Rapid Expansion for Office Space in Bangalore
A report by Jones Lang LaSalle has found that the office space market in Bangalore has expanded 50% since 2008, reflecting the cityΓÇÖs rise onto the international stage.
Once dubbed a ΓÇÿPensionerΓÇÖs ParadiseΓÇÖ and IndiaΓÇÖs ΓÇÿGarden CityΓÇÖ, Bangalore has overturned its reputation in recent years to become the subcontinentΓÇÖs very own ΓÇÿSilicon CityΓÇÖ.
With a large and growing population of young enquiring minds, an innovative history and rising rents per square foot, now BangaloreΓÇÖs office market too appears to be catching up with international demand.
In just four years, square footage has expanded 50% and is expected to continue at this pace until 2016 when there could be as much as 100 million square feet of office space on the market.
ΓÇ£The demand-supply gap is the lowest in Bangalore, compared to all other metros in the country, which will not only ensure sustained growth but also an increase in rentals over the next few years,ΓÇ¥ says Regional Executive MD at Cushman & Wakefield, Sanjay Dutt.
ΓÇ£The availability of high quality, office spaces at sub-dollar rental levels and access to skilled workforce continues to drive BangaloreΓÇÖs growth,ΓÇ¥ adds Jones Lang LaSalleΓÇÖs Bangalore MD, Karun Varma.
ΓÇ£The creation of new office space in the past three years has been rapid and at this rate, the city is expected to touch the 100 mn square feet landmark in record time.ΓÇ¥
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