1 FY23 indicates that with approx. 6.1 Mn sq. ft. of new office completions and approx. 6.08 Mn sq. ft. office absorption in H1 FY23, Bengaluru was far ahead of Pune in office activity. During the period, Pune saw a mere 0.85 Mn sq. ft. of new office completions and approx. 1.35 Mn sq. ft. of office space absorption in H1 FY23.

"However, Pune is ahead of its IT counterpart as far as office vacancy levels are concerned," says Prashant Thakur, Sr. Director - Research, ANAROCK Group. "At 7.8%, Pune's office vacancy rate is the lowest amongst all top 7 cities, including Bengaluru - which had an office vacancy of 10.9% in H1 FY23. Both cities recorded similar yearly growth of 6% in average monthly office rentals."

Both Pune and Bengaluru have seen the IT-ITeS sectors dominating office space demand over the last decade. However, Bengaluru has stood its ground despite past office demand slowdowns, including during the COVID-19 pandemic. It remains the country's most active office market with approx. 6.08 mn sq. ft. net absorption in H1 FY23 - the highest recorded in the city in the last six years.

“Going forward, to the backdrop of a possible recession in the US in early 2023, it will be interesting to see how far these two cities' office markets will be impacted," says Thakur. "There is considerable uncertainty in many global economies, including Europe and the US, as they battle high inflation."

Many multinationals and businesses have become cautious about expansion in such an environment. Many global tech giants have already started layoffs to curtail costs and weather-proof their balance sheets. Currently, the Indian economy is in a far stronger position than many of its western counterparts.

That said, India is not entirely decoupled from global markets, which provide it with a sizeable chunk of IT/ITeS business. Many corporate leasing decisions have already veered into the slow lane as they monitor global markets. This caution is likely to continue till early 2023.

Key Office Highlights

Bengaluru

• Approx. 6.1 Mn sq. ft. of new office supply was infused in the city in H1FY23 - at 26%, the 2nd highest share after Hyderabad among the top 7 markets. Y-o-Y, Bengaluru's new office supply witnessed a 16% dip. Driven by healthy fresh corporate leases, Bengaluru saw net office absorption surge to 6.08 Mn sq. ft in H1FY23, surpassing the absorption recorded in the corresponding period in FY22 by 90%
• Avg. monthly office rentals in the city during H1FY23 stood at INR 84 per sq. ft. and continue to harden in the key micro-markets due to rising office space demand. The city’s average office rentals increased by 6% over the corresponding period in the previous year. City-wide vacancy levels remained almost stable at 10.9% in H1FY23, a marginal change of 0.1% over H1FY22
• With 35% of the leasing market share, the IT-ITeS sector led office market occupancy in the first half of FY23, followed by the BFSI and coworking at 30% and 18%, respectively.

Bengaluru: Office Demand-supply Dynamics

Pune

• Approx. 0.85 Mn sf of new office supply entered the Pune market in H1FY23, declining by 32% over H1FY22. The city contributed the smallest share (4%) to India’s new office supply. On the net office absorption front, Pune saw net office absorption of 1.35 mn sq.ft.– the highest in the past six years. Absorption rose by 4% Y-o-Y in H1FY23 due to strong occupier demand
• Avg. monthly office rentals in H1FY23 increased by 6% to INR 74 per sq. ft. The city’s vacancy rate was pushed up by 3.3% - from 4.5% in H1 FY22 to 7.8% in H1 FY23
• The top three largest office space occupiers in H1FY23 were IT-ITeS, coworking spaces, and Manufacturing / Industrial, with leasing transactioin shares of 40%, 31%, and 18%, respectively

Pune: Office Demand-supply Dynamics

Download the complete report – India Office Market Update H1 FY23

L&T Realty and CapitalLand India Trust to Develop 6 Mn Sq. Feet of Prime Office Spaces in India

L&T Realty, the Real Estate Development arm of L&T and Singapore-listed CapitaLand India Trust Management Pte. Ltd., trustee-manager of CapitaLand India Trust (CLINT), have entered into a non-binding term sheet for a commercial platform to develop close to 6 million square feet (0.56 million square metres) of prime office spaces across Bengaluru, Chennai and Mumbai in India.

Under this platform, L&T will build and develop office spaces - while CLINT will market the office spaces. Depending on the completion of these developments, CLINT expects majority of the capital commitment for the projects to start from 2H 2024 onwards. CLINT will acquire the ownership of these properties in a phased manner.

On this occasion, Mr. Shrikant Joshi, CEO & MD, L&T Realty said: “Indian Office leasing market continues to grow with demand for quality office space from international and domestic clients. The net absorption space for January-September 2022 period stood at a three-year high of 30.3 million square feet (2.8 million square metres). We are delighted to have forged partnership with CLINT for premium office space in the three top metropolises of India.”

