ANZ Renews 6-Lakh Sq. Ft. Embassy Manyata Office Lease in Bengaluru for ₹6 Crore Monthly

ANZ Support Services India Private Limited has renewed its office space lease in Embassy Manyata Business Park, Bengaluru, for a period of four years, underscoring the company’s long-term commitment to the region. The office, covering 6.18 lakh square feet across 18 floors, is expected to accommodate over 6,000 employees. The company will pay a monthly rent of ₹5.94 crore, with a deposit of ₹35.6 crore as part of the lease agreement. The per-square-foot lease rate stands at ₹96, with a 15% rent escalation set to take place after the first 24 months of the lease.

ANZ has been a tenant at Embassy Manyata Business Park since 2005, and in June 2022, the company opted for a built-to-suit facility, specifically designed to meet its operational requirements. This purpose-built office space, comprising 6 lakh square feet, provides the flexibility to accommodate the company’s growing workforce, making it an ideal choice for ANZ. 

Bengaluru’s Thriving Commercial Real Estate Market

ANZ’s lease renewal is part of a broader trend that highlights Bengaluru's status as a prominent commercial real estate hub in India. Other major transactions in the city further emphasize this development. For instance, JP Morgan Services India Private Limited has leased 5.6 lakh square feet of office space in Embassy TechVillage for a period of seven years, with a starting monthly rent of ₹4.47 crore. Similarly, Amazon Development Centre India Private Limited renewed its lease for 6.76 lakh square feet at Constellation Business Park, committing to a five-year lease with a starting rent of ₹4.92 crore per month.

Additionally, Honeywell Technology Solutions Lab extended its lease for 5.9 lakh square feet at RMZ Ecoworld for another five years, while Synopsys India Private Limited signed a lease for 4.3 lakh square feet at Bagmane Capital Troy for a seven-year period, at a starting rent of ₹4.19 crore per month. These large-scale leasing deals demonstrate Bengaluru's dominance in the office real estate market, especially as global corporations continue to recognize the city as a key business destination.

Bengaluru's Growing Share of Office Leasing in India

According to a recent report by CBRE, Bengaluru accounted for 30% of India’s total office leasing activity between January and September 2024, amounting to 16.4 million square feet of leasing. The city’s office leasing activity in the July-September quarter alone reached 7.1 million square feet, more than double the 3.4 million square feet leased during the same period the previous year. This significant increase in leasing activity further solidifies Bengaluru’s position as a leading business center in India, driven by robust demand from technology, e-commerce, and financial services sectors.

A Long-Term Commitment to Office Space

The steady growth in office leasing activity in Bengaluru is also indicative of companies' long-term commitment to the city, despite the backdrop of global economic uncertainties. Many organizations are securing significant office spaces to support their business expansion and ensure a stable presence in India’s business environment.

Built-to-suit facilities, like the one chosen by ANZ, have become increasingly popular because they allow businesses to tailor their office spaces to meet specific operational and employee requirements, enhancing productivity and efficiency.

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