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Time of India
05-08-2025
- Business
- Time of India
India office market set to cross one billion sq ft of office stock: Report
NEW DELHI: India's total office stock is set to cross one billion sq ft in office supply by Q3 2025, according to a recent report by Knight Frank india. According to the report, the cumulative office stock across the top eight Indian cities stood at 993 million sq ft as of H1 2025. From under 200 million sq ft in 2005 to nearly one billion sq ft in 2025, office supply has grown at a CAGR of 8.6% in the last 20 years. Bengaluru , with 229 million sq ft, accounts for 23% of India's total office stock and continues to lead among metro cities. It is followed by the National Capital Region (NCR) with 199 million sq ft (20%), and Mumbai with 169 million sq ft (17%). These three regions collectively contribute to 60% of India's office supply. Hyderabad, Pune, and Chennai together account for 33% of the stock, while Ahmedabad and Kolkata contribute the remaining 7%. Shishir Baijal, chairman and managing director of the company said, "As we prepare to cross the 1 billion sq ft threshold, it's not just a number, it reflects the growing institutionalisation, maturity, and global relevance of India's office market." India's office inventory is currently valued at ₹16 trillion (USD 187 billion). Of this, Grade A office space makes up 53%, followed by Grade B at 43%, and Grade C at 4%. Cities such as Bengaluru, Hyderabad, and Chennai have a higher share of Grade A assets, driven largely by IT and Global Capability Centre (GCC) demand. In contrast, legacy markets such as Mumbai and NCR have a more balanced distribution across grades. Kolkata has the highest concentration of Grade C spaces, at 11%, indicating a need for asset upgrades and redevelopment in the region. One distinguishing factor for India's office market is its cost advantage. Average rents are expected to decline to USD0.96 per sq ft per month in 2025, reinforcing India's reputation for cost-efficiency on the global stage. This affordability, combined with a rising supply of Grade A space, has fueled the growth of GCCs and strengthened India's position in multinational real estate strategies. The report forecasts that India could add its next one billion sq ft of office stock between 2036 and 2041, depending on the pace of market expansion. Under a high-growth scenario of 12.7% CAGR, this milestone could be achieved by 2036, while a more conservative estimate of 10.9% CAGR would place the next threshold by 2041.
Hindustan Times
02-08-2025
- Business
- Hindustan Times
Startup Mantra: AI is powering document automation
Rahul Bhanose, founder and chief executive officer (CEO) of bizAmica, had worked primarily with product companies, most recently with a US-based company, One Network Enterprises, where he was hired to set up a Global Capability Centre (GCC) in Pune. Says he, 'Here I learnt all one needs to know to become an entrepreneur. We started with one person, and I built up a team of 50 in 15 months. I looked at every aspect of the business and decided that I wanted to set up my own company.' bizAmica co-founders (from left) Rahul Bhanose, Harshada Bhanose and Manoj Godse. (HT PHOTO) Initial steps In 2011, he established a company in the education sector as a video-based learning platform. But after three and a half years, he shut that down. Later, in 2018, he saw that document processing was a big problem that needed a solution. Industry data showed that financial institutions process millions of documents annually, with volumes continuing to surge despite digitisation efforts. The persistence of paper-based process flows stems from several factors: entrenched legacy processes, customer preferences for physical documentation, regulatory requirements mandating signed or notarised forms, and the ongoing need to digitise historical records. Says Rahul, 'Despite substantial investments in digital platforms and online customer portals, Banking, financial services, and insurance (BFSI) institutions remain heavily dependent on document-based processes. From customer onboarding and loan origination to claims processing and regulatory compliance, critical business functions continue to revolve around physical and digital documents spanning multiple formats—scanned images, PDFs, emails, and handwritten forms—often scattered across various business processes. The document dependency is to address the financial and regulatory risks that have created a significant operational burden.' That needed a solution. Idea to product Rahul set up a team of four people to find a solution to this. Before venturing into document processing, Rahul had created an AI-based multilingual voice bot that had a use case in call centres. Call centres at banks could be handled by their AI voice bots, and only if this tech tool could not handle a conversation, it went to a human. But it was perceived as a saturated market. So, Rahul and team built izDOX AI Platform. 