Multinational Companies Use Up Office Spaces in Bangalore

Multinational companies are on a fast-paced expansion drive in Bangalore, occupying most important real estate space in the city and building up headcount. Companies for instance Samsung, Robert Bosch Engineering India, Honeywell, Ericsson, Volvo IT, Honeywell are getting bigger speedily, as per a media report. CB Richard Ellis India said in its latest report that approximately 6 million sq ft of office space was occupied in major markets in the first quarter 2 years ago. Bangalore reported for nearly 36 per cent. Shrinivas Rao, CEO – Asia Pacific, Vestian Global Workplace Services said “Majority of the lease transactions recorded in Q1 were from companies looking to expand their operations.” As per a data from real estate services firms, Samsung may engage in 3.5 lakh sq ft, Robert Bosch 3.6 lakh sq ft, Ericsson 5 lakh sq ft, and Amazon 1 lakh sq ft. Wells Fargo will take up nearly 3.5 lakh sq ft in the city. rnVijay Ratnaparkhe, managing director, Robert Bosch Engineering and Business Solutions, said the organization would appoint in the IT, engineering and ITes segments. He affirmed that they have signed up for 1.2-lakh-sq-ft in Electronics City and is also seeking 2.5 lakh sq ft in Bangalore. The company is intending to hire more engineers in the coming years. Robert Bosch had declared that it would put in Rs 300 core in infrastructure in the coming years. With corporate continuing their growth plans across nearly all industry sectors, “both demand levels and transaction velocity are expected to remain buoyant in the near to mid-term,” said Anshuman Magazine, managing director, CB Richards Ellis India. Outer Ring Road Favorable Location for Office SpacesrnThe declaration of the Bangalore-Mumbai and Bangalore-Chennai industrial passages in this year’s Union budget has sparked resumed awareness in the city’s business potential, as per a report by workplace services firm Vestian. rnThe information stated that Outer Ring Road (ORR) would continue to be a promising site for growth of office spaces in the short-term. The details rated Whitefield, ORR (between Hebbal to Central