Bengaluru: Bosch Global Software Technologies has leased 691,320 square feet of space in Bengaluru as it aims to expand its India operations.

The property is located in Life Science Park in Electronic City. Bosch will be paying rental at a rate of approximately ₹58 per sq ft with a bin- ding agreement for five years with a hard option to extend by another five years, according to a lease registration document accessed by ET.

“The new facility will seat around 8,000 employees and house the KPO operation under Robert Bosch. The annual rent escalation is 5% and Bosch will occupy the ground plus 10 floors in the new facility that is expected to go live by the end of 2024,” said a person with knowledge of the matter.

In 2022, Bosch leased around 250,000 sq ft of office space in Hyderabad to expand its operations in one of the largest office lease deals in the city.

Bosch Global Software Technologies is a key partner in the global automotive industry. The firm has the largest development centre outside Germany for end-to-end engineering and technology solutions, with about 31,000 employees as of last year. Bosch did not reply to ET’s email query.

According to industry estimates, office space leasing in Bengaluru increased 40% year-on-year and stood at 4.7 million sq ft in January to March 2024, compared to 3.4 million sq ft in the same period last year.

Key sectors that drove absorption included technology, engineering. manufacturing and automobile.

Bosch Global to occupy ground plus 10 floors in the new facility at an annual rent hike of 5%.

Source- The Economic Times