Bengaluru: Bengaluru has emerged as the biggest and most important office market in India, outshining every other city. The city's office space has more than doubled, rising from 100 million sq. ft. in 2013 to over 223 million sq. ft. by June 2024, making it the Indian city with the largest share.
The CBRE-CII joint report stated that the office space in India by June 2024 was 880.7 million sq. ft. In addition, the office space in Bengaluru is forecasted to reach 330-340 million sq. ft. by 2030, the largest in India, with an average yearly intake of approximately 15-16 million sq. ft. in recent times.
Karnataka's dynamic technology infrastructure needs to keep evolving in order to maintain its competitive advantage. Creating high-quality, eco-friendly technological environments with state-of-the-art amenities will be crucial. Moreover, focusing on employee experience enhances the attractiveness of the state for skilled workers and international corporations looking to establish GCC locations in India”, stated Ram Chandnani, Managing Director of Advisory & Transactions Services at CBRE India.
The report states that technology, engineering & manufacturing, and BFSI industries will drive the demand for office space, while upcoming sectors like life sciences, aviation, and automobile will also contribute to the demand.
The city sees an annual absorption of 30-35 pc in the technology sector, mainly in the commercial areas of ORR and Whitefield, where many global corporations are located, making them key growth zones. Moreover, up-and-coming areas in North Bengaluru are captivating considerable attention because of enhanced infrastructure, abundant land options, and competitive lease rates. In addition to technology, Bengaluru's commercial vibrancy is significantly boosted by sectors like engineering & manufacturing, flexible space operators, and BFSI.
The report notes Bengaluru's strong position as the top location for global capability centers (GCCs), holding a 41pc share in India's GCC leasing market from 2022 to June 2024. The growth of Bengaluru's GCC is fueled by factors such as a talented workforce, high-quality Grade-A properties, and a strong IT environment. The city's business-friendly environment also plays a key role, making it a desirable location for GCCs.
FIRST Business Portal addressing the potential of business capability of North East Region.
