Bangalore
Over the next couple of years, north Bengaluru is set to host many more corporates. Efficient civic infrastructure, upcoming Grade-A office spaces, relatively affordable office rentals and emerging residential locations are drawing occupier interest here.
The focus has shifted to Bengaluru north as the next hub of growth, with the availability of large land parcels and government initiatives to facilitate the next phase of corporate and industrial expansion in the city. With the airport acting as the nodal point, development will radiate outwards towards locations such as Doddaballapur Road, Yelahanka, IVC Road and beyond Devanahalli towards Chikkaballapur. The developments around the airport are categorised into ITITeS and biotechnology, Special Economic Zone (SEZ), residential complexes, hospitality and entertainment, aero industry, medical hub, and finance and business districts.
Trivita Roy, Associate Director Research and Real Estate Intelligence Service, JLL India, elaborates on reasons why the north is looking attractive to corporates. "Locations in north Bengaluru offer easy access to the airport and good connectivity to the core city. This region has existing and upcoming residential precincts, which are helping in drawing and retaining a good talent pool in this part of the city. The north has relatively lower office space rents when compared with other well-connected locations."
Commercial market an overview
According to research by Cushman and Wakefield, the peripheral north location in Bengaluru has 1.68 million sqft of Grade-A office space, primarily along Bellary Road, Thanisandra Road and Tumkur Road. In the first half of 2015, approximately 0.37 million sqft of leasing was witnessed primarily from the ITITeS sector as part of expansion activities.
Naveen Nandwani, Executive Director, Cushman and Wakefield, explains, "Yelahanka, Devanahalli and Doddaballapur comprise several industrial areas such as the Karnataka Industrial Areas Development Board (KIADB) Industrial Area and Apparel Park in Doddaballapur, KIADB Hardware Park in Devanahalli and Karnataka Housing Board (KHB) Industrial Area in Yelahanka. Within these locations, a key Grade-A office space development of approximately three lakh sqft is operational and is located in Yelahanka."
Source - TOI
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