Bangalore has been enjoying the
status of the highest office space consumption since last two years. Since
Bangalore is termed as the IT hub of India, the offices in Bangalore are well
equipped with all the amenities required for carrying out the business from day
one. Bangalore is also on the high to set a new record for office space
consumption. The office real estate property is expected to reach 100 million
sq. ft. by 2017. The stock was only half four years back and now it's going to
double in the coming three years. Why so much of development is been going on
in Bangalore regarding office spaces? It has many answers. The improved
infrastructure is first advantage in the list. The construction of several
flyovers connecting the busiest areas has reduced considerable time for
commuting. Many signal free zones have recently been declared by the government
in several areas of traffic chaos making the communication even easier.
Considering to the demand and scenario, the offices in Bangalore now come with state
of art facilities. The current office stock owes to the fact that the city is
driven by the availability of IT SEZ spaces.
The development of seamless Outer
Ring road along with the construction of the Metro rail will further give the
city a boost for commercialization. Office space for rent in Bangalore is also
on a high considering the fact that the city offers quality office at
reasonable rental price as compared to the other metropolitans of the country.
Office spaces for rent in Bangalore can be further attributed to the fact that
numerous new businesses are budding each year that prefer to go for rent and
expand their business thereby. Even the realtors prefer to rent their buildings
for office space purpose because of the fact that rental returns are much
bigger than the residential returns. With the large scale development of the
offices spaces in Bangalore, city has seen a spurt in residential catchments as
well.
According to the recent trend of
'walk to work' many realtor have constructed their projects near to office
complexes. According to S Bhaskaran, CFO, Shobha builders, their recent project
'Shobha Morzaria Grandiuer' was built near Diary circle which was located at a
walk able distance from IT majors like IBM, Honeywell, Oracle and Adobe. The
project witnessed its maximum flats being sold at very short span of time since
the IT workforce in such offices preferred to own home near to their office.
Likewise many other regions have seen the same scenario. Sometimes the case is
vice-versa. New businesses prefer to put up their office spaces nearby
residential catchments where they can get good focus and reliable supply of
manpower. SBD and regions near Whitefield have got considerably good numbers of
Office for rent in Bangalore owing to the good connectivity and large
residential catchments sprawling in this region.
Many retail showrooms and
workshops have also made their existence being felt in Bangalore. Several
hypermarket accommodating world class brands have encouraged many other
renowned brands put up their commercial office spaces in Bangalore. This has
been possible because of the high end lifestyle of the people of the city who
do not bother to pay some extra to get that redefined style and quality.
Commercial office spaces in Bangalore have seen a consistency in growth in the
regions like Commercial Street, MG Road and CBD owing to the fact that many
micro markets have made their housing here. But according to Jones Lang LaSalle
India report, the region commanding the highest growth in commercial office in
Bangalore is the belt of Outer Ring Road. According to the report, ORR is even
going to rule the position in coming times as well due to good connectivity to
the other major corporate destinations of Bangalore. It has been estimated that
with metro connecting the various corners of the city, the commercial office
spaces consumption and supply will surely move to a level upper crowning
Bangalore the highest office space consumption city of times.
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