Bangalore is global No. 3 in office space absorption

Bangalore is global No. 3 in office space absorption
The Times of India

Bangalore: We knew Bangalore’s commercial property business was hot. But this hot!

India’s IT city has been ranked No. 3 among global cities for the office space absorbed in 2005 in a survey done by global real estate consultancy firm DTZ.

A record 9.28 million sqft of Grade A leasehold office space was absorbed in Bangalore last year, marginally behind London, where the net absorption was 9.96 million sqft. Tokyo tops the list with annual net absorption of 12.33 million sqft.

“The continued demand for space from the IT/IT-enabled services and BPO sectors is the main driver behind this increase in absorption in Bangalore,” says DTZ India MD Ankur Srivastava. He said the financial services sector and high-end engineering companies were also expanding and taking up a substantial portion of office space.

Notable transactions over the last year in Bangalore include those of Cisco, Apple, i-flex, IBM, Cognizant, Juniper, AOL, Cadence Design Systems, Accenture, Samsung, Caterpillar and SAP.