Bangalore’s workplace house absorption within the new monetary year has started off on a cautious note. Owing the present world economic state of affairs. Conjointly remains to be seen how the businesses are going to be giving out their annual increments and variable pay shortly. These factors can to an outsized extent influence the growth of workplace areas in Bangalore.
One of the realtor Mr. Zahed Mahmood Director of Silver Realty stated that Whitefield and the Central Business DIstrict are doing well. As there is considerable supply in these areas which are getting occupied. Whitefield already has residential and social infrastructure in Bangalore, the metro too add to the factors that will contribute to its growth story.
The Outer Ring Road and its vicinity especially near HRBR Layout also have some office space.
The main thrust are to enhance connectivity, speed up infrastructure projects and produce a lot of areas below the Metro Rail radius. Trade specialists feel these factors can push the demand for workplace areas up. Though there's a large demand for giant IT parks and plenty of are within the method of completion in Whitefield and along the Outer Ring Road towards Electronic City, the occupancy levels vary.
The workplace market here had to face adverse conditions throughout 2009 attributable to the economic slowdown. However, with the economy gaining additional confidence, the past year has seen demand acquire significantly within the market and therefore the level of absorption of workplace areas has consistently been on a high note.
Most of the projects are slated to enter the market within the next 2 years. Till then, availability of quality workplace space choices in choose micro-markets is predicted to stay fraught. Meanwhile, rentals are expected to stay stable on account of the economic conditions.
The areas in focus will continue to be the CBD as well as the micro markets such as Whitefield, Devanahalli, Mysore Road, Old MAdras Road, and Electronic City.
Outer Ring Road:
The potential for commercial property in Bangalore, development along the ORR is expected to be steady as the various connectivity projects such as the seamless ORR get underway. The many ready-to-occupy state-of-the-art commercial property in Bangalore include integrated townships consisting of malls, hotels and even apartments.
The flow of traffic once the seamless ORR project is prepared can facilitate development during this corridor stretching across Devanahalli, Old Madras Road, Whitefield, Devarabeesanahalli, Sarjapur Road, Electronic City, Kanakapura Road and Mysore Road.
Bangalore’s commercial property development has grown over the years This fast paced growth is due to various factors. The emergence of the town because the IT hub within the region, the infrastructure and quality of life further because the pleasant climate ensured that Bangalore was on the quick track to growth.
Realty development too got off to a fast growth with residential properties peaking in demand. The requirement for quality housing was felt when the IT trade attracted human resource from everywhere the world. Residential apartments mushroomed and also the demand was such that costs skyrocketed.
Having more scope for growth in Bangalore’s suburbs, commercial development is quickly catching up in areas that have the potential for residential property growth with plans of high-tech connectivity and good infrastructure.