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Schneider Electric India, a prominent subsidiary of the global French conglomerate, has secured a significant office space lease in Bengaluru's bustling Outer Ring Road (ORR). The company has inked a deal for approximately 4.8 lakh square feet with real estate giant Bagmane, marking a strategic move in its expansion blueprint.
The forthcoming Schneider facility is slated to be housed within Bagmane Solarium, one of Bengaluru's expansive business parks. This state-of-the-art facility is designed to accommodate over 4,800 professionals, reinforcing Schneider's commitment to scaling its operations in the region.
Sources privy to the deal disclosed that the agreement spans a decade, specifically catering to Schneider's research, development, and technology hub. The contract also entails a five-year lock-in clause. Bagmane Solarium, a sprawling 85-acre property with a built-up expanse of 10.5 million square feet, is already a commercial hub, hosting esteemed corporate tenants like Cognizant, Baker Hughes, and Legato.
The current year, 2023, underscores a trend of corporations gravitating towards renewing and acquiring substantial office spaces in pivotal commercial zones. Noteworthy transactions include Bhive Workspaces leasing 1.5 lakh square feet in the central business district, Northern Trust securing 4.7 lakh square feet, and Morgan Stanley Advantage Services reaffirming its presence with a renewal of its 1.36 lakh square feet space in Bengaluru.
Industry pundits have observed a cautious stance in corporate expansions, attributed to global economic challenges. However, the second quarter of 2023 marked a turnaround. A 2% year-on-year surge was recorded, culminating in the acquisition of a whopping 14.6 million square feet of office space across India's six major cities.
In conclusion, Schneider Electric India's recent lease in Bengaluru's ORR is emblematic of the broader trend of corporations seeking expansive office spaces in strategic locations. Despite initial hesitations due to global economic conditions, 2023 has witnessed a resurgence in office space demand, signalling robust corporate confidence and a promising outlook for India's commercial real estate sector.
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