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From a Pensioners’ Paradise to Silicon City, the Garden City Bengaluru has indeed come a long way. Earning accolades along its journey towards presently being the fastest growing technology hub in the world seems to come pretty easy for the city. Not surprising then to note that certain pockets of the city are emerging as commercial hotspots for offices of multinational giants to set up base in.
Let’s train the spotlight on the top office micro markets that are proving to be popular for global enterprises and for local business houses.
North Star
Once dotted with extensive vineyards and tracts of arid land, the northern side of the city began its evolution in 2008 with the opening of the country’s first greenfield airport. The international airport singularly drove real estate demand in the surrounding areas which were just sleepy villages. Residential clusters of gated communities and plotted layouts mushroomed amid the few holiday resorts.
Presently this micro-market is metamorphosing into a prime office destination and the third most preferred location in the city for occupiers not only this year but also over the next five years, next only to the Outer Ring Road (ORR) and Whitefield. According to a Colliers International India report, https://www2.colliers.com/en-in Grade A buildings in the area around Hebbal Junction continue to be in demand due to their proximity to the CBD and ORR while the area around Yelahanka and further north will likely need better social infrastructure and residential density to attract sustained occupier demand in the commercial real estate sector.
The research also points out that supply of Grade -A office space in this micro-market is expected to see a 140% rise by 2021 to 5.7 million sq ft from 4.7 million sq ft in 2020.
With the improved road, rail and Metro train connectivity taking shape, the immense growth of this micro-market is sealed.
The ORR orbit
The 60 km ORR is one of the prestigious road networks in the city winding its circular way through prime localities of Hebbal, Banaswadi, Kengeri and Kengeri Satellite Town, KR Puram, Marathahalli, Mahadevapura, Sarjapur Road, HSR Layout, Madivala, BTM Layout, JP Nagar, Banashankari, and Nagarbhavi. Bengaluru witnessed average annual gross office leasing of 13.9 million sq ft, with the ORR micro-market accounting for 45.0% of total leasing volume.
The ORR stretch of Sarjapur Road Junction, KR Puram and Hebbal is a key office micro-market that witnessed a supply of approximately 2.6 mn sq. ft. of 5.3 mn sq. ft, which is 50 per cent of the total office space, in 2020 YTD, states a Savills India research report https://www.savills.in/insight-and-opinion/#Research . It is estimated that around 50 per cent of the 75 mn sq. ft. stock projected to come up between 2021 and 2023 will be in the ORR micro-market.
Whitefield rising
The laid back locality of Whitefield which still boasts of old British colonial houses and buildings was once a holiday spot for holistic healing with a number of naturopathy resorts nestling in its sprawling farms. Now a popular and prominent IT hub, Whitefield thrives in its International Tech Park, the first and largest one in Asia at the time. This micro-market is expected to witness a robust supply of around 10 million sq ft, the equivalent of 26.0% of citywide Grade A supply. Whitefield and Brookfield remain one of the IT hotspots of the country with almost 75 per cent of the city’s office space in its grasp.
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