Mr. Sanjeev Dasgupta, Chief Executive Officer of the trustee-manager said: “The proposed commercial platform with L&T provides CLINT an opportunity to scale up its presence across three major cities in well-established micro-markets. Furthermore, L&T’s strong track record in project development and CLINT’s extensive customer network and leasing capabilities will create synergies across the platform.”

Both parties will make an announcement at a later date when definitive agreements are signed.

About L&T Realty

L&T Realty, the real estate arm of Larsen and Toubro (L&T), is a trendsetter among Indian real estate developers. With presence in Mumbai, Navi Mumbai, Bengaluru, Chennai and NCR, the company has a diverse portfolio of residential, commercial and retail developments. The company has a reputation for upholding its promises and embracing ESG, digitisation, and new technologies into its core offering. L&T Realty regards community and environmental well-being as key components of establishing trust with customers. L&T Realty has redefined the real estate industry in India with its customer-focused approach and continuous quest for world-class quality.

Over the years L&T has been instrumental in developing unique infrastructure capabilities to meet the need of corporates, building over 100 million square feet of pioneering office spaces across the country.

About CapitaLand India Trust (www.clint.com.sg)

CapitaLand India Trust (CLINT), formerly known as Ascendas India Trust (a-iTrust), was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India. CLINT may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion. As at 30 June 2022, CLINT’s assets under management stand at S$2.5 billion.

CLINT’s portfolio includes eight world-class IT business parks, one logistics park, one industrial facility and one data centre development in India, with total completed floor area of 15.5 million square feet spread across Bengaluru, Chennai, Hyderabad, Pune and Mumbai. CLINT is focused on capitalising on the fast-growing IT industry and logistics/industrial asset classes in India, as well as proactively diversifying into other new economy asset class such as data centres. CLINT is structured as a business trust, offering stable income distributions similar to a real estate investment trust. CLINT focuses on enhancing shareholder value by actively managing existing properties, developing vacant land in its portfolio, and acquiring new properties.

CLINT is managed by CapitaLand India Trust Management Pte. Ltd., formerly known as Ascendas Property Fund Trustee Pte. Ltd. The trustee-manager is a wholly owned subsidiary of Singapore-listed CapitaLand Investment Limited, a leading global real estate investment manager with a strong Asia foothold.

About CapitaLand Investment Limited (www.capitalandinvest.com)

Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2022, CLI had about S$130 billion of real estate assets under management, and about S$86 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and about 30 private vehicles across Asia-Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.

CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand’s development arm.

As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve net zero emissions by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.

Important Notice

This release may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training, property operating expenses), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business.

You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this release. Neither CapitaLand India Trust Management Pte. Ltd., formerly known as Ascendas Property Fund Trustee Pte. Ltd. (“Trustee-Manager”), nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use of, reliance on or distribution of this release or its contents or otherwise arising in connection with this release.

The past performance of CapitaLand India Trust (“CLINT”), formerly known as Ascendas India Trust, is not indicative of future performance. The listing of the units in CLINT (“Units”) on the Singapore Exchange Securities Trading Limited (“SGX-ST”) does not guarantee a liquid market for the Units. The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Trustee-Manager. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Trustee-Manager redeem or purchase their Units while the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST.

This release is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units.

Co-Working Space Share in Office Real Estate at 20% in H1 2022 from 6% in 2021

• Of net office absorption of 20.8 Mn sq. ft. in H1 2022 across top 7 cities, coworking comprised a 20% share; in H1 2021, its share was 6% of 9.33 Mn sq. ft.
• IT/ITeS office spaces share declined from 49% in H1 2021 to 36% in H2 2022
  Bengaluru & Hyderabad account for 50% of net office absorption in H1 2022
• Avg. monthly office rentals in H1 2022 up 5% in NCR & Hyderabad, up 4% each in Bengaluru & Pune
• H1 2022 saw robust new office supply aggregating to 31.8 Mn sq. ft., Bengaluru, Hyderabad & Pune dominated with a total 74% share
• With high new completions, avg. vacancy levels across top 7 cities rose by 2%

Demand for flexible office spaces has hit new high notes post the pandemic, with major companies and businesses including start-ups now opting for co-working. Latest ANAROCK data reveals that out of a net absorption of approx. 20.8 Mn sq. ft. across the top 7 cities in H1 2022, the share of co-working spaces stood at 20%. Back in H1 2021, its share was just 6% of net office absorption of approx. 9.33 Mn sq. ft.

In contrast, the share of IT/ITeS sector – India's leading office demand driver - declined from 49% in H1 2021 to 36% in H2 2022. However, this decline is largely because many IT companies are now also preferring flexible spaces to regular office spaces.

In terms of net absorption across the top 7 cities in H1 2022, Bengaluru and Hyderabad remained on top, comprising 50% of total demand share.

