JLL India’s Monthly Real Estate
Monitor to October 2012- Bangalore
Office market..!
Bangalore’s office market saw
moderate leasing activity in September, 2012 as compared to last month. IT / ITES
sector continued to account for majority of the leasing activity, followed by
the BFSI sector. The combination of stable demand and restricted supply kept
the city’s overall vacancy rate low during the month. This trend inched up the
rents across the CBD & SBD submarkets.
The key firms that leased space
in September were: Altran India, Xentrix, IMS Healthcare, PMC Sierra, TIME
Magazine, Quest Software, Imec, Honeywell, SS&C Technologies, Mars Telicom,
Indecomm, Net Crackers, Monsanto, Q Logic, Citrix and FlowServe.
There were two buildings that
commenced operations in September to
Prestige Exora Block B1 and Embassy Manyata Tech Park Block G4 to both located on the Outer Ring Road. Both these
buildings were almost 90 per cent occupied whilst being operational. Capital
values increased marginally across all submarkets.
Retail market..!
Bangalore’s retail market saw
steady consumer demand in September. However, this demand did not support the
leasing activity in the city. Vacancy increased as the recently opened InOrbit
Mall in Whitefield entered the market with low occupancy rate. No major
transactions were concluded in the city during the month. Rents and capital
values remained stable across all submarkets in September.
Residential Market..!
Bangalore’s residential market
witnessed steady consumer demand & observed good number of launches in
September, 2012.
The major projects launched during
the month include: Prestige Ferns Residency by Prestige Group, located on
Harlur Road; One Bangalore West by Phoenix Group, located at Rajaji Nagar;
Sobha Eternia; Sobha Morzaria Grandeur; Sobha Cedar by Sobha Developers; and
Mantri Aura by Mantri Group on Hennur Main Road.
Capital values increased across all
the submarkets, due to increase in prices amongst projects that are nearing
completion and launch of new projects at prices above market average.
INFRASTRUCTURE ONGOING ..!
The NHAI (National Highways Authority of India) will
widen the Hebbal Flyover by another lane to facilitate a signal free corridor
from Mekhri Circle to BIA (Bengaluru International Airport).
|
Office
|
Rents
|
Capital Value
|
|
Key Precincts
|
INR per sq ft per
month
|
INR per sq ft
|
|
Outer Ring Road
(North)
|
48 to 55
|
5,500 to 6,500
|
|
Old Airport Road
|
60 to 65
|
6,000 to 7,000
|
|
Outer Ring Road
(Eastern)
|
46 to 52
|
4,500 to 5,500
|
|
Old Madras Road
|
30 to 34
|
3,000 to 3,500
|
|
Electronic City
|
26 to 28
|
2,400 to 2,800
|
|
Retail
|
Rents
|
Capital Value
|
|
Key Precincts
|
INR per sq ft per month
|
INR per sq ft
|
|
Koramangala
|
80 to 150
|
9,000 to 16,000
|
|
Indiranagar
|
90 to 180
|
12,000 to 18,000
|
|
New BEL Road
|
50 to 80
|
6,000 to 10,000
|
|
Commercial Street
|
175 to 250
|
16,000 to 20,000
|
|
Jayanagar
|
80 to 120
|
7,000 to 15,000
|
|
Residential
|
Rents
|
Capital Value
|
|
Key Precincts
|
INR per month for a 1,000 sq ft 2BHK apartment
|
INR per sq ft
|
|
Old Madras Road
|
10,000 to 15,000
|
5,000 to 6,000
|
|
Indiranagar
|
18,000 to 20,000
|
10,000 to 20,000
|
|
Bellary Road
|
10,000 to 14,000
|
3,000 to 6,000
|
|
Hosur Road
|
10,000 to 14,000
|
3,000 to 4,500
|
|
Whitefield
|
12,000 to 15,000
|
3,000 to 5,000
|
|
Tumkur Road
|
7,000 to 11,000
|
3,000 to 5,000
|
|
Kanakapura Road
|
8,000 to 12,000
|
3,000 to 4,500
|
|
Mysore Road
|
8,000 to 10,000
|
2,500 to 3,500
|
About
Jones Lang LaSalle..!
Jones Lang LaSalle is a financial and professional services
firm specializing in real estate. The company offers integrated services
delivered by expert teams worldwide to clients seeking increased value by
owning, occupying or investing in real estate.
With 2011
global revenue of $ 360 crore, Jones Lang LaSalle serves clients in 70
countries from more than 1,000 locations worldwide, including 200 corporate
offices. The company is an industry leader in property and corporate facility
management services, with a portfolio of approximately 210 crore square feet
worldwide. LaSalle Investment Management, the company’s investment management
business, is one of the world’s largest and most diverse in real estate with
$47 billion of assets under management. Jones Lang LaSalle has over 50 years of
experience in Asia Pacific, with over 22,200 employees operating in 81 offices
in 15 countries across the region.
The company
was named the Best Property Consultancy in Asia Pacific at ‘The Asia Pacific
Property Awards 2011 in association with Bloomberg Television’.
About
Jones Lang LaSalle India..!
Jones Lang LaSalle is India’s premier and largest
professional services firm specializing in real estate. With an extensive
geographic footprint across eleven cities (Ahmedabad,
Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh
and Coimbatore) and a staff strength of above 5,400, the firm provides
investors, developers, local corporates and multinational companies with a
comprehensive range of services including research, analytics, consultancy,
transactions, project and development services, integrated facility management,
property and asset management, sustainability, Industrial, capital markets,
residential, hotels, health care, senior living, education and retail advisory.
For more
information, please visit
For more
information about research
Mr. Ashutosh Limaye Head, Research and REIS ashutosh.limaye@ap.jll.com +91 98211
07054
Mr.
Trivita Roy Assistant
Vice President, Research Email: trivita.roy@ap.jll.com +91 40 4040 9100
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