Bank of America Rents Big Office Space in Mumbai

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    Bank of America has rented a large office space of nearly 1 lakh sq ft in an IT park called Mindspace in Mumbai’s Malad west area. With this addition, their total office space in this tower becomes 2.70 lakh sq ft, making it one of their largest centers in India and the biggest one in Mumbai.

    This new facility will accommodate more than 3,000 employees working in various departments like operations and technology. Bank of America has leased this space for a long term of 9 years and will pay around Rs 120 crore in rent throughout this period.

    The decision to choose this location was influenced by the availability of skilled talent nearby. The western suburbs of Mumbai have a high concentration of such talent, partly due to the convenient Metro lines.

    Bank of America’s Indian operations are managed through its subsidiary BA Continuum India, which was established in 2004. They have offices in five cities including Mumbai, Hyderabad, Chennai, Gurgaon, and Gujarat’s Gift City. BA Continuum India handles various services like technology, legal, compliance, and tax support for the bank’s global operations.

    Despite global economic challenges, the demand for office space in India has been steadily growing, showing the strength of the market. Recently, ICICI Prudential Life Insurance Company also leased a large office space in the same IT park.

    Overall, India’s top seven office markets absorbed over 40 million sq ft of office space in 2023, indicating strong demand and recovery from the pandemic’s impact.

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