Raine & Horne Commercial

India - Ulsoor CBD Commercial rentals and resales are restricted to a few large transactions in India, according to Paul Antony, CEO of Raine & Horne Ulsoor CBD, a well-established precinct of Bangalore. Tech giant Apple, for example, has purportedly leased 37, 161 square metres of commercial space in India’s most significant technology city. The Times of India reported that the iPhone-maker had leased office space at Prestige Estates’ Minsk Square building for the equivalent of $AUD 15.6 million annually. The technology heavyweight clearly has its sights set on Indian expansion, following the Apple Store online launch on 23 September. Apple is now offering its full range of products and support directly to customers across India for the first time. Also, Hong Kong-based The Executive Centre (TEC), which provides premium serviced office space, has leased 9300 square metres of office space in Bangalore and Mumbai to expand its business in India despite COVID-19 pandemic, according to a media report. There are other commercial leasing transactions in play with other major global players, although most office space are seeing a reduction in rentals and or more vacancies. Some large developers are reweighting their property portfolios and selling down their office properties in order to reduce their debt. 48 - Paul Antony paul.antony@raineandhorne.co.in