Bengaluru to have over 4.25 Lakh Sq.ft office space for leasing

 As Ola looks forward for its expansion across the city and consolidate its various offices, has decided to lease over 4.25 Lakh Sq.ft of office space in Bengaluru. This new facility will have over 4000-5000 employees set up and will come up in Prestige Startech in Koramangala, Bangalore.   

 

The leasing will be done for around 15 years with 15% rental escalation every three years.

As per the source aware of the deal, “Ola currently operates out of 6-7 offices spread around 2.5 lakh sqft in Bangalore and will now move into one property as it looks to save cost.”

Ola will be operating their existing business including financial service at the centre and will also undertake the expansion of the electric mobility business for the firm.

Another source person quoted that, “This is the largest real estate office deal post the lifting of lockdown.”

Ola yet has not responded to the detailed mail sent by Economic Times, whereas Knight Frank who brokered the deal has also refused to comment anything about the same.  

Due to the pandemic, Ola which is India’s largest mobility platform is reducing their overall staff strength by 5%-8%.

It is currently working to serve the clients across 250+ cities across India and other countries including Australia, New Zealand, and the UK.

In the last six months India’s office space has seen huge transactions that add up to over 11 million sq. ft. with raising the need for additional request proposals for another 8 million sq. ft. office space.

Major global brands like Google, Accenture, Microsoft, Morgan Stanley, Standard Chartered Bank and ANSR, have concluded large deals recently.