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Amazon Leases over 6,00,000 sqft of office space in Bengaluru



Amazon.com, Inc. is an e-commerce platform that sells any product lines, and its US largest Retail company, innovated by Jeff Bezos, focuses on e-commerce, cloud computing, and digital streaming and is one of the world's most precious brands. Amazon.com is primarily a retail site with a sales revenue model, which takes a small percentage of the sale price of each item that is sold through its website while also allowing companies to advertise their products by paying to be listed as featured products.


Amazon India launch ( Amazon started its operations in India in 2013) The Company is determined to retain company’s pre-eminence in India’s retail market, estimated to reach $1.3 trillion by 2025, amid an increase in online shopping. India's e-commerce market was worth about $ 3.9 billion in 2009 and it is estimated to reach $99 billion by 2024, and $200 billion by 2027. We can see Globalization has been shown to be a boon for India's economy which is the Fifth largest economy. *(Globalization is described as the inflow of goods and services, capital, people, and ideas across global boundaries.) Amazon was required to innovate its business model to operate in India, so it came up with an idea of a mobile tea cart called Amazon Chai Cart and a studio on wheels called Amazon Tatkal.


For shipment and delivery solutions they have contracts with major delivery services including India Post and the cargo airline Blue Dart and also set up a subsidiary in India called Amazon Transportation Services Private Limited. And in terms of Partnerships and collaborations in 2014, it partnered with catamaran ventures to jointly form 'Cloudtail INdia' to sell and also partnered with almost 20,000 Kirana stores (mom-and-pop grocery stores) in India to provide assisted buying services.


Amazon leased more than 6 lakh square feet of office space in Bengaluru


Amazon Development Centre has leased more than 6 lakh square feet of office space in Bengaluru, India's tech capital. The Web commerce company chose to lease the new office space as its India business is growing rapidly. It will also cater to customers from around the world who use India as their base for sourcing products from other countries.


The office is located in Constellation Business Park. The deal follows two large transactions Amazon recently signed, acquiring more than 800,000 square feet of space in Gurgaon and Hyderabad for web services, development centers, seller services, and transportation services. The transaction comes as a breather for commercial real estate, with many corporations slowing down large transactions due to global uncertainties.


The firm registered the document in February, secured the space for a 60-month lease, and will pay a rent of over Rs 62 per sq ft, as per the lease record shared by Propstack. As per experts the office market in 2023 looks uncertain and is expected to bounce back relative to global headwinds and other external factors.


Summary:

Globalization in India has increased the per capita income of Indians, and the standard of living resulted in improved purchasing power and more choices. introducing new models of online shopping which resulted in an efficient way of transaction and digital payment.

It is good as far as government and corporates take their social responsibility and work towards *sustainability as a priority.*sustainable: when something is replaced near the rate or level at which it is consumed. (eg: wood is a sustainable resource, as long as we replant enough trees as we cut them down and use them).


Source: ET, Internet






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