Apple Leases Office Space in Bengaluru for 10 Years at a Monthly Rent of ?2.44 Crore.

苹果 has reportedly leased multiple floors of a commercial building in Bengaluru to use it as a global capability center, with a monthly rent of ?2.43 crore.

The rental agreement, which will begin on July 1, 2023, includes a lock-in period of five years and a 15% rent increase every three years. Apple will occupy several floors of the building and pay a monthly parking fee of ?16.56 lakh.

The lease also stipulates that Apple's competitors cannot lease space in the building. This news follows Apple's recent announcement of its first retail store in India, located in Mumbai's Jio World Drive Mall.

2. Bengaluru topped Indian cities in office space leasing during Q1, according to CBRE

According to a recent report by CBRE, #bengaluru recorded the highest office space absorption among all Indian cities in Q1 2023, accounting for 3.5 million sqft of the country-wide absorption of 12.6 million sqft.?

The IT/ITES sector has been the primary driver of office space leasing in Bengaluru for a long time. Significant transactions in the latest quarter included Table Space leasing 458,000 sqft, HDFC Bank leasing 350,000 sqft, and Zebra Technologies leasing 240,000 sqft.?

New Delhi followed Bengaluru with 2.4 million sqft of absorption, followed by Chennai, Mumbai, Hyderabad, and Pune. Bengaluru, Delhi-NCR, Pune, and Hyderabad accounted for nearly 82% of the addition to office space by #realestate players.

3. NSE Indices launches the first-ever REITs and InvITs index in India?

On Tuesday, #nse Indices Ltd, a subsidiary of the National Stock Exchange (NSE), unveiled the Nifty REITs and InvITs index. This marks the first time that India has introduced an index specifically for Real Estate Investment Trusts and Infrastructure Investment Trusts.

As per the statement released by the exchange, the primary objective of the Nifty REITs and InvITs index is to monitor the performance of publicly listed and traded #reits and InvITs on the #nse . REITs and InvITs are investment instruments that possess revenue-generating real estate or infrastructure assets.

REITs concentrate on investing in real estate ventures, whereas InvITs invest in infrastructure ventures that have a long-term gestation period. Through these trusts, investors gain access to diversified regular income-generating real estate and infrastructure assets.

Currently, India offers only three REITs focused on the commercial office segment, but the upcoming years will witness the addition of other emerging real estate segments like retail and warehousing.

The securities' weights within the Nifty REITs and InvITs index will be based on their free-float market capitalisation, subject to a security cap of 33% each, and the top three securities' combined weight will be capped at 72%. The index will have a base value of 1,000, and it will be reviewed and rebalanced on a quarterly basis.

#CommercialRealEstate #IndiaRealEstate #OfficeSpace #PropertyManagement #CRE #CREIndia #IndianProperty #IndustrialRealEstate #CommercialLeasing #CommercialProperty #InvestmentOpportunities #RealEstateNews #OfficeLeasing #RetailSpace #Warehouses #WorkplaceSolutions #RealEstateInsights #CommercialRealEstateTrends #BusinessSpaces #RealEstateInvestment #OfficeMarket #CREInsights #PropertyDevelopment #PropertyInvestment #IndiaBusiness #LinkedInNewsletter.