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    Bengaluru is largest officer market in Asia-Pacific: Report

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    largest office market

    Bengaluru is the largest office market in India and the biggest in the Asia-Pacific region.

    India’s Silicon Valley absorbed 11.6 million sqft of office space last year on a net basis (taking account of vacated space), compared to Tokyo’s 7 million, Shanghai’s 6 million, Hong Kong’s 3 million and Beijing’s 2.5 million, according to estimates by property consultancy CBRE.

    Bengaluru has held this position for the past few years as more global companies set up captive technology and back-office centres, attracted by the city’s talent. Traditional IT companies and domestic new-age ventures have also taken significant space.

    “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,” said Anshuman Magazine, chairman and CEO of CBRE India, South East Asia, Middle East & Africa.

    IBM, Accenture, Infosys, Wipro, Intel, Cisco, Dell EMC, SAP, JP Morgan, Goldman Sachs, ABB, Shell, Microsoft, Flipkart, Amazon and Boeing are among the big office space occupiers in the city. Many of them are expanding, and many new ones such as Lowe’s have come in recent years.

    The vibrancy of the market has attracted marquee global investors. Blackstone is a partner with Embassy. The Xander Group has invested heavily in office buildings in the city. Canada’s Brookfield Asset Management is reportedly looking at a major foray into the market.

    Rentals in the city are very low compared to those in some other Asian cities.

    Top rentals in the central business district of Bengaluru was Rs 142 per sqft during the quarter ended December 31, while for Hong Kong central, which remains the most expensive office space globally, it was Rs 21,200. Tokyo’s stood at Rs 19,151.

    Info- https://realty.economictimes.

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