'The most formidable obstacle for a bank is the handling of unstructured and semi-structured data that is embedded within documents. While structured data from transaction logs and Customer Relationship Management (CRM) systems can be readily processed, unstructured content—including customer data, digital forms, and handwritten forms—demands sophisticated processing capabilities. 'Traditional Optical Character Recognition (OCR) systems, the industry's go-to solution for document processing, frequently fail to deliver the required results for mission-critical applications. These systems struggle particularly with low-quality scans, handwritten text, and multilingual content, forcing institutions to fall back on manual 'stare and compare' processes where staff must visually review and validate documents—a methodology that is both time-intensive, stressful, and error-prone. With an investment of ₹ 1 lakh, Rahul started bizAmica. Says he, 'While developing an AI tool, it is most important that you have a person with domain knowledge. With our existing domain knowledge from the BFSI industry and our technical expertise, we built the izDOX AI platform. 'The BFSI industry carries a 6% chance of fraud. We trained our tool to identify those risks and inconsistencies whilst processing BFSI documents.' To the market During Covid, Rahul got introduced to ICICI Lombard. 'Large institutions are difficult to penetrate, especially when you are a startup. We met ICICI Lombard as our first customer through a referral. They were impressed with our offering and signed us during Covid.' Post that, Rahul knew that accessing large enterprises wasn't easy. So, he drew up an ideal customer profile that was largely the chief technical officer (CTO), chief information officer (CIO) of the BFSI industry. To reach out to them, he participated in events and set up booths where people could see what they were offering. 'We had a fairly good response. 75% of the people who showed interest asked for a commercial proposal.' However, conversion was another story and meeting people at events fairly limited their scope. Realising that meeting the Ideal Customer Profile (ICP) in large enterprises was a long process, Rahul devised another strategy. He decided to tie up with organisations that are offering a solution or services to banks. He built partnerships with them. 'We have four types of partners: system integrators, robotic process automation (RPA) providers, low-code & no-code providers, BPO services for banks and lastly sales channels.' Of these, the RPAs and BPO back-office channels worked most efficiently. As of now, he has 15 customers in India. Funding Rahul was very keen on being cash positive. 'I did not want to borrow any funds when we were developing our product, hence we took product development assignments from US-based companies. That helped us fund our product development.' This served us well. The money that we earned through product building for them funded our izDOX AI platform journey. But now that the company has proven its product market fit, he plans to reach out to markets in the Middle East, Africa and Southeast Asia. 'For this, we will need more funds. So far, we have managed on our own. Our revenues this year have been ₹4 crore, and in this financial year we aim to grow 2.5 to 3x. But expanding geographies will need more money. We plan to approach venture capital (VCs) for that.'
Time of India
29-07-2025
- Business
- Time of India
Incuspaze leases three lakh sq ft office space in Jaipur
NEW DELHI: Incuspaze , a flexible office space provider, has acquired three lakh sq ft spanning in three distinct properties - The Edge on Tonk Road; Sitapur a Campus in Sitapur and GT Landmark in Malviya Nagar in Jaipur . Sanjay Chatrath , co-founder & managing partner of the company said, "With India witnessing a surge in Global Capability Centre (GCC) activity beyond metros, cities like Jaipur are becoming vital to the next phase of enterprise decentralisation and digital transformation." As part of its 2024 expansion strategy, the company has marked its entry into key metros, Bengaluru, Chennai, Mumbai, and Pune, and expanding in Delhi NCR and Lucknow, adding nearly two million sq ft to its portfolio. Currently it manages over four million sq ft portfolio and aims to add another two million sq ft by December 2025. In FY25, 1.7 million sq ft has been added across Delhi-NCR, Bengaluru, and Pune. Recently it acquired TRIOS Co-working which added 1.5 lakh sq ft through 12 centres in Pune and Gurugram. The company expects to close FY26 with ₹350–400 crore in revenue, paving the way for an IPO.
Miami Herald
23-07-2025
- Business
- Miami Herald
Costco makes huge investment to improve customer experience
Most of us can probably agree that shopping at a physical store just isn't what it used to be. For starters, that's because there are just fewer stores around. Related: Top Dominos competitor makes a big bet in growing new area Many small or local stores closed during Covid, leaving sizable vacancies for larger corporate incumbents to scoop up. So, when we actually do go shopping at a physical business, it's more likely now than ever before that we're visiting a Walmart, Target, Costco (COST) , Home Depot, or other national brand. While it might be hard for business owners, this isn't the worst thing in the world but customers. These big box stores offer so much variety, it's hard to complain about just popping into one store for everything you need. This is especially the case at Costco, which sells everything from diapers to diamonds. The warehouse club prides itself in its variety. You could easily spend a half (or full) day wandering through its aisles, trying its various samples, and finding the best possible deals on a multitude of consumables without ever having to visit another store. This is great for people that have access to a Costco nearby. But Costco knows it must ramp up its e-commerce capabilities to stay competitive. Image source: Shutterstock Costco's website and app are some of the most frequented e-commerce platforms for good reason. They offers deals on all sorts of items and experiences, but some folks have found issues with the platforms. MORE RETAIL: Popular Mexican chain closing all restaurants, no bankruptcyHome Depot local rival closing permanently after 120 yearsAmazon makes a harsh decision amid concerning customer trendHuge bankrupt retail chain closing down all stores after 80 years Sometimes, top-selling items are out of stock more often than not. And some people find the app hard to navigate. So Costco is opening up a Global Capability Centre in India where employees will work behind the scenes to make online faster and more user-friendly. The efforts should help keep items in stock and streamline supply chain processes. The Global Capability Centre will open up in Hyderabad, India and employ about 1,000 people. The center is the first of its kind for Costco and is designed to help make online shopping easier for customers. Costco is hardly the first corporation to employ a Global Capability Center to make its operational processes easier. Top consumer-facing companies like Walmart, Target, and McDonald's, plus top banks like JP Morgan Chase also use GCCs in India. Costco hopes its Global Capability Center will make online ordering faster and more satisfactory for shoppers. Employees will be tasked with personalizing data to help target certain customers with promotions, which should in turn convert to bigger sales. The center will also help to make deliveries happen faster, which will help Costco compete more effectively with Walmart and Amazon, since the two retailers are celebrated for their speedy same- or next-day deliveries. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
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Business Standard
26-06-2025
- Business
- Business Standard
Grade A office leasing in Q2 CY25 up 11% across top 7 cities: Colliers
Gross grade A office leasing across the top seven Indian cities in Q2 CY25 grew by 11 per cent year on year (YoY) to 17.8 million square feet (msf), according to a report by Colliers. The growth is said to be due to rising occupier confidence, particularly from flex space operators and firms across sectors like technology, BFSI, and engineering and manufacturing, despite ongoing global uncertainties. In Q2 CY25, five out of the top seven office markets in India witnessed growth in grade A space uptake on an annual basis. Bengaluru led leasing activity with a 27 per cent share at 4.8 msf, but growth remained flat. Hyderabad, Mumbai, and Chennai each recorded over 2.5 msf of leasing in the quarter. However, space uptake in Mumbai declined by 20 per cent YoY. "The robust performance in the first half—with demand reaching 33.7 msf, a 13 per cent year-on-year increase—signals sustained occupier confidence and strong market fundamentals. Backed by a diversifying occupier base, a steady supply pipeline and growing investor appetite, 2025 is shaping up to be another impressive year for commercial real estate in India. Overall, office space demand looks well placed to reach 65–70 msf at least by the end of the year," said Arpit Mehrotra, Managing Director, Office Services, India, Colliers. Gross absorption does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed. Meanwhile, overall supply during the quarter grew by 11 per cent YoY to 14.9 msf. However, cities including Delhi NCR, Mumbai, Kolkata, and Hyderabad recorded a decline on a YoY basis. Of the total 17.8 msf of leasing in Q2 CY25, leasing by flex space operators stood at 4.3 msf. Conventional leasing remained at 13.5 msf, led primarily by the technology and BFSI sectors. Technology firms alone accounted for 6.4 msf space uptake—a 42 per cent YoY growth, driven largely by Global Capability Centre (GCC) expansion. Amal Mishra, Founder and Chief Executive Officer, Urban Vault, said, 'Despite the global uncertainty, the demand for office space continues to gain momentum, driven by competitive operating costs and the growing availability of build-to-suit facilities. This rising demand is not limited to start-ups or small enterprises; large corporations and GCCs are also actively seeking flexible and customised workspaces.' Additionally, the overall vacancy level remained almost stable at 16.2 per cent amid relocations and churns. However, Pune and Hyderabad, with significant completions in Q2 CY25, were at relatively higher vacancy levels.