• Bengaluru, Hyderabad and Chennai - the top Southern cities - together witnessed net office absorption of approx. 12.2 Mn sq. ft. Of this, 18% or approx. 2.23 Mn sq. ft. was by coworking players.
• Western markets of MMR and Pune saw net absorption of nearly 5.45 Mn sq. ft. Of this, 27% or approx. 1.5 Mn sq. ft. was by coworking players.
• In NCR it stood at approx. 2.75 n sq. ft. Of this, 15% or approx. 0.41 Mn sq. ft. was by coworking players.
• In Kolkata, merely 0.4 Mn sq. ft. office space was absorbed. Of this, 14% or approx. 0.06 Mn sq. ft. was by coworking players. 

Anuj Puri, Chairman ANAROCK Group, says, "Coworking has received a major boost after Covid-19 disrupted the previous status quo. A major factor driving demand is that these spaces are not concentrated in just the city centres or major employment hubs; they're spread across different areas, including the housing-intense suburbs. Coworking spaces are now also operating out of malls and hotels across cities. Many large office parks are also housing coworking spaces. This helps companies to remain closer to their employees and offer them flexibility.”

Another advantage is that with flexible office spaces, companies can plug-and-play at the same cost rather than wrestling with office layouts and fit-outs. The lock-in period for taking up a regular office space is anywhere between 3-4 years. All these factors have also helped boost the demand for co-working spaces.

Cities	Net Absorption across cities in H1 2022 (in Mn sq. ft.)	% Share of Coworking in each City
NCR	2.75	15%
MMR	2.9	11%
Bangalore	6.1	23%
Pune	2.55	45%
Hyderabad	4.25	13%
Chennai	1.85	15%
Kolkata	0.4	14%
Total	20.8	20%

Source: ANAROCK Research

Office Rentals

Backed by rising office space demand, average monthly office rentals are also seen to be rising across the top cities:

• NCR and Hyderabad each saw a 5% rise in avg. monthly office rentals in H1 2022 compared to same period in 2021. Currently, the avg. monthly office rents in NCR are at INR 80 per sq. ft. while in Hyderabad it is INR 60 per sq. ft
• Bengaluru and Pune each saw a 4% yearly rise. The avg. monthly rentals in these IT hubs by the end of H1 2022 stood at INR 81 per sq. ft and INR 72 per sq. ft., respectively
• MMR, Chennai and Kolkata witnessed a 2% rise each in avg. monthly rentals in this period. In MMR, the avg. office rentals are the highest among the top 7 cities at INR 128 per sq. ft.; in Chennai they are INR 61 per sq. ft., and Kolkata has the lowest at INR 53 per sq. ft.

Office Rental (INR/Sqft/Month)
City	H1 2022	H1 2021
Bangalore	81	78
MMR	128	125
NCR	80	76
Chennai	61	60
Hyderabad	60	57
Pune	72	69
Kolkata	53	52

Source: ANAROCK Research

Supply

Meanwhile, the top 7 cities also witnessed robust new office supply in H1 2022, aggregating to 31.8 Mn sq. ft. Bengaluru, Hyderabad and Pune dominated with a total 74% share. Given the high new completions, average vacancy levels across top 7 cities rose by 2% to stand at 15.95% in H1 2022.

Rakuten India Opens New Office, The Group’s Largest Outside Japan

Representational (File photo- facebook.com/RakutenIndia)

• Inaugurates its new office building in Bengaluru, Rakuten Group’s Largest outside Japan
• Rakuten India’s new office is a 20-storeyed, state-of-the-art, modern premise with around 3 lakh sq ft of space
• Creates an inspiring space for growth and innovation in the Asia-Pacific region
• Strategically located in the heart of the city near Cubbon Park, Bengaluru, it is one of the largest office spaces for a technology company in the central business district

Rakuten India today announced the formal opening of their new office Rakuten - Crimson House Bengaluru in the city. The Product, Engineering, and Advanced Research facility represents further expansion of the company’s global technology footprint and will focus on developing and delivering a wide range of cross-industry deep technology solutions to help drive digital transformation and innovation for customers and partners.

Located at Cubbon Park, popularly referred to as the 'lung space’ of Bengaluru city, Rakuten - Crimson House Bengaluru is a 20 storeyed state-of-the art, modern building and is the company's largest outside of Japan. Strategically located in the city's central business district, it is the largest building by a tech company in the area. With a capacity for housing 3000+ employees, it currently accommodates 2000 employees with room to grow.

The inauguration of the new office is a momentous occasion for Rakuten India and underlines Rakuten’s commitment to making India its global innovation centre. The new office will further enhance the company’s capability for deep-tech innovation and R&D in areas such as e-commerce, fintech, content and entertainment, as well as AI in computer vision, speech, and natural language processing (NLP). Rakuten ‘SixthSense’, the company’s first B2B SaaS product, an all-in-one observability intelligence and software testing automation platform, hit the market last year.

