Intel is selling its Bengaluru branch to continue its “hybrid-first” approach. The company’s 250,000-square-foot Old Airport Road office facility is up for auction. The purchase is estimated to reach Rs 450 crore, and several “well-known builders” have bid. Intel would stay in Bengaluru after the transaction.
The article says Intel would lease from the new owners after the acquisition. Sources informed the magazine that the corporation may lease the office space for three years. The chipmaker informed ET by email.
“As a hybrid-first company, we are continuing to assess and optimise our space utilisation to create more vibrant workspaces for our employees when they are on-site, while also achieving cost reductions,” a spokeswoman said. We will consolidate Bengaluru offices. Intel employs 14,000 people in Bengaluru for design and engineering.
Intel plans to sell Bengaluru office.
Intel announced a “Hybrid-first” model in 2021 amid the COVID-19 pandemic. When sites reopen, Intel chief people officer Christy Pambianchi said 90% of its worldwide staff would choose a hybrid workplace. “The pandemic compressed a decade’s change into months,” the business stated. Crisis brought chance to rethink work and collaboration. Intel’s hybrid-first future.
Intel’s other headquarters may follow a similar real-estate approach. The firm sold its Bengaluru facility after announcing “across-the-board” layoffs earlier this year. April saw Intel’s biggest quarterly loss.
Intel and other IT companies have used a similar real-estate model to cut costs in an unstable global economy and hybrid work life after COVID-19 lockdowns. After Elon Musk’s official takeover late last year, Twitter closed key operations, including Indian co-working facilities.
To cut expenses, Google has curtailed workplace amenities at its California facility. Google believes hybrid work is incompatible with some on-site benefits.
