British investment bank Barclays is leasing 1.09 million square feet office space in Pune, making it the largest facility outside of its London headquarters.
The leased space located in K. Raheja Corp's Gera Commerzone project in Pune, is set to become the largest commercial real estate transaction in India so far this year, and will bring together technology, operations and functions teams in one location.
“This is a significant investment by Barclays, aligned to our strategy to further strengthen our capabilities and knowledge base in India as a major contributor across our global delivery model,” said Simon Pattinson, Co-CEO, Barclays Global Services Centre.
Barclays Global Service Centre (previously called Barclays Technology Centre of India) provides end-to-end technology and operations solutions and services to Barclays' businesses globally and currently employs 16,000 people across offices in Pune, Mumbai, Chennai and Noida.
The new facility that will be set up in Pune over two years will accommodate 8,800 employees.
“This will help us to accelerate collaboration and innovation across teams, and enhance our ability to deliver world-class services to customers, clients and colleagues across the globe,” said Paul Compton, group, chief operating officer at Barclays.
The company said that the proposed facility was part of its global location strategy to establish regional campuses to enhance flexibility and resiliency.
There has been a strong uptick in commercial leasing activity in 2018, lead by technology and financial services firm.
According to real estate consulting firm CBRE, leasing activity rose around 25 per cent in January-March 2018, crossing over 10 million square feet. Sustained rental momentum was witnessed in Bangalore, Hyderabad and Pune.Technology companies accounted for 25 per cent share in office space absorption, while banking and financial services had 24 per cent share.
Commercial real estate supply also more than tripled on an annual basis, with 9.7 million square feet completed, CBRE added.