online living India news: Bengaluru one of the largest contributor to office space absorption has 26 million sq ft of commercial space at various stage of construction, to be completed by 2020. However, development of office assets without timely completion of infrastructure will leave the city in a chaotic state putting pressure on already crumbling infrastructure and may impact the office market adversely.
The city absorbs about 13-14 million sq ft of commercial office space every year, which is approximately one-third of the total space leased in India – Colliers Research.
Like the ORR metro line, and planned road improvement projects in and around these areas; the market is likely to remain bullish with respect to overall office space absorption in next 2-3 years, driven by IT-ITes, followed by Engineering & Manufacturing and BFSI sectors.
Bengaluru being a host to the largest share of technology start-ups (26%) in India, is the testing ground for co-working spaces and has always invited new occupiers, such as Capiot, InnerChef, Knowlarity, Monkey Box, Artifact Design, and many others. Moreover, the residential market is also developing to support the vast commercial development.
Article by
Ramish Naqvi