Business

The demand for furnished office spaces in Bangalore

The demand for commercial spaces is increasing and this is particularly with regard to furnished office spaces. Startups are looking for ways they can save time and money and start operating as soon as they are established. The fully furnished spaces and plug-n-play offices fit the bill as they are self-contained units that not only help set up but also run a business smoothly.

A recent report published by real estate consultancy Cushman and Wakefield has highlighted important trends regarding the demand for office space in Asia-Pacific. Tokyo, the capital of Japan, ranks first as demand for offices is expected to reach 7.6 million square meters. foot in 2014. The Silicon Valley of India, Bangalore is second according to the report. It is the second highest among 30 other cities in Asia Pacific. The largest office absorption in India is forecast to be 6.3 million square meters. Bangalore has even overtaken Delhi, which has come to rank sixth among other cities.

The main reason for the increase in demand for office space in Bangalore is the increasing proliferation of knowledge-based industries such as multinational corporations (MNCs), information technology companies, and information and communication technologies ( It is). Not only are new businesses being established, but existing ones are also expanding at a rapid rate. If we compare the statistics with the previous year, the absorption of office space will see a growth of 16 percent. The trend will prevail throughout 2014 and will continue into 2015.

Growth in the commercial real estate market is concentrated in the Central Business District and the South and Southeast of Bangalore. Most of the office space is made up of consolidations and relocations. Demand is highest in Bangalore’s suburban locations, namely Whitefield. It is more so in Whitefield as it is the bridge between idyllic Bangalore and the IT corridor. The suburbs and micro-markets offer better quality, efficient and cheaper office solutions and therefore companies are prepared to relocate there. This does not exclude North Bangalore from the image. Its proximity to the international airport and two prominent technology parks have made it a favorable option for commercial and residential projects. Infrastructure projects like the Outer Ring Road are another reason that large corporations are showing increasing interest in the northern region. North Bangalore represents approximately 1.70 million square feet. foot of the commercial stock of the city.

Commercial office space projects in Bangalore include sales and leasing activities. Most corporate companies have long-term occupancy plans. Given the demand for office space, developers are paying more attention to the development of autonomous centers. These hubs have corporate offices, shopping centers and residential developments integrated within the same project.

Therefore, the oversupply of commercial properties in Bangalore ensures that there is an office space to suit everyone’s budgets and needs. Commercial properties start at 25 rupees per square meter. ft. for regular properties and Rs.35 sq. foot for furnished spaces. There are properties ranging from 2,000 m2. foot to 50,000 square feet foot in size.

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