Sunil Gopinath, CEO of Rakuten India

The building was inaugurated today in the presence of global leaders from Japan led by CIO and CISO, Group Executive Vice President of Rakuten Group, Inc., Mr. Yasufumi Hirai, along with the India CEO, Mr. Sunil Gopinath, Chief People Officer, Ms. Nalini George, as well as employees, partners, and customers from across the region.

“India is and has been central to our growth strategy. Our new R&D centre will build on the high value-added engagements that Rakuten has been delivering from India on deep tech and product innovation. Our modern and environment friendly facility provides a perfect environment to return to office post pandemic and is designed to foster collaboration and innovation”, said Yasufumi Hirai, CIO and CISO, Group Executive Vice President of Rakuten Group, Inc.

With employee expectations and the nature of work itself having undergone a shift in the last few years, Rakuten India’s new building is built keeping in mind the need for safe, fluid spaces that allow for creativity, collaboration, and innovation . The facility boasts of 3 lakh sq ft of office space, and includes cafeterias, meeting and breakout rooms, a creche, a gym, and a dedicated floor for health and wellness.

“We are delighted to showcase our growth ambitions in India with the opening of our new office building”, said Sunil Gopinath, CEO of Rakuten India. “Coming together in person to collaborate and build community will remain an important part of our future work. We are excited to welcome employees back to the workplace where teams can collaborate, engage, and socialise in ways that we have missed during the pandemic”, he added.

About Rakuten India Enterprise:

Rakuten India is the global product and innovation centre for Rakuten Group, Inc. Rakuten India enables global businesses in the areas of e-commerce, fintech, advertising, mobile, content and entertainment with deep expertise in the areas of data science and engineering, machine learning, artificial intelligence, cloud, security, distributed systems and more.
With around 2000 employees and growing, Rakuten India is housed in Crimson House Bangalore.

For more information, visit https://corp.rakuten.co.in/

Course5 Intelligence Sets Up New Facility in Coimbatore; To Hire Local Talent in Data Science, Analytics & AI

Analytics & AI solutions company, Course5 Intelligence, has set up a new facility in Coimbatore to attract local talent and augment growth plans. The company will focus on hiring data scientists, data engineers, analytics specialists and AI scientists at the new facility for large-scale business projects as well as AI-based research projects in collaboration with top Engineering colleges and Course5’s AI Labs. Headquartered in Mumbai, the company has other offices in Bengaluru and Gurugram in India, and in the UK, USA, and UAE.

Course5 is committed to attracting and nurturing high-quality talent while delivering excellence to its global clientele. The company’s management believes that Coimbatore and its surrounding regions offer a rich source of technology talent, much of it emerging from some of the finest Engineering universities located here. Expansion in this region will provide Course5 Intelligence with additional access to the talent pool available in the regions close to Coimbatore.

The Company plans to hire over 2000 Analytics & Data Science professionals in the city in a phased manner over the next few years.

On the Coimbatore facility, Ashwin Mittal, Chairman, MD and CEO of Course5 Intelligence, said, “The new facility is part of our move to build a strong Analytics & AI center of excellence. We intend to substantially scale up operations at Coimbatore in the next five years. We believe that there is tremendous talent available in this region and we will bring our proven process of Course5 University to propel that talent base to success.”

Course5 Intelligence caters to many Fortune 500 companies across the globe. The company’s clients span Technology, Media and Telecom (TMT), Pharma & Lifesciences, CPG, Retail and other sectors. Employees at the Coimbatore facility will join Course5’s global workforce in delivering cutting-edge analytics and insights solutions to this global client base.

Course5 Intelligence Limited (“Course5”) focuses on helping organizations drive digital transformation using artificial intelligence (“AI”), advanced analytics and insights. Course5’s AI-driven products and solutions and IP-led solutions are supported by industry-specific domain experience and the latest technologies and aim at enabling organizations to solve complex issues relating to their customers, markets and competition at speed and scale. Course5 combines a multi-disciplinary approach to data integration across structured and unstructured data sources to help businesses grow through informed decision-making. Course5’s clients include four of seven world’s largest companies by market capitalization as of November 30, 2021, four of the top ten pharmaceutical companies in terms of net revenue in 2020, and two of the five largest CPG companies in terms of net revenue in 2020.

Wework India Opens Workspaces in Pune & Bengaluru as a Part of Its Commitment to Long Term Expansion and Growth

 

With the launch of two new buildings,  WeWork India expands it footprint by over one lakh sq ft and close to 2,000 desks

WeWork now has 40 locations across India, with over 50,000 members across India

In line with its strategic vision for long term growth and expansion, the leading flexible workspace provider - WeWork India announced the opening of two new buildings in Pune and Bengaluru respectively. The workspace at WTC Pune spans over 55,000 sq ft feet, and the newly opened Embassy Sunriver in Bengaluru spread across over 61,000 sq. feet. The new buildings have been launched to collaborate with leading developers like Panchshil and Embassy REIT. WeWork India witnessed over 65% occupancy at the buildings on the day of opening, which is a testament to the rising demand for flexible workspaces across the country, and its increasing value among renowned developers.

