UK based NatWest Group secures office space in Bengaluru at Rs.1.5-1.8 crore per month

NatWest Group, a banking and insurance firm headquartered in the UK, has secured a lease for 370,000 square feet of office space, distributed over 11 floors, within the Bagmane Constellation Business Park in Bengaluru for a duration of 10 years. According to industry sources, the average monthly rent for the premises is estimated to be between Rs.1.5 crore and Rs.1.8 crore.

NatWest intends to triple its engineering team in Bengaluru when its new office opens in April 2025. This move is part of a broader strategy announced last year to hire 3,000 new software engineers in India by 2026.  

The company currently operates flexible office spaces in Bengaluru, Chennai, and Gurugram, employing around 17,000 people. The new location will function as a center for technology solutions and advanced developments, according to NatWest Group.

Bengaluru, along with Gurugram and Chennai, is a crucial strategic site for NatWest Group in India. The organization stated that the expansion enhances its footprint in India, which boasts the second-largest workforce outside of the United Kingdom. Additionally, sources indicated that the company has initiated a wealth franchise in India, with intentions for significant growth in the future.

Scott Marcar, Group Chief Information Officer of NatWest Group, stated that enhancing our global operations places us at the leading edge of innovation, as we remain committed to enhancing the experiences of both our customers and colleagues.

According to the report,Texas Instruments Pvt Ltd, a semiconductor manufacturer based in Bengaluru, has leased 223,000 square feet of office space at Bagmane Tech Park for a monthly rent of Rs.1.4 crore. The lease, which begins on January 1, 2024, has a duration of five years.Last year, Google leased over 2.9 million square feet of office space in Bengaluru through six separate deals, with monthly rents ranging from Rs.58 to Rs.230 per square foot. Of these transactions, five were between Google India, Google Connect Services, and Bagmane Developers, while one was with managed workplace provider Table Space.

Reportedly, Chennai surpassed Bengaluru and Hyderabad in 2023 for office space leased by offshore multinational companies. MNCs leased 7 million square feet in Chennai, compared to 6.1 million square feet in Hyderabad and 5.6 million square feet in Bengaluru. Experts attributed this shift to high rental rates and issues such as congestion, prompting MNCs to explore emerging markets like Chennai.