Commonwealth Bank of Australia leases approximately 1,35,000 sq ft of flexible office space in Bangalore
moved to new location we workThe Manyata Tech Park facility in Bengaluru will see the firm doubling its presence to over 5000 seats.
“The number of recently signed Managed Office deals is increasing. The recent deal with CBA confirms this and has a commitment of 48 months,” said a person privy to the deal.
WeWork did not comment on the deal.
This is the second lease deal for Commonwealth Bank of Australia with WeWork, the 2400-seat office deal it signed in 2020 with the flexible office operator.
The new office space at WeWork will act as a common service hub for CBA Services India for the US, Australia and Asian markets. Went live with Commonwealth Bank of Australia
BaNCS platform in 2010 which supported its first Indian branch in Mumbai.
In 2019, Commonwealth Bank of Australia appointed industry veteran Pankajam Sridevi as MD India to scale up the business.
Flexible office operators are registering high demand for large office space from large corporates and unicorns after partial opening of offices and mass adoption of hybrid work model.
Most of the players in Flex Office have seen a sharp recovery and are expecting strong demand during the next year. The segment has almost doubled its share of total leasing in the country.
“Managed office space took up 2.3 msf of office space in Q1 2022, registering a growth of 151% YoY as against 0.9 msf in Q1 2021. Significant growth in hiring over the last 8 quarters and a reduction in demand is expected to drive market volumes for the rest of the year”, said Knight Frank, Executive Director – Transactions, Viral Desai.
Quoting Knight Frank, co-working and managed office spaces saw an increase in the share of office space absorption to 21% of total leased volume in Q1 2022, against 11% in Q1 2021.