Bangalore Office Market Snapshot 2013

Highlights

-In 2013, Bengaluru market recorded highest absorption of office space among top 6 cities in India.

-Cumulative leases in the Bangalore market amounted to just over 8.66 million sq. ft. in 2013.

-New requirements were mainly from corporates seeking to realign their office requirements.

-New office supply was close to 5.5 million sq. ft., which was 28 percent less than the new supply in 2012.

-It is anticipated that the annual transaction volumes in 2014 will be similar to 2013.

As per a Colliers International report on Bangalore Office Market in 2013, Absorption of office space in the Bengaluru market amounted to just over 8.66 MN SF in 2013, which is 9 percent and 23 percent down recorded in the year 2012 and 2011 respectively.

In the first half of the year, Bengaluru witnessed robust demand from occupiers; however there was a drastic reduction in the number of transactions in the second half of the year.  There were fewer large sized transactions in 2013 as compared to previous years.

Read More: Home Buyers' Confidence Turns Positive Again