Bengaluru was declared the largest office market in the Asia Pacific by property consultancy CBRE. The silicon valley of India has been at this position for the past few years as more and more global companies are vying to improve their presence in this city.
In the last almost a decade, global companies have set up back-office centers, and technology-related offices attracted by the talent available in the city related to software and IT. Even the domestic and local ventures are taking up the market place as more youngsters are trying out their hands at entrepreneurship.
Bengaluru Beats Major International Cities Like Tokyo & Shanghai
Well known as the IT hub of India, Bengaluru absorbed 11.6 million sqft office space in 2018 followed by 7 million in Tokyo, 6 million in Shanghai, 3 million in Hong Kong, and 2.5 million in Beijing.
According to the CEO and Chairman of CBRE India, Middle East & Africa, and South East Asia, Anshuman Magazine, “One of the benchmarks of Bengaluru’s broader growth as one of Asia-Pacific’s most dynamic commercial real estate spaces is its embrace of agile real estate strategies.”
Agile Real Estate Strategy Alluring Organizations
Every business venture is looking out for flexibility in all types of dealings. That is exactly the agile real estate strategy in Bengaluru is providing to the organizations by offering flexible workplaces and portfolios.
These workplaces are developed and designed in such a way that they can quickly adapt and change themselves to meet the alterations required by an organization or an individual.
CEO of India’s biggest office space providers, Embassy Office Parks, Michael Holland said, “We’ve been seeing consistently that clients are looking to set up or consolidate their operations in largely integrated parks across the city, which has resulted in such a huge demand.”
Topmost Office Market Space Occupiers In Bengaluru
Some of the biggest office space occupiers in Bengaluru include Accenture, IBM, Wipro, Dell EMC, Cisco, Intel, Goldman Sachs, Shell, SAP, JP Morgan, Boeing, Amazon, Flipkart, and Microsoft. Many of these companies are even expanding and there are many more that have entered the Bengaluru office market space recently.
The growing demand for office market space in Bengaluru has encouraged the real estate strategist to come up with new schemes and plans. The Embassy has partnered with Blackstone whereas The Xander Group has diverted its major investment in Bengaluru’s office building.
The Brookfield Asset Management of Canada is also gearing up a big way to make an entry into this market.