Recognised as India's fourth operational World Trade Center, WTC Pune is the hub for international business and is conveniently located in the centre of Pune’s Eastern IT Corridor. It is easily accessible and provides members access to world class amenities while creating a conducive work environment. Occupying the 6th and 7th floor, this newly opened WeWork workspace has a unique still life mural and allows for plenty of natural light to enter the office spaces. The building is designed to maximise the use of space and is finished in black marble with touches of regional folk art and local elements inspired by Pune architecture. It brings to life the city’s rich culture, a mix of thriving youth and heritage colonial buildings.

The commute to Sunriver is easy as it is conveniently located inside the Embassy Golf Links, one of Bengaluru’s largest IT business parks. The centre of India's high-tech industry, the city is home to professionals from all spheres of life. Sunriver is designed with a focus on retaining the character of the existing building with inspiration derived from the culture of the city and classic elements of nature. Various furniture made by local artisans and a cricket pitch has been integrated to add vibrancy to the space. The workspace maintains the WeWork design aesthetic while preserving the authenticity of the building and customising member requirements.

Commenting on the announcement of these new workspaces, Karan Virwani, CEO of WeWork India, said, "As India witnesses an increased adoption of hybrid work models with the gradual return to work, we are excited to announce the launch of two of our buildings,  Embassy Sunriver and WTC. Our innovative approach has made a significant impact in revolutionising the flexible workspace ecosystem in India, thereby, encouraging its adoption among the future workforce.  With the launch of our two new spaces, we reaffirm our commitment to long term expansion and growth. We will continue to play a key role in providing the finest locations to our member community while developing the flexible workspace landscape in India."

The new spaces will offer expertly designed technology, agile workspace solutions and access to a community catering to the varied needs of members and businesses of all sizes. In addition to the key membership models, WeWork’s latest offerings include WeWork On-Demand, WeWork Business Solutions, Virtual Offices, Events, Studios, Shoots, and Managed Office by WeWork which are tailored to meet India’s rising demand for flexible workspaces.

About WeWork 

WeWork is India’s largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork India has been spearheading the concept of flexible workspaces and driving the future of work with over 5+ million sq ft of assets acquired in 40 locations, across NCR, Mumbai, Bengaluru, Pune and Hyderabad. 

Delhi-NCR Amongst the Fastest Growing Market in Office-Leasing by Startups

From a real estate perspective, startups are becoming a force to reckon with. As startups continue to take up more space in commercial offices, commercial real estate will have to adapt to cater to the needs of startups. Managed spaces are also observing more traction from startups not only in metro cities, but in non-metro cities as well.

Leading diversified professional services and investment management company, Colliers along with CRE Matrix have jointly released a report , ‘Startups Scale Up’, that states that the startups’ footprint has quadrupled over the last 5  years, contributing 10% to office occupancy today vs 3% in 2016.

"Startups to lease 29 million sq ft of space during 2022-24; amongst the fastest growing occupier sectors," said the report.

While global companies, followed by Indian conglomerates, remain the largest occupiers of commercial office space, startups are leasing space at a rapid pace. Startups have shown highest growth rate of 38% in the last 12 years in total occupied space as compared to other office occupiers. This is not only led by rapid expansion of existing startups, but also new enterprises.

About 49.7 million sq. ft. of space is occupied by startups as of 2021 across the top six cities - Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune, said the CRE Matrix-Colliers report.

Delhi-NCR is amongst the fastest-growing market in terms of leasing by startups. Delhi-NCR witnessed a three-fold increase in leasing by startups during 2021 on a YoY basis. The region benefits from being a catchment for education institutions in the North and East India, and strong infrastructure.

Mumbai has seen certain pockets of startup activity over the years. However, relatively higher rentals, and high cost of living are often seen as deterrents by early-stage companies.

Bengaluru continues to lead the market with a 34% share in leasing by startups 2019-21. A well developed ecosystem, deep technology talent, and a culture of entrepreneurship are major factors attracting startups here.

The workspace leasing demand will be led by fintech and logistics startups as they have gained momentum post-pandemic due to increased digital adoption and e-commerce boom, and hold a healthy pipeline in potential unicorns list. Additionally, increased digital adoption, availability of a deep talent pool, favourable government policies and funding options from venture capitalists are steering thegrowth of startups.

Startups' Choices of Leasing

Locations close to the CBDs and in proximity to established residential areas are preferred by startups. Locations close to other companies, research institutes/universities are ideal.

