In the last few years, the Commercial space was restricted to certain areas like the Majestic, Commercial Street, MG Road and Brigade Road and so on. But, with the expansion of the city, new extensions have been added. Hence Commercial activities have been spread to these new areas. Finally, there has been a constant demand for commercial properties in these areas. According to market statistics, the north of Bangalore has seen a continuous hike in demand for commercial office spaces.
Growing Demand for office space
Upcoming IT industries on Bellary road, Hennur road, Whitefield, Koramangala, HSR layout are expected to stimulate the growth of commercial realty market in Bangalore. The strategical position of the international airport stands out the key driver for the realty growth in the North Bangalore region. Construction is also increasing rapidly to stay on track with the demand for office spaces and the growing economy of Bangalore.
The main reason for this increase in demand for space is also because of the growing economy and increase in jobs. The projection of office space supply for the next five years is predicted to be 31 million square feet of space in Bangalore. All this is due to the result of projects offered by the many US and European companies which requires expansion. In the coming years, Bangalore will be having the least demand and supply gap because of regular supply additions and inclusion levels. Nearly 2 million sq ft of office space has been leased in North Bangalore in the last few quarters.
According to JLL reports, the major drivers behind the growth of commercial office space are the financial services and IT/ITES sector. Proximity to Outer Ring Road also makes the region a hub for office space. ORR has given a major impulse to the growth of the North Bangalore along with this route. The enhancement of the 22-km stretch from National Highway-7 from the Hebbal flyover to airport and HSRL from CBD to airport has contributed greatly towards the growth of office demand in this region.
Role of Infrastructure
Infrastructure enhancements are likely to fuel the growth of capital values. According to property consultants, growth in infrastructure has worked in favor of Bangalore. The growth in demand for quality office spaces in the city will depend on the completion of the Metro Rail link, seamless Outer Ring Road project, and other infrastructure projects.
The demand has seen more in the Whitefield region as well as the north of the city towards the international airport. Construction is increasing to meet the demand generated by Bangalore’s rapidly expanding economy. The office space demand for the corporate occupier is expected to continue to grow in the forthcoming months. Commercial office space occupiers will evaluate their requirements on the basis of infrastructure development and cost-effective investments grade office spaces.
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