Bangalore is one of the preferred investment destinations in India. Bangalore provides India’s first appearance (ranked 12th) among Top 20 cities in the City Movement Index (CMI). It has always been one of the most dominant commercial markets in the country. The city has outdone other metros in India the first quarter of 2016 in terms of office space absorption, again reinforcing its dominance when it comes to demand for Commercial office space.
In India, Bangalore, Pune and Gurgaon are the preferred locations among technology occupiers, mainly because of the ability to attract talent and to access grade A buildings at affordable rents.
Growing demand for office space absorption in Bangalore
The Sustained demand for Commercial office space in Bangalore has consistently induces the commercial real estate growth in the city that crossed a milestone, by becoming the first Indian office hub to join the global club. The city’s successful corporate office space has been basicaly driven by political stability over the years, the country’s largest expatriate population, and availability of top talent for business.
Advantages offered by Bangalore has been its connectivity with other parts of the country, an extensive public transport including its efficient bus network facility and partially operational Metro Rail (Phase I). It is well established with the social infrastructure and good climate are other criteria that attract and retain businesses in Bangalore.
Supply of Commercial office spaces
At present, corporate occupiers remain focused on the Outer Ring Road (ORR) area between Marathalli and Sarjapur Road; going forward, an incremental shift towards newer locations in North Bangalore. This is mainly owing to factors such as attractive commercial office space lease rents, improving social and physical infrastructure and residential developments in the vicinity of the office clusters.
Availability of quality work space, competitive rentals, availability of talent and political stability have been the major reasons that have cemented Bengaluru’s postion as a leader in the commercial office space. Around 40 million sq.ft of Commercial office space is expected to come up in the next five years, in different stages of planning and construction in Bangalore.
Lease of Commercial Office Space by Top IT/ITES Companies
IT/ITeS Companies to be the largest demand driver for commercial office space, records 50% of the total leasing activity recorded in the quarter.
E-commerce firms like Amazon and Snapdeal recently taking significant amounts of commercial office space in Bangalore. Technology firms choose office space location that allows them to attract the best people.
- Apple leases 50k sq ft Commercial Office Space in Bangalore
Apple has leased about 50,000 sq ft of office space for its design and development to support engineering graduate’s talent and grow the country’s iOS developer community.
- Google to lease 1 lakh sq ft Commercial Office Space in Bangalore
Google has leased about 100,000 sq.ft office space. It is expected to occupy the new office space between July and August this year, which can house about 900-1,000 employees.
- Microsoft leases 1.1 m sq ft Commercial Office Space in Bangalore
Microsoft leases 1.1 million sq ft office space to consolidate and expand its business in India The new campus is expected to merge many of its main operations in India and serve as a base for further expansion. Microsoft has offices in 10 locations across India.
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