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17mn sq ft Commercial Space Makes Way for Bangalore
Commercial property in Bangalore is zooming away in the wake of high growth, with supply likely to cross a mark of 17.4 million sq ft. It will include three million sq ft. supply spillover from 2006.
Of the total supply of office space earmarked for the year 2007, around 14.1 million sq ft. of space is likely to be for IT/ITes sector, with the areas located in suburban and central locations.
As far as the remaining part, it will come in off CBD locations which will primarily cater to the non IT sectors.
Rentals have been stable in Whitefield and the southern peripheral areas in the last 1 year. Increased rental activities are likely to result in marginal escalation by end of the current year. Staying in step with the trend, others areas are expected to stabilize by early 2008.
There is a large dearth of fresh supply in the CBD and vacancy levels are believed to be below three per cent. The central locations are likely to see additional supply of 2.59 lakh square feet. Talking about suburban locations, CV Raman Nagar is to lead the race with an extra supply of 7.86 lakh square feet in the third quarter.
Next in the line are peripheral locations which will account for a fresh space of 3 lakh square feet in 2007. It includes the areas like Hosur Road corridor and Electronics City.
The south-eastern corridor along the Outer Ring Road would see a fresh supply of 3.5 lakh sq ft and the Whitefield area about 6 million sq ft.
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