Bengaluru Office Space to Hit 330-340 MSF by 2030: CII-CBRE

15 Jul 2024 CW Team

The report highlights that Bengaluru's office market has already demonstrated robust performance, with an annual absorption rate averaging around 12-14 msf over the past few years. This trend is expected to continue, supported by strong demand from the technology sector and increasing investments in commercial real estate.

The IT and ITeS sectors remain the dominant drivers of office space demand, accounting for a substantial share of the city's commercial real estate transactions. The report also points to the emergence of new growth corridors and the development of Grade A office spaces, which are attracting both domestic and international investors.

Furthermore, the city's infrastructure development, including metro rail expansions and improved connectivity, is enhancing its appeal as a prime business destination. These factors are expected to contribute to sustained demand for office space, ensuring steady growth in the market.

Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, emphasised the importance of continued infrastructure investments to support this growth. He noted that the development of new business districts and enhancement of existing ones will be crucial in maintaining Bengaluru's competitive edge.

The report also underscores the need for sustainable development practices, urging stakeholders to focus on green buildings and energy-efficient designs. As the city gears up for this anticipated growth, adopting sustainable practices will be key to ensuring long-term success and resilience in Bengaluru's office market.

In summary, Bengaluru's office space market is poised for significant expansion, driven by strong demand from the IT sector and ongoing infrastructure development, making it a critical hub for commercial real estate in India.

Bengaluru's office space market is set to expand significantly, with total stock expected to reach 330-340 million square feet (msf) by 2030, according to a report by the Confederation of Indian Industry (CII) and CBRE. This growth is primarily driven by the burgeoning IT sector and continued infrastructure development in the city. The report highlights that Bengaluru's office market has already demonstrated robust performance, with an annual absorption rate averaging around 12-14 msf over the past few years. This trend is expected to continue, supported by strong demand from the technology sector and increasing investments in commercial real estate. The IT and ITeS sectors remain the dominant drivers of office space demand, accounting for a substantial share of the city's commercial real estate transactions. The report also points to the emergence of new growth corridors and the development of Grade A office spaces, which are attracting both domestic and international investors. Furthermore, the city's infrastructure development, including metro rail expansions and improved connectivity, is enhancing its appeal as a prime business destination. These factors are expected to contribute to sustained demand for office space, ensuring steady growth in the market. Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, emphasised the importance of continued infrastructure investments to support this growth. He noted that the development of new business districts and enhancement of existing ones will be crucial in maintaining Bengaluru's competitive edge. The report also underscores the need for sustainable development practices, urging stakeholders to focus on green buildings and energy-efficient designs. As the city gears up for this anticipated growth, adopting sustainable practices will be key to ensuring long-term success and resilience in Bengaluru's office market. In summary, Bengaluru's office space market is poised for significant expansion, driven by strong demand from the IT sector and ongoing infrastructure development, making it a critical hub for commercial real estate in India.

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