Plug & Play offices - High prices can be a challenge for startups since many are constrained by limited
cashflows or access to capital. Startups typically prefer plug and play flex space.

Collaborative culture - Informal spaces and interactive areas in the workspace.

Scalability - Startups are volatile in nature and may scale up and down quickly. Hence, they prefer spaces with expansion options

Standard deal size

• Early-stage startups - 5,000-10,000 sq ft
• Late-stage startups – 30,000 – 35,000 sq ft

The data for this report has been sourced from CRE Matrix for deals above 10,000 sq feet of traditional office space in top 6 cities. The deals include all registered office leases which have been executed since 2010, sized >10,000 sq. ft. in chargeable area, in all grades of office buildings. Cities covered by this report include -- MMR (Mumbai, Thane, Navi Mumbai), NCR (Delhi, Gurgaon, Noida), Bengaluru, Hyderabad, Chennai and Pune.

B2B Tech-enabled Sourcing Platform Buyhive Makes Sourcing from India Easier with New Global Expert Sourcing Network Platform

Platform to serve international buyers worldwide; to provide buyers a trustworthy and quality sourcing experience powered by independent experts

Hong Kong-based BuyHive today announced the global launch of its ‘Expert Sourcing Network’ platform to serve B2B buyers from around the world. The company said its platform will provide buyers a trustworthy and quality sourcing experience using locally-based sourcing experts spread throughout Asia. BuyHive is looking to onboard 5,000 sourcing experts to its platform.

Starting today, the BuyHive platform is live with 500 independent sourcing experts spread

across seven countries and territories; including India, Mainland China, Hong Kong, Indonesia, Bangladesh, Vietnam, and Thailand. All of these experts are senior professionals with at least 5 years of experience in sourcing for large global buyers.

BuyHive Co-founder and CEO Minesh Pore said, “The platform marks a huge step forward in realising our vision to democratise specialised sourcing – otherwise accessible only to the largest buyers and brands worldwide – by digitising it. Our Expert Sourcing Network platform will connect buyers and suppliers from all over the world using the best sourcing experts and technology, so they can do business with greater trust and transparency.”

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BuyHive also said that it has received more than 2,000 applications in the last three months from independent sourcing experts from nine Asian countries and territories; including India, Mainland China, Hong Kong, Taiwan, Indonesia, Bangladesh, Sri Lanka, Vietnam, and Thailand, in addition to several EU countries and the USA.

All of BuyHive’s experts have to undergo a strict screening process prior to their selection. “We filter sourcing experts who have experience working in big corporations, to make sure they have high standards in sourcing and also have several years of working experience, and we interview each of them to assess them before onboarding them,” Minesh added.

BuyHive’s Expert Sourcing Network platform is targeted at small or mid-sized retailers or sellers on eCommerce platforms – such as Amazon & eBay – based in the USA, UK and Europe, who are seeking greater flexibility, affordability, and control in their global sourcing.

It will enable these buyers to find and work directly with independent sourcing experts specialising in a variety of product categories, including Fashion, Textiles & Fabrics, Automotive Parts, Garden & Outdoor, Electronics, Smart Home & Appliances, Home, Kitchen & Office, and Toys & Games, among others. The platform will utilise the ‘gig economy’ approach to match or recommend experienced sourcing experts for sourcing-as-a-service, on a project or ‘gig’ basis.

“The independent sourcing experts on our platform are well-equipped with knowledge on issues of compliance, quality and technical aspects of manufacturing and are subject matter experts in a single product category, thereby providing buyers with reliable advice and recommendations,” Minesh added.

Buyers will be able to avail themselves of the new services at a special launch price of US$299 at https://thebuyhive.com/freelancer/. BuyHive sourcing experts will offer a variety of sourcing services; including supplier shortlisting and recommendation to help buyers find and connect with relevant local manufacturers, running supplier audits as well as quality audits for manufactured goods, and supervising shipments to ensure timely delivery.

BuyHive said that it is continually adding more independent sourcing experts in all Asian sourcing markets to better serve the specific needs of global buyers. In September last year, BuyHive had announced its plan to recruit over 5,000 independent sourcing professionals spread across India over the next 12 months.

About BuyHive

Hong Kong-based BuyHive is a B2B tech-enabled sourcing platform that is reinventing traditional sourcing for the digital age. The company was founded in 2019 to address the growing demand of buyers worldwide for more efficient ways to source quality products, without the large overheads associated with traditional retail buying offices and without expensive annual travel to sourcing fairs. BuyHive uses trust, accountability, and technological efficiency to differentiate its procurement solutions, including an e-commerce platform (theBuyHive.com) and a network of specialised procurement experts to help global buyers achieve convenient and reliable procurement. It also offers sourcing consultancy to global manufacturers and retailers to help them identify and work with suitable suppliers from around the world.

