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Morgan Stanley Advantage Services is expanding its Bengaluru footprint with a 1.2 million sq ft office campus along the Outer Ring Road, set to accommodate 12,000 employees. Bengaluru, India’s top city for office leasing, recorded 21.8 million sq ft transactions in 2024, with 27% of India’s total office leasing. The city’s infrastructure, skilled workforce, and green-certified spaces attract global firms like Chevron, which is investing USD 989 million in an R&D hub. Morgan Stanley is also expanding in Mumbai with 86,000 sq ft at Altimus Worli. India’s GCC market is projected to grow to USD 100 billion by 2030.
Morgan Stanley Advantage Services is set to expand its presence in Bengaluru, adding 1.2 million sq ft of office space along the Outer Ring Road (ORR) corridor. This move comes as the city continues to attract global financial and technology firms, reinforcing its position as India's premier commercial real estate hub. Advertisement
The new captive campus is expected to accommodate around 12,000 employees, highlighting the company's long-term commitment to India's talent market. Morgan Stanley’s investment in Bengaluru aligns with its global strategy to enhance service delivery and operational efficiency while benefiting from cost-effective, high-quality talent in the country. This expansion aligns with Bengaluru's growing status as a hub for financial services and technology firms. The city's commercial real estate market has been experiencing steady growth, with significant demand for Grade A office spaces. In the fourth quarter of 2024, Bengaluru's residential market recorded approximately 10,500 unit launches, marking a 17% quarter-on-quarter growth.
Bengaluru has become India’s top city for office leasing, recording 21.8 million sq ft of transactions in 2024, ahead of other major cities. The city also saw the highest new office space supply, at 14 million sq ft, catering to the increasing demand from global capability centers (GCCs), IT firms, and financial institutions. With Bengaluru accounting for 27% of all office leasing in India, companies like Morgan Stanley are increasingly choosing the city for expansion projects. The firm had earlier renewed its lease for 136,000 sq ft at the Ecoworld business park on ORR in 2023, further solidifying its presence in the region.
Morgan Stanley's decision to expand in Bengaluru reflects a broader trend of multinational corporations increasing their investments in the city. For instance, Chevron announced plans to invest about USD 989 million to establish a research and development hub in Bengaluru, expected to create 600 engineering jobs by the end of 2025.
The city's infrastructure developments, such as the ongoing Namma Metro projects and improved road connectivity, have enhanced its appeal to global firms. Emerging localities like Sarjapur Road, Whitefield, and North Bengaluru are becoming prime investment destinations due to their strategic location and growth prospects.
Real estate experts believe that multinational firms are expanding in India due to the availability of a skilled workforce and a supportive business environment. Ram Chandnani, MD of CBRE India, noted that Bengaluru's status as a financial and IT hub, combined with its focus on green-certified office spaces, is making it a preferred choice for international firms looking to establish or expand their operations.
Beyond Bengaluru, Morgan Stanley is also expanding in Mumbai, where it has leased 86,000 sq ft at the Altimus Worli office complex. This move places the company among other financial powerhouses, including Goldman Sachs, SoftBank, and Axis Bank, which have also expanded in the area. The Altimus Worli office cluster is emerging as a prime destination for financial services firms, driven by Mumbai’s position as India’s financial capital. Morgan Stanley’s decision to relocate from its 65,000 sq ft space in One World Center to Altimus Worli highlights its long-term investment plans in India.
Morgan Stanley's expansion comes at a time when India’s GCC market is projected to grow from USD 64.6 billion in 2024 to over USD 100 billion by 2030. The country has become a key hub for offshoring and corporate service operations, making it an attractive location for global banks, IT firms, and consulting companies.
With an increasing focus on sustainable office spaces, major developers in Bengaluru and Mumbai are prioritizing green-certified buildings to cater to the needs of large corporate tenants. Industry estimates suggest that the demand for investment-grade commercial spaces will continue to rise in the coming years, further strengthening India’s position as a global business hub.
In other related real estate news, Bengaluru’s ORR corridor is expected to see more office space launches in the next two years, with developers targeting high-demand areas near Whitefield, Sarjapur Road, and Electronic City. This trend indicates continued corporate expansion in India, driven by strong leasing activity and economic growth.
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