IDFC FIRST Bank has leased over 1.4 lakh sqft of office space in Koramangala, Bangalore, to expand and consolidate its operation in the city.
The newly leased property has a total lease tenure of 9 years and commands a rental of Rs 135 per sqft, mentioned a registered lease document.
“The bank has leased the entire building Fortius Originin Koramangala. The property is under fit out and will be operational later this year, said townspeople aware of the deal.
Colliers transaction advisor of the deal refused to comment.
Last year, IDFC FIRST Bank first sold 68,000 sqft office space in Mumbai’s Bandra-Kurla Complex (BKC) for approximately Rs 198 crore. The decision is part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai
The decision was part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai,” the lender stated in its regulatory filing in November last year.
Major international and domestic companies have secured sizable office space leases over the past six months, signalling the BFSI sector’s strong resurgence. Bengaluru has also witnessed a notable increase in BFSI occupancy over the past 4-5 years.
This surge in demand for office space can be attributed to the expansion efforts of domestic and select global banks and financial institutions, including JP Morgan, HDFC, Axis, and Morgan Stanley. These institutions bolstered their presence in the country as more employees returned to office environments.
During 2023, BFSI occupiers leased more than 11 million square feet, marking a whopping 64% annual increase. This data points towards a robust demand for the BFSI sector in 2023 and a strong outlook for 2024.