BuyHive today has over 60,000 registered users and has served customers in the US, UK, the EU, India, Greater China, and Southeast Asia. The company’s founding team has several decades of experience with sourcing, manufacturing, compliance, and both trade show and online sourcing platforms, across Asia, Europe, and the Americas. During the ongoing Covid-19 pandemic, the platform has emerged as a trusted and highly reliable global resource for procuring PPE and medical equipment, serving not only experienced buyers, but also B2B and B2C sellers as well as professionals doing high volume procurement for the first time. For more information, please visit https://thebuyhive.com or contact the company at online@thebuyhive.com

ABB India Unveils New AI-Enabled Corporate and Business Office Within Its Own Sustainable Manufacturing Campus

• Campus aims to rely on 100 percent renewable energy by 2023
• Corporate office building "Disha" is designed to meet the LEED Gold criteria
• With ~ 5000 ABB products, the digitalized building is a live demonstration of ABB AbilityTM digital technology in building automation and energy efficiency solutions
• ABB's intelligent building management solutions shall save up to 30 percent

BENGALURU, India, Nov. 1, 2021 /PRNewswire/ --

Energy Consumption

ABB India Corporate Office - Disha

ABB India today announced that it has moved its corporate and business office to an integrated, sustainable, and digitalized facility within its own Peenya campus in Bangalore. The facility, named Disha, will house the corporate office, along with the offices of Electrification and Motion businesses alongside Process Automation business in the same campus. Located in one of the prime industrial areas of Bengaluru, the campus minimizes carbon footprint by sourcing 90 percent electricity from renewable sources; it reduces 55 percent load on potable water with intelligent fixtures and with 98 percent of its waste recycled, almost reaches its target of zero waste to landfill. The 15 acres campus has a green cover of about 30 percent.

By upcycling and repurposing an existing building to convert it to Disha, the project has optimized resources and significantly reduced the environmental impact which a greenfield project of this scale would have generated. Showcasing ABB's expertise in digital energy management solutions, more than 5000 ABB products are being used in Disha. It is the first ABB facility to deploy ABB's Aspect IBMS (Integrated Building Management Solutions) technology. This is a unified platform to monitor and control from any location or city, the multiple points enabled with hundred sensors from lighting to HVAC solutions, room controls, safety, and security systems with special CO2 monitors for ambient air quality monitoring in the rooms. This is combined with a cloud-based SaaS solution - ABB Ability™ Building Ecosystem with Active Energy and Asset Manager. It is complemented by electricals from the ABB portfolio and an AI-enabled vehicle management and parking system. These nearly 500 connected products with embedded intelligence are designed to significantly reduce overall energy consumption and carbon footprint while saving energy costs by up to 30 percent.

"At ABB, we have always taken a sustainable and future-ready approach to business. Sustainability is a key part of our company's purpose and of the value that we create for our customers, employees, and all our stakeholders. The move to the existing Peenya campus brings our people together under the same roof enhancing collaboration and agility. It is also a step towards minimizing our carbon footprint, repurposing existing resources while offering a smarter workplace focused on employee wellbeing and improving productivity. ABB is developing all the companies' manufacturing campuses at Nashik, Baroda, Faridabad, and Bangalore & multiple office campuses to common ESG standards in India. The vision was to create a model, flexible industrial infrastructure project with an enabling eco-system by working with all our partners and stakeholders," said Sanjeev Sharma, Country Head and Managing Director, ABB India.

"In India, almost 30 percent of the energy is consumed by buildings and we believe Disha will create a legacy, a demonstration of what can be done to make buildings more efficient through the deployment of integrated digital building automation & electrical technology," he added.

This project also included the enhancement of local infrastructure through a 360-degree development of the associated road related infrastructure and laying of cable trenches for future expansion of IT infrastructure of the companies co-located in this area. As part of the sustainable infrastructure development theme, a special recycled plastic mix of 6,000 kgs, equivalent to 1,50,000 (1.5 lac) one-liter bottles is used for the footpath construction.

ABB India's Peenya campus has been in operation for more than 30 years and has been the bedrock of multiple milestones for the company. The campus hosts innovation centers of multiple products, global factories, precision product manufacturing with smart shopfloors, and remote monitoring centers for connected devices across Indian industries. The new building, Disha was built continuing the heritage of the location as well as retaining the existing green cover. Nearly 120 trees, some more than 60 years old, were preserved during the construction process.

ABB

(ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB's success is driven by about 105,000 talented employees in over 100 countries. www.abb.com

Photo - https://mma.prnewswire.com/media/1674556/ABB_India_Corporate_Office___Disha.jpg 

WeWork Launches Virtual Offices for Easing Setting up Office At A Prime Location

In its continuous focus to cater to office space needs of businesses of all sizes, WeWork, the leading flexible workspace provider has launched WeWork Virtual Offices. Businesses across the country, as well as self-employed individuals, have a growing need to have a premium office set up for varied purposes that range from communication to registration necessities. WeWork has identified and met this demand with its unique offering of a Virtual office that will help them with a professional address at a central business district where its 35 workspaces are located.

