EY Global Delivery Services India renews office lease of 4.2 lakh sq ft in Bengaluru

BENGALURU: EY Global Delivery Services India has renewed office lease for 420,000 square feet
office space in Bengaluru. The move comes at a time when companies have largely turned cautious in
expanding their operations amid a global financial slowdown.
The office space taken up by the London-headquartered multinational firm in WTC Coral, Bengaluru is
spread across 11 floors and has a 60-month lease tenure, according to a lease register document shared
by Propstack, a data analytics firm. As per the document, the lease renewal term includes a rental
escalation of 13.5% after 12 months and thereafter every 36 months. “The rental is 1.7 crore per month
with the lease tenure stating January 2023,” it said. EY did not respond to ET’s queries on the transaction.

The transaction comes as a boost for the real estate industry, after recent new and renewal leases by
companies including Amazon, Google, JP Morgan and Deloitte.
The Indian office space market has witnessed a slowdown amid global geopolitical tensions. In the recent
past many large companies have surrendered office spaces to cut real estate costs. Office leasing activity
increased 9% year-on-year to 12.6 million sq ft during the January-March period.