Axis Bank leases out 81,100 Sq.ft office Space from Parle Co

An Indian banking & financial services company based in Mumbai, has leased out 81,100 square feet of work space from Parle Product Pvt Ltd on the ground floor of Parle Product Factory compound in Vile Parle East area of Mumbai, documents by FloorTap.com showed.

Axis Bank has compensated a security deposit of Rs. 5.12 Crore for the agreement. The total area rented out is 81,309 sq. ft (total carpet area). And the license commencement date is February 1, 2024 & the rent commencement date is September 16, 2024.

The commercial work space comes with total 81 parking lots for four wheelers & 300 parking lots for two wheelers. The agreement is tenured for five years & there is a section of 12 percent rent rise after three years from date of lease commencement.

Regarding the move of leasing out the spaces, a report by JLL India says, “The net absorption in India’s top seven office markets breached the 40 million sq ft mark and stood at 41.97 million sq ft in 2023. It also noted that there has been a shift in demand composition, with the tech sector's share decreasing to 20.9 percent in 2023; it’s lowest in over a decade. In contrast, there has been increased traction from the manufacturing/industrial and BFSI sectors, particularly through the establishment of GCCs. Both segments set new records in leasing volume, with each leasing around 11.3 million sq ft of office spaces during the year”.