From The Economic Times · Kailash Babar · · 1m 20s
BNP Paribas Leases Chennai Office Space
BNP Paribas secures 5 lakh sq ft Chennai office lease for 10 years.
In brief
BNP Paribas secures 5 lakh sq ft Chennai office lease for 10 years. BNP Paribas leases 5 lakh sq ft office space at Mindspace REIT's Chennai complex for 10 years, part of its Chennai operations consolidation. Originally reported by The Economic Times.
Quick answers
- Why Chennai?
- Chennai offers relatively lower costs for residential accommodation and talent, while employee attrition is perceived to be lower than in some competing markets.
- What is the key takeaway from BNP Paribas Leases Chennai Office Space?
- BNP Paribas leases 5 lakh sq ft office space at Mindspace REIT's Chennai complex for 10 years, part of its Chennai operations consolidation.
BNP Paribas Lease
French banking major BNP Paribas has picked up around half a million sq ft of office space at Mindspace Business Parks REIT-owned One Radial complex in Chennai through a long-term lease spanning 10 years.
Lease Details
The transaction covers four floors at the complex, which has an overall campus size of around 2.6 million sq ft.
Rental Estimate
Office rentals in the micro-market are currently estimated at rs 90 per sq ft per month, with the BNP Paribas deal understood to be in a similar range.
Total Rental Payout
Based on these rentals, the bank’s total rental payout over the 10-year lease period is estimated at around rs 550 crore.
Chennai Operations
Chennai is BNP Paribas’s second-largest office market in India in terms of space occupied, after Mumbai.
Why Chennai?
Chennai offers relatively lower costs for residential accommodation and talent, while employee attrition is perceived to be lower than in some competing markets.
The main idea
BNP Paribas leases 5 lakh sq ft office space at Mindspace REIT's Chennai complex for 10 years, part of its Chennai operations consolidation.
