3,000 staff scattered as Axis Bank hunts for HQ

Axis Bank, India's third-largest private sector bank, is contemplating spreading its 3,000 staff members across various offices as the search for a single headquarters in Mumbai continues, according to sources familiar with the situation. The current 8-story Axis House building in Worli has proven too small to accommodate the entire workforce, prompting the bank to consider vacating the premises by April, a deadline that will subsequently be met with the demolition of the building to pave the way for a new 32-story tower projected to be operational within five years.

The official relocation has not yet been decided, with no final choices made at this point. However, the exploration of alternative office spaces highlights the escalating difficulty for large corporations in densely populated cities like Mumbai to secure ample office space for their entire workforce under one roof. Citigroup Inc., HSBC Holdings Plc, and other banks have also been actively searching for suitable locations in Mumbai, sources close to the matter have disclosed.

The temporary shift in office locations will affect teams from various departments including banking, investment banking, non-bank finance company, and global capability center operations, as well as senior management personnel. Axis Bank operates several offices in Mumbai and aims to consolidate its workforce in the new headquarters, the sources added.

The demand for office space has been strong across India, with vacancies in the top eight cities gradually decreasing, as reported in an August Cushman & Wakefield study.