Mercedes-Benz Research & Development India has bolstered its Bengaluru presence by securing a lease for approximately 418,000 square feet of office space, underlining the automaker’s enduring commitment to India as a pivotal market and talent hub for the automotive industry.
According to sources familiar with the deal, the company will pay a monthly rent of ₹72 per square foot for the first three years of the lease, with a 10-year tenure at Brigade Tech Garden in Whitefield, featuring a 15% escalation every three years.
In addition to this expansion, Mercedes-Benz Research & Development India renewed its lease with Embassy Crest in Whitefield for 60 months at the close of 2023.
Reports suggest that the company is gearing up to recruit over 1,000 engineers in India in the coming year, signaling its optimism about India emerging as one of its top three foreign markets within the next three years, driven by the growing demand for luxury vehicles in the country.
Mercedes-Benz India achieved its highest-ever sales record in 2023, selling 17,408 units, and is ambitiously eyeing a significant share of the electric vehicle (EV) market. By 2027, it aims to have one in every four vehicles sold in India be electric, with plans to introduce 12 new models this year, including three battery electric vehicles.
Karnataka, renowned for hosting numerous international R&D centers, including those of tech giants like Google, Microsoft, and Walmart, is witnessing a surge in companies expanding their presence in the region. This growth aligns with India’s robust office market, which witnessed a notable 35% increase in leasing activity across the top 6 cities in the first quarter of 2024 compared to the same period last year.
