‘Office space demand in Bengaluru highest in Asia-Pacific region’

Bengaluru, July 6 (IANS) Robust demand for office and commercial space from the booming IT sector has placed Bengaluru on the top among Asia-Pacific cities, indicates a real estate survey.

Bengaluru pipped other Asia-Pacific cities in demand for office space while growing need for commercial space from the IT sector is helping boost absorption levels,” global real estate services firm Jones Lang Lasalle (JLL) said in a report here on Monday.

Strong growth in office rents has also pushed Bengaluru to 12th slot among the 20 top technologically-rich cities around the world in JLL’s global office index and the city is estimated to add a whopping 12 million square feet office space over the next 18 months.

“A five-10 percent hike in prime office rents is seen this year for which construction is rapidly growing to meet the demand generated by the city’s rapidly expanding economy,” said JLL India head Anuj Puri.

Bengaluru top scores in the city momentum index of 120 cities, ranking sixth in gross domestic product (GDP) growth, eighth in population growth and improvement in real estate market transparency, 11th in office net absorption,” he said.

The survey also found that Bengaluru had the largest number of applications filed in India for international patents.

“An increase in the number of high-tech start-ups registered in the city over the year has also helped boost Bengaluru’s score, reflecting its strengths in innovation and depth of venture capital funding,” said Puri.

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