Moreover, businesses in non metros now increasingly require office space in desired hubs of urban cities in order to facilitate wider networking opportunities, expansion of talent base, without incurring large expenditures. The offering which was running in its pilot phase has already received an enthusiastic response with over 100 companies setting up their virtual offices in a short span of time.

The product is officially live starting today across the 6 key cities of WeWork, with favourable packages starting from 6 months that goes upto 24 months priced at:

• INR 4,500 PM for a 6 months membership
• INR 4,000 PM for a 12 months membership
• INR 3,000 PM for a 24 months membership

These memberships include monthly credits worth INR 2500 as an introductory offer. Additional benefits bundled into the offering include mail handling and storage facilities, ability to use credits to access meeting rooms or to use them as day passes across the entire WeWork network in India. These benefits can be availed by any employee in these companies as well. Prioritizing health and ease of usage for potential members, WeWork has ensured an end to end digital process for registration including NOC signing and agreement processing which can be done within a couple of minutes.

Excited about creating a virtual office, Vinayak Parameswaran, Head of Corporate Finance and Innovation at WeWork India said, “ At WeWork, we are constantly working towards anticipating and creating workspace solutions that suit varied business requirements. With the launch of WeWork Virtual Office, we are providing a distinctive option to businesses and individuals that need a prime office address along with a host of added benefits. Facilitating the same with an entirely online process is another step in enabling ease of work and introducing them to our member first culture with which we welcome them at WeWork”.

Based on the demand witnessed and the response so far, WeWork would also look into expansion of the service across Tier 2 cities. This is apart from a host of member-centric solutions such as WeWork On Demand which provides easy one day access to any of the WeWork spaces at an introductory price of INR 500 and WeWork Business Solutions which is a service platform that offers hassle-free, cost-effective, and specially curated solutions like Accounting and Finance services, Legal & Tax Advisory, Insurance, etc, for its members.

WeWork also offers its members WeWork All Access, a membership model that provides access to any WeWork location that is most convenient to them, reducing considerable commute time thereby enabling higher productivity levels.

WeWork is India’s largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork has been spearheading the concept of flexible workspaces and driving the future of work with over 5 million sq ft of space leased in 35 locations, across NCR, Mumbai, Bengaluru, Pune and Hyderabad as of Q1 2021.

Net Office Space Leasing may Fall Upto 14% in 2020 on Lower Supply: JLL India

Net leasing of office space could decline by up to 14 per cent this year to over 40 million sq ft across seven major cities on estimated fall in supply, according to global property consultant JLL.

During 2019, the net office space leasing rose by 40 per cent to an all-time high of 46.5 million square feet as against 33.2 million sq ft in 2018. New supply rose 45 per cent to 51.6 million sq ft last year, from 35.7 million sq ft during 2018.

For 2020, JLL India pegged net office space leasing at over 40 million sq ft and new supply at 47.5 million sq ft.

JLL tracks office leasing of seven major cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata.

"Despite an expected decline of office space supply in 2020, net absorption is likely to clock a robust over 40 million sq feet mark backed by significant pre-booking  or pre-leasing of space by occupiers," JLL India said.

The net absorption for the year 2020 will be much higher than the annual average for the last five years which stood at 35 million sq ft, it added.

The consultant said that pre-leasing or pre-commitment of office space by corporates and co-working operators remains strong despite the economic slowdown.

"The strong pre-commitment activity is an indication of the intrinsic strength of the Indian office market. Moreover, it bears testimony to the increasing importance of real estate in the business plan of corporate occupiers," JLL India CEO & Country Head Ramesh Nair said.

He emphasised that corporates need to plan for future space requirement, particularly in cities having shortage of quality office space.

"Hence, single digit vacancy markets drive pre-commitment levels with large companies finding it viable to commit to office spaces in the under construction phase," Nair said.

JLL India said that IT-ITeS occupiers account for a majority of the pre-commitment leases across most of the top office markets in India.

They constitute more than 50 per cent of the pre-committed office space in 2020.

"These occupiers require larger floor plates and this type of arrangement becomes a necessity in markets with limited availability of Grade A office spaces,” said Samanthak Das, Chief Economist and Research Head at JLL India.

US-based JLL is a leading professional services firm that specializes in real estate and investment management.

A Fortune 500 company with annual revenue of USD 16.3 billion, JLL operates in over 80 countries and a global workforce of more than 93,000 as of September 2019.

In India, JLL has presence across 10 major cities with a strength of close to 12,000 professionals. PTI MJH