Office space leasing records new heights in Bangalore - Buy Property

According to the data, Bangalore has recorded the highest office space leasing during 2015 with the help of internet setups that took place in the city. Bangalore, the startup capital of India took around 12.3 million square feet of net leasing space exceeding the record of 11.3 million square feet that was seen in 2007. However, the total 12.3 million square feet of area was divided into different internet startups, and majorly was absorbed by consumer internet startups with 4.5 million square feet or 36%.

Reportedly, Bangalore has seen least vacancy of 4% in India among the top cities. Also, the national occupancy levels dropped to 17% in 2015 which directly signaled recovery of the economic activity.

Property in Bangalore has been the top destination for serious investors and it is said to be a phenomenal year for the office leasing activity in the city. Two of the India’s leading office space aggregators, RMZ Corp and Embassy Office parks have attracted Qatar Investment Authority and Blackstone Group respectively.

There are startups including Flipkart, Amazon, and Old who booked 2.5 million, 1.2 million and 3.5 lakh square feet areas in the Property in Bangalore during 2015. Also, there has been companies like Mercedes, KPMG, PwC and ANZ have also invested in buying office spaces in the city. Whitefield and Outer Ring Road has been the areas with highest sale of office spaces.Developers also believe that there was good demand of office spaces in Bangalore and across the nation there was seen some positivity in the long-term trajectory.

Also, Accenture, the largest office space tenant in Bangalore is looking for more space. IBM and Cognizant are also one of the most important companies as they have occupied big rented office spaces in the city. Although the experts believe that the main challenge will definitely be the ability to provide office spaces of quality and not the demand as there is no doubt that there will be a lot of demand of Office Spaces in Bangalore. Thus, definitely the Commercial Property in Bangalore is all set to get huge demand for office spaces and these demands will hopefully be fulfilled in the coming years.