Bengaluru, the Silicon Valley of India along with Hyderabad and Chennai, saw a 23% jump in demand for office space over 2019. With startups opened more than regular shops, ‘Namma Bengaluru’ has recorded the highest individual growth of 17.6%. These figures have been reported by independent property consultancy, Knight Frank.
Crux of the Matter
Being placed just behind Melbourne and Sydney, Bengaluru has the third-largest growth rate in the world, in terms of office rental spaces.
The IT industry accounted for 35% of total transaction capacity in the first half of 2019, which was most significant within this Indian IT city, which in turn recorded a 14% rental rise.
The commercial business districts of Connaught Place in NCR and BKC in Mumbai were the 7th and 11th fastest-growing prime office markets in the Asia-Pacific region, with a 4.4% and 2% year-on-year rental growth, respectively.
Frank India Chairman and Managing Director, Shishir Baijal, was quoted as saying that in 2020, while more supply is expected over the horizon, demand is expected to remain steady as the IT sector continues to expand
In another report, Colliers International India said the southern Indian cities had a gross absorption at 30.6 million sq feet office space.
Curiopedia
The IT Industry, is an industry consisting of two major components: IT services and business process outsourcing (BPO). According to NASSCOM, the sector aggregated revenues of US$160 billion in 2017, with export revenue standing at US$99 billion and domestic revenue at US$48 billion, growing by over 13%.In the contemporary world economy, India is the largest exporter of IT. Exports dominate the Indian IT industry and constitute about 79% of the industry’s total revenue. More Info
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