As the technology sector expands its horizons in the country, Bengaluru has emerged as a dominant growth frontier offering the new economy sectors — information technology, biotechnology, aerospace, research and development, clean energy and other services sectors — a new growth paradigm.
In its latest report – ‘Bangalore: The Star That Shines the Brightest’, CBRE said the city has led the country’s corporate real estate market among leading cities over the last five years in terms of office space stock as well as office space absorption trends.
Sustained demand for office space has consistently driven commercial real estate growth in the city that became the first Indian office hub to join the global club for 100-million-sq ft office markets in mid-2013.
Furthermore, 2015 recorded the highest quantum of new office space supply of nearly 12.7 million sq ft. The city’s overall commercial office stock stands at about 127 million sq ft compared to other prominent commercial hubs such as Delhi National Capital Region (NCR) (95 million sq ft) and Mumbai (87 million sq ft).
Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia said, “Buoyed by improved economic sentiments, steady corporate occupier interest, and its intrinsic strengths as a pioneering hub for technology, R&D, and shared services platforms, Bengaluru is likely to maintain its leadership position in the country’s corporate real estate market in the long term.”
“The successful implementation of the government’s schemes such as Digital India, Skill India, and Make in India will be critical for the further development of the city’s business environment,” he added.