Bengaluru Tops the list in Demand for Office Space
Bengaluru is reported as the most demanding city for office space across the country in the first quarter of 2018. The demand of the city accounted for more than combined share of Delhi-NCR, Hyderabad, and Mumbai’s market. The city’s demand increased by 50% in the first quarter of 2018 compared to the first quarter of last year. Bengaluru also remained on the top of the national list in terms of leasing activity. CBRE, a real estate firm released its quarterly real estate report on Wednesday. According to the reports released, banking, financial services and insurance (BFSI) followed by industries like e-commerce, consulting and analytics, and research led the highest demand for office space. Also, office space in the country has increased by 3 times to reach 9.7 million sq.ft with more than 80% of this share coming from Bengaluru, Chennai, Mumbai, and Delhi-NCR, the report said. Pre-commitments (where lease agreements are agreed upon before the construction commences) will carry on to be the prime mode of leasing contracts in Bengaluru, the report adds. The Outer Ring Road and Central Business District in Bengaluru dominated leasing activity that was primarily concentrated in non-special economic zone developments.