According to a recent Cushman & Wakefield report, Bangalore emerges as a clear preference for sectors such as office and retail, while hospitality comes a close third.
Bangalore will soon overcome the slowdown of the last two years in the commercial real-estate segment , when demand for office space had dipped severely.
With the IT/ITeS sector back on the path of recovery now, the city is again emerging as a preferred destination for multinational companies wanting to set foot in India or expand their existing operations . Demand for office space in the country's IT capital is expected to gather pace in the next few years.
“The expected recovery in the IT/ITeS sector would have a positive effect on the demand in Bangalore, the preferred location for many IT/ITeS companies. It is expected to see the highest demand for office space within 2010-2014 of approximately 42 million sq ft,” it says.
On the other hand, demand for retail space is also expected to be the highest in Bangalore with approximately 7.6 million sq.ft, while demand in the hospitality sector is expected to be 9.8 million room nights and in residential, it is expected to be approximately 2.3 lakh units over 2010-14.
Mr Manish Aggarwal, Executive Director - Investment Services, Cushman & Wakefield India, explains that the overall demand for commercial office space is subdued in comparison with the supply, which is estimated to be approximately 400 million sq.ft during 2010-14, “implying caution and the need for quality supply at the right prices”.
However, Bangalore, which holds the largest share of the demand pie, will be the only city where the demand would exceed supply over the next five years, he says. “This is essentially because requirements of IT companies are much larger than most other sectors and the city, for long, has been the preferred IT destination.”
Though the city is facing a scenario of oversupply now, good deals are taking place, says Mr Vineet K. Singh, Business Head, 99acres.com. According to him, about 10 million sq.ft of ready-to-move-in office space is currently available in the city, and more supply is expected in the immediate future. But in the medium-term perspective, “we expect a robust demand because India's growth story is still intact,” he says.
Mr Ram Chandani, Deputy Managing Director - South India, CB Richard Ellis (CBRE) India, points to an increase in demand from end-user occupiers and also absorption in the city's central business district (CBD) area. The supply has been very limited, he explains, adding that “whatever has come in has been occupied in the CBD”.
Apart from North Bangalore, one micro-market that will also see a surge in office space development is Whitefield, he adds.
Saturday, November 6, 2010
Karnataka Government to set up Global Financial District in Devanahalli ,Bangalore
The State government is setting up a financial hub in an area of 150 acres in Devanahalli near Bangalore.This will serve as one centre for all financial activities.
As the location is close to Bengaluru International Airport, 45 banks have shown interest to have their offices in the hub. Industries Minister Murugesh Nirani, in Bangalore on Wednesday, said the project had been named the global financial district. Along with banks, insurance companies and chit fund firms would also open their corporate offices in the district. The project would include a township for the employees of the institutions in the district.
The government is yet to work out modalities to implement the project. As of now, a part of the land has been allotted for Corporation Bank. Similarly, other banks would be allotted land required for their offices.
India Infrastructure Finance Corporation has come forward to set up the hub in association with the banks that show interest in investing on the project. Head of the corporation recently met officers of Industries and Commerce in Bangalore.
IFCI Infrastructure Development Limited
Proposed investment -Rs.997 crores.
Project Details–To establish a Financial City.
Location:Devanahalli Industrial Area, Near BIAL,
Employment Generation – 4,300.
As the location is close to Bengaluru International Airport, 45 banks have shown interest to have their offices in the hub. Industries Minister Murugesh Nirani, in Bangalore on Wednesday, said the project had been named the global financial district. Along with banks, insurance companies and chit fund firms would also open their corporate offices in the district. The project would include a township for the employees of the institutions in the district.
The government is yet to work out modalities to implement the project. As of now, a part of the land has been allotted for Corporation Bank. Similarly, other banks would be allotted land required for their offices.
India Infrastructure Finance Corporation has come forward to set up the hub in association with the banks that show interest in investing on the project. Head of the corporation recently met officers of Industries and Commerce in Bangalore.
IFCI Infrastructure Development Limited
Proposed investment -Rs.997 crores.
Project Details–To establish a Financial City.
Location:Devanahalli Industrial Area, Near BIAL,
Employment Generation – 4,300.
Bangalore gets its World Trade Center
Bangalore based developer Brigade Group has obtained the license from the World Trade Centers Association to classify and manage its one million sq ft office tower in the prestigious mixed use project Brigade Gateway as 'World Trade Centre Bangalore'. This marks the company's entry into the prestigious league of select World Trade Centers across the globe.
Commenting on the achievement, MR Jaishankar, Chairman & MD, Brigade Group, said, "This is a matter of great pride and honour, for the State of Karnataka as well as Brigade Group. Bangalore is once again on the global map as the city that houses a World Trade Centre. The WTCA certification is also testimony to Brigade's unrelenting pursuit of quality and global standards in all its work and we are confident that the World Trade Center Bangalore will add significant value to the process and growth of world trade."Robert J Frueh, Director of Member Services, World Trade Centers Association said, "The new World Trade Center Bangalore at The Brigade Gateway is a world class business destination and it is quickly becoming a symbol of international trade for the greater Bangalore region.We welcome the World Trade Center Bangalore as its establishment links this great city now with over 300 World Trade Centers in nearly 100 countries all focused on growing their economies in the international marketplace."
The World Trade Centre certification is awarded after rigorous assessment and scrutiny by the World Trade Centre Association (WTCA), whose primary objective is to promote prosperity through world trade. A World Trade Centre is a signature real estate development and a symbol of International trade providing its members services like – trade information, global networking with WTC clubs, exhibit facilities, consulting services, administrative support, export/ import assistance, teleconferencing facilities, translation / interpretation, trade missions, office services, newsletters and trade policy research, among others.
According to WTCA bylaws, there can be only one regular WTCA Member in a single economic area, which means there would not be any other World Trade Center in Bangalore.
Overview
Location
Spaces available: 4,000 sft onwards
Unique features:
Artists Impression:
Current Status:
Operational Date:1Q 2011
Commenting on the achievement, MR Jaishankar, Chairman & MD, Brigade Group, said, "This is a matter of great pride and honour, for the State of Karnataka as well as Brigade Group. Bangalore is once again on the global map as the city that houses a World Trade Centre. The WTCA certification is also testimony to Brigade's unrelenting pursuit of quality and global standards in all its work and we are confident that the World Trade Center Bangalore will add significant value to the process and growth of world trade."Robert J Frueh, Director of Member Services, World Trade Centers Association said, "The new World Trade Center Bangalore at The Brigade Gateway is a world class business destination and it is quickly becoming a symbol of international trade for the greater Bangalore region.We welcome the World Trade Center Bangalore as its establishment links this great city now with over 300 World Trade Centers in nearly 100 countries all focused on growing their economies in the international marketplace."
The World Trade Centre certification is awarded after rigorous assessment and scrutiny by the World Trade Centre Association (WTCA), whose primary objective is to promote prosperity through world trade. A World Trade Centre is a signature real estate development and a symbol of International trade providing its members services like – trade information, global networking with WTC clubs, exhibit facilities, consulting services, administrative support, export/ import assistance, teleconferencing facilities, translation / interpretation, trade missions, office services, newsletters and trade policy research, among others.
According to WTCA bylaws, there can be only one regular WTCA Member in a single economic area, which means there would not be any other World Trade Center in Bangalore.
Overview
Location
- In the Malleswaram-Rajajinagar area, close to the central business district
- In a premium neighbourhood, within the 40-acre
Brigade Gateway integragted lifestyle enclave
Spaces available: 4,000 sft onwards
Unique features:
- 1.1 million sft of prime office space
- 32 levels and 128 m high
- Modular design with 40,000 sft floor plate
- 4.2 m floor-to-floor height
- 21 high speed elevators, of which some are destination controlled
- Low E- glass to minimise heat and maximize visibility
- Double glazing to minimise noise and power loss
- Uninterrupted power supply with 100% power back-up
- Centralised air-conditioning
- 9-level parking
- Cafeteria for occupants
- Grand triple height atrium
- Helipad and observation deck
- Sky bridges connecting WTC with the 5-star Sheraton
- Bangalore hotel and Orion Mall & Multiplex within the enclave
- Highest levels of safety and security
Artists Impression:
Operational Date:1Q 2011
Subscribe to:
Posts (Atom)