‘Office space demand in Bengaluru highest in Asia-Pacific region’

Bengaluru, July 6 (IANS) Robust demand for office and commercial space from the booming IT sector has placed Bengaluru on the top among Asia-Pacific cities, indicates a real estate survey.

“Bengaluru pipped other Asia-Pacific cities in demand for office space while growing need for commercial space from the IT sector is helping boost absorption levels,” global real estate services firm Jones Lang Lasalle (JLL) said in a report here on Monday.

Strong growth in office rents has also pushed Bengaluru to 12th slot among the 20 top technologically-rich cities around the world in JLL’s global office index and the city is estimated to add a whopping 12 million square feet office space over the next 18 months.

“A five-10 percent hike in prime office rents is seen this year for which construction is rapidly growing to meet the demand generated by the city’s rapidly expanding economy,” said JLL India head Anuj Puri.

“Bengaluru top scores in the city momentum index of 120 cities, ranking sixth in gross domestic product (GDP) growth, eighth in population growth and improvement in real estate market transparency, 11th in office net absorption,” he said.

The survey also found that Bengaluru had the largest number of applications filed in India for international patents.

“An increase in the number of high-tech start-ups registered in the city over the year has also helped boost Bengaluru’s score, reflecting its strengths in innovation and depth of venture capital funding,” said Puri.

 

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here