Track2Realty: Bengaluru’s office market clocked an absorption of approximately 9.6 mn.sq.ft. during 2012, falling short of the absorption in 2011 by 17%.
Despite the slowdown, the IT/ITeS sector continues to be the main sector responsible for occupying a major part of the absorption pie in the Bengaluru office market.
The city has observed consistent office space demand across most micro-markets with Whitefield and Outer Ring Road (ORR) being the more preferred office destinations due to considerable new office space supply and competitive rentals here.
Going forward, Bengaluru office market is envisaged to witness an optimistic yet cautious delivery of projects in the short term on account of the present economic uncertainty.
Whitefield and the ORR stretch between Marathalli and Sarjapur Road will dominate as preferred office destinations due to attractive lease rentals, presence of social infrastructure and residential developments in the vicinity of the office projects.
