Bangalore Second In Top 30 Cities For Office Space Expansion In Asia

Bangalore: Bangalore is the second most sought after city for the office space among the top 30 cities in Asia specific, all thanks to the expansion plans of IT, ITeS and MNCs, according to the latest report by property consultancy Cushman & Wakefield, reports Economic Times.

The IT capital of India expects the demand of 6.3 million sq ft of office space this year while Tokyo, which tops the list with 7.6 million sq ft space requirement.  "IT/ ITeS has been greatly affected by the global economic scenario impacting the growth of the sector in India. With a more favourable dollar to rupee exchange rate and the improvement in global economic scenario, we expect the industry to benefit in terms of increase in exports of IT services from India," said Sanjay Dutt, executive managing director-south Asia at Cushman & Wakefield.

Most of the office space absorption in the Garden City of India is to take place in suburban locations such as Whitefield and the Outer Ring Road belt adding to 16 per cent growth in demand for office space in 2014 compared to previous year, according to Dutt.