Apple India renews lease for 52,000 sq ft flexible office space in Bengaluru

Apple India has renewed its lease for 52,000 sq ft office space with the flexible office
operator, The Executive Centre in Bangalore. The lease has been renewed for 36 months
starting July this year and has a lock-in period of 16 months, as mentioned in a sales deed
shared by the analytic firm Propstack.
“This transaction indicates Apple’s increasing presence in India. The need for office space,
despite the work-for-home policies pos-Covid, was inevitable due to the shift of manufacturing
activities into India. It is safe to predict that Apple will continue to increase its footprint in India,”
said Raja Seetharaman, co-founder of Propstack
Apple India will operate out of the executive centre Safina Towers office in Bengaluru and will
pay a rent of 1.42 crore per month, the sales deed mentioned. “There will be an escalation of
5% in November 2023 and after that every 12 months,” the registered document mentioned.
Apple India did not reply to an email query sent by ET till the press time.
In 2021, Apple signed over a 4 lakh sqft office deal with Prestige Group in Bangalore to cater to
the global and Indian markets and open a large retail centre in the city.
Additionally, the biggest unit manufacturing Apple iPhone in India is coming up near Hosur in
Bengaluru. The firm has outsourced the manufacturing of iPhone enclosures to Tata Electronics,
which has a plant at Hosur. Slower tech hiring activity and direction from global HQs have
caused a temporary disruption for one to two quarters in office leasing, with some corporates
going for renewals of old office spaces.