The Karnataka capital Bangalore has once again emerged as the city with the largest office space absorption, with the IT (Information Technology) and ITeS (Information Technology enabled Services) sector ruling the roster.
According to research firm Knight Frank's report the prevailing trends in Bangalore’s real estate scene in August 2011 has driven by the growth of IT/ITeS sector, most of the companies are vying for a chunk in the City’s real estate landscape.
The report said, “The fact that the City is home to over 2,000 STPI (Software Technology Parks of India) registered companies and employs over Five lakh people, has evidently proven that Bangalore is a preferred IT destination for setting up of a new unit or expansion of existing operations of IT and ITeS companies. Approximately 21 lakh sq.ft of office space was absorbed in the first quarter of 2011 and another 34 lakh sq.ft in the second quarter as against absorption of around 30.5 laks sq.ft in the same quarter of last year. Across the distribution of office space among the sectors such as healthcare and pharma, IT and ITeS, engineering so on in second quarter, 2011 over the same quarter a year ago, the IT and ITeS sector amounts to the greatest absoprtion, with its share of office space marginally going up to 64% of total transacted office space in second quarter 2011 (amounting to around 21.4 lakh sq.fet). Key transactions were led by companies such as Intel, HCL, Zynga, Siemens, AMD, Cisco and Sapient""
This compares with the lesser amount of office space absorbed by non-IT sectors. While the education and telecom sectors occupied 13% and 9%, respectively of the total space leased out in second quarter 2010, they did not take part in the office space absorption scenario ofsecond quarter 2011.
According to research firm Knight Frank's report the prevailing trends in Bangalore’s real estate scene in August 2011 has driven by the growth of IT/ITeS sector, most of the companies are vying for a chunk in the City’s real estate landscape.
The report said, “The fact that the City is home to over 2,000 STPI (Software Technology Parks of India) registered companies and employs over Five lakh people, has evidently proven that Bangalore is a preferred IT destination for setting up of a new unit or expansion of existing operations of IT and ITeS companies. Approximately 21 lakh sq.ft of office space was absorbed in the first quarter of 2011 and another 34 lakh sq.ft in the second quarter as against absorption of around 30.5 laks sq.ft in the same quarter of last year. Across the distribution of office space among the sectors such as healthcare and pharma, IT and ITeS, engineering so on in second quarter, 2011 over the same quarter a year ago, the IT and ITeS sector amounts to the greatest absoprtion, with its share of office space marginally going up to 64% of total transacted office space in second quarter 2011 (amounting to around 21.4 lakh sq.fet). Key transactions were led by companies such as Intel, HCL, Zynga, Siemens, AMD, Cisco and Sapient""
This compares with the lesser amount of office space absorbed by non-IT sectors. While the education and telecom sectors occupied 13% and 9%, respectively of the total space leased out in second quarter 2010, they did not take part in the office space absorption scenario ofsecond quarter 2011.
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