Bangalore is referred as the IT Hub of India, known for its high profile residential areas and commercial Office spaces. Due to the growth of IT industry and finance professionals, the demand for housing space and Office Space in Bangalore is on the rise. Bangalore has remained the top contributor for an office space to the demand with 33 per cent share, followed by the National Capital Region like Delhi, Gurgaon, Noida, Hyderabad, Pune and Mumbai. In Bangalore, new start-ups are expected to occupy 1,900,000 sq ft in 2016-17. 2016 should be an awesome year to invest in Real Estate Investment Trusts (REITs). REITs raise funds from a large number of investors and directly invest that sum in income-generating real estate properties (Residential and Commercial Properties).
Office space absorption and its growth in popular cities of North Bangalore
The increase in the business activities in Outer Ring Road and Whitefield has an impact on the development of the nearby markets of residential property in Bangalore. The Office Space for Lease in Bangalore has touched a new high. The increase in the number of start-ups, e-commerce companies and expansion of the companies has bolstered the growth.
Numerous corporate biggies like Amazon, Facebook, Ola, KPMG, PwC, etc have signed up office deals in the Commercial Property in Bangalore. The demand for office space in metro cities like Bangalore has always been on the rise.
As reported by the Economic Times of India, Bangalore still stands on top of the list with maximum demand for office space. The city grabbed a total of seven deals in the Outer Ring Road (ORR) area and Electronic City.
According to the JLL report, transaction activity remains “constant,” with 1.2 million sq. ft. transacted in 1st quarter of 2015. Net absorption was 2.3 million sq. ft. included pre-committed spaces from the previous quarters.
In Bangalore, 88 per cent of office space been occupied by information technology (IT) and IT-enabled services companies, as Colliers said.
According to a recent report of 2016, due to high competitive values and much availability of Grade A spaces, Whitefield and Outer Ring Road will be the top most preferred office market destinations. In the forthcoming quarters, north Bangalore will seen a good response from the developers and investors.
- Though their demand for office space is much lesser than that of large companies and their ability to pay much less, “these raising start-up business have immense potential and they are enabling property developers to sell their inventories that have been lying vacant,” said Ravi Gurav, vice-president, Dheeraj Realty and member MCHI-Credai.
- “Rents have seen notable appreciation in this category in select markets, where there is a limited availability for office space. Healthy demand along with favourable IT industries growth rates has helped this rental appreciation. We believe the trend is likely to persist for some more time,” said Anuj Puri, chairman, JLL India.
Company Investments for Office Space in Bangalore:
- Both global and Indian technology companies have done large office space deals during January-March 2016.
- HP (US Based) leased nearly 5, 00,000 sq ft in Maruthi Concorde Tower in Electronic City in Bangalore.
- IBM took 500,000 sq ft in Bhartiya City, at Thanisandra in Bangalore.
- JPMorgan, banking giant has taken up 2, 00,000 sq ft in Embassy Golf Links Business Park on Intermediate Ring Road in Bangalore. It is expected to use its office space for its technology support centre.
- Infosys took up 1, 50,200 sq ft space in the Confident Octans project in Electronic City, Bangalore.
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Cres offers the following list of Office Spaces in Bangalore:
- Commercial Office Space @ Sarjapur Outer Ring road, Bangalore
The area offered for this location is approximately 4Lakh Sq ft. for Office space in Bangalore. For more details Enquire at http://www.cresadvisor.com
- Commercial Office Space @ Electronic City, Phase 2, Bangalore
The area offered for this location is approximately 65,000 Sq ft for Office space in Bangalore. For more details Enquire at http://www.cresadvisor.com
- Commercial Office Space @ Outer Ring Road – Marathalli, Bangalore
The area offered for this location is approximately 1.2lakh Sq ft for Office space in Bangalore. For more details visit : http://www.cresadvisor.com
- Commercial Office Space @ Koramangala, Bangalore
The area offered for this location is approximately 19,000 Sq ft for Office space in Bangalore. For more details visit at http://www.cresadvisor.com