Uber has plans of setting up its biggest hub in Bengaluru. The American transportation company is planning to lease 7 lakh square feet of office space in the garden city of India.
The transportation company will be largely investing in office space with the aim of using the hub to expand its products. It plans on using it as an engineering centre and a map department to find solutions for transportation in the city. As per an Economic Times report, Uber India Systems, the marketing head for the cab aggregators, will be closing the deal within 2-3 months.
The hub in Bengaluru is planned to work with Uber's engineering centre, set up in 2016. The process of leasing has been going on for the last two years and Uber has successfully taken about 3,00,000 square feet of land under its lease in the Outer Ring Road of Bengaluru.
Economic Times reported a promising growth of its tech team, which has a strength of 500 employees, in Hyderabad and Bengaluru.
Uber has been facing problems with its global losses and is looking forward to expanding in India because of market potential. "India is extremely important as it is very diverse when it comes to the adoption of technology," reported ET. Uber has been observing the Indian market and is trying to step into the food delivery business through UberEats, corporate and rental business and online bike rental businesses in India.
The data from commercial real estate consultants Cushman & Wakefield India states that the first quarter of 2019 saw a tremendous leap in the land leasing pattern of India. The country's gross leasing volume was about 13 million square foot in the first quarter and grew about 1.45 times than the last quarter of 2018.
With the rising number of foreign industries and companies flooding into the India market, the demand for commercial real estate is increasing. This, in turn, is increasing the occupancy in the market and the forthcoming growth corridors.
