Widely acclaimed as the Silicon Valley of India, Bangalore has steadily emerged as a viable destination for commercial real estate. With a rise in the returns from commercial investments and demand for commercial spaces, the city has become one of the most sought-after locales amongst the global giants. Other than the much-publicised Whitefield and Electronic City, here are some of the other popular commercial markets in Bangalore.
Bangalore is heaven for entrepreneurs in different niches. Having immense opportunities for start-ups and established businesses alike, the city is brimmed with a talented workforce from all across the nation and is consequently referred to as the technology hub of India. According to a recent report, around 47.4 million sq ft of office space was leased across the country in 2018, recording a growth percentage of 5.3 percent, YoY. Out of all the cities, Bangalore witnessed the highest office space leasing activity, followed by NCR, Hyderabad and Mumbai.
Sound infrastructure, attractive leasing rent as compared to Delhi NCR and Mumbai, pleasant climate and easy availability of manpower are some of the prime reasons behind the ceaseless expansion of the city’s commercial real estate sector. Here are the three most popular commercial hubs in the city which have witnessed unprecedented growth in the last few years -
Located in the northern part of Bangalore, Devanahalli has steadily emerged from a former suburb to a major residential and commercial hub. The development of Kempegowda International Airport has further propelled several multinational companies and IT majors to shift their operation base to Devanahalli. Leading IT Parks like Hardware Tech, Aero SEZ and International Tech Park have attracted a large number of IT professionals to this region. Not only this, aerospace SEZ in Devanahalli has steadily emerged as one of the major aerospace manufacturing hubs in Bangalore. A 1,000 acres industrial park here already employs hundreds of people. Lately, a Taiwan-based Century Development Corporation (CDC) has acquired 70 acres of land near aerospace in Devanahalli. The company has plans to develop an industrial park in the locality wherein it will be accommodating around 100 companies from Taiwan. All these factors combined with excellent connectivity through six-lane Bellary Road makes Devanahalli one of the most preferred locales for commercial developments in Bangalore.
“The average rental rate for office space in this locality is somewhere in between Rs 40-Rs 60 per sq ft, depending upon the quality of construction”, shares Kareem Khan, Managing Partner, Network Ventures, Bangalore
Factors working in favour of Devanahalli:
- Competitive commercial rentals
- Proximity to Bangalore International Airport
- Sound Infrastructure
Once a village on the outskirts of the city, Marathahalli is now one of the busiest junctions in the city. Nestled in the south-eastern part of Bangalore, the locality enjoys proximity to HAL airport and major IT hubs of the city such as Whitefield, Electronic City, and Sarjapur. Owing to highly competitive real estate prices as compared to Whitefield, Marathahalli has also gained prominence as an emerging commercial hub in Bangalore. Moreover, tech parks such as Prestige, and Embassy have played a pivotal role in supporting the long-term expansion of the office sector in this locality. Deloitte, Oracle, Bosch, SION Semiconductors, Home Shikari, and TTK Services are some of the well-known companies in Marathahalli. Other than the presence of a large number of commercial projects, Marathalli also enjoys smooth connectivity to prime locales of the city through NH-7, Outer Ring Road (ORR), Old Airport Road, and the ITPL Road. A dedicated data science, machine learning, and artificial intelligence training branch has recently been inaugurated for professionals in this locality.
As per the data available with 99acres.com, 5,000-9,000 sq ft of office space in Devanahalli is available for Rs 3, 00, 000-Rs 6, 00, 000 (approximately).
Factors working in favour of Marathahalli:
- Well-developed transportation facilities
- Hotspot for IT Companies
- Proximity to Whitefield and Electronic City
- Comparatively low rentals as compared to other popular commercial hubs
Owing to the presence of multiple restaurants, ATM’s and banks in its vicinity, Koramangala in South is one of the most favourable locales for start-ups in Bangalore. From customer-oriented websites to businesses that cater to unmet homely demands, Koramangala has witnessed a large number of start-ups sprouting in the past many years. With a conducive environment and a large number of IT firms, the locality, over the years, has emerged as an upscale commercial hotspot, featuring major commercial settlements, especially in the 3rd and 7th blocks. Infosys, Wipro, Siemens, Microland, and Zenith are some of the popular software giants situated in Koramangala. Offering easy commute to Electronic City Whitefield and other key markets via Ring road, Hosur Road, 80 Feet Road, and Sarjapur Road, Koramangala is also a haven for leading multinationals. An acclaimed shared service provider in Koramangala has recently leased approximately 30,000 sq ft of office space. Also, as per the revelations made in the previous year, the locality has witnessed an appreciation of 14.3 percent in office rentals during the first quarter of 2018.
“Koramangala is a residential and commercial hub, both having a symbiotic relationship with each other. Office space in this locality is available for a monthly rental of ranging from Rs 50 per sq ft to Rs 150 per sq ft. This can even go up to Rs 200 per sq ft in case of huge spaces,” shares C N Ramesh, Owner, Sagittarius Properties, Bangalore
Factors working in favour of Koramangala
- Strategic location which is next to Electronic City and HSR Layout
- Infusion of major IT destinations in its proximity
- Numerous employment opportunities
- Highly-developed infrastructure
Other than the localities mentioned above, Bannerghatta Road, Hebbal, Brigade Road, Hoskote, Yelahanka and Sarjapur are some of the other popular commercial markets for buying or leasing office space in Bangalore.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.