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The city's office space absorption in the new financial year has started off on a cautious note, owing to the current global economic scenario. It also remains to be seen how the companies will be giving out their annual increments and variable pay shortly.These factors will to a large extent influence the expansion of office spaces in the city. According to realtor Zahed Mahmood, Director, Silverline Realty, "Whitefield and the Central Business District (CBD) are doing well. There is considerable supply in these areas which are getting occupied. Since Whitefield already has residential and social infrastructure in place, the Metro too will add to the factors that will contribute to its growth story"."The Outer Ring Road (ORR) and its vicinity especially near HRBR Layout also have some office space," he adds. The main thrust will be to improve connectivity, speed up infrastructure projects and bring more areas under the Metro... Read more...
Rail radius.Industry experts feel these factors will push the demand for office spaces up. Though there is a huge demand for large IT parks and many are in the process of completion in Whitefield and along the Outer Ring Road towards Electronic City, the occupancy levels vary."The office market here had to face adverse conditions during 2009 owing to the economic slowdown. However, with the economy gaining more confidence , the past year has seen demand pick up considerably in the market and the level of absorption of office spaces has consistently been on a high note," says Dr Samantak Das, National Head -Research and Advisory Services , Knight Frank (India) Pvt. Ltd."Most of the projects are slated to enter the market in the next two years. Till then, availability of quality office space options in select micro-markets is expected to remain under pressure. Meanwhile , rentals are expected to remain stable on account of the economic conditions," says Das.According to him, the areas in focus will continue to be the CBD as well as the micro markets such as Whitefield, Old Madras Road, Devanahalli, Electronic City and Mysore Road. Outer Ring Road. The potential for office space development along the ORR is expected to be steady as the various connectivity projects such as the seamless ORR get underway. The many ready-to-occupy state-of-the-art office spaces include integrated townships consisting of malls, hotels and even apartments.The smooth flow of traffic once the seamless ORR project is ready will facilitate development in this corridor stretching across Devanahalli, Old Madras Road, Whitefield, Devarabeesanahalli , Sarjapur Road, Electronic City, Kanakapura Road and Mysore Road.