Bangalore's office realty stock set to reach 100 mn sft

Bengaluru's tremendous growth of the IT/ITeS industry has revolutionised the residential real estate and retail markets, and triggered massive infrastructure development.

The availability of high quality, large office spaces at sub-dollar rental levels (providing lower operational costs), access to a large skilled workforce, the growth of the retail and residential markets and Bangalore's cosmopolitan culture have worked in the city's favour.

Now, Bangalore is all set to reach a new milestone in its growth story the office real estate stock (Grade A occupied and vacant office space) is expected to reach 100 million square feet by 2016-17.

In 2009-'10, Bangalore's commercial real estate stock was approximately 50 million square feet, which will be doubled in a span of just 7 years.

The addition of approximately 30 million square feet to the existing stock translates into an addition of around 3,00,000 jobs over the next 4 -5 years, which would take incomes north. Residential units being one of the most favoured traditional investment options, a rise in income could mean an investment in second homes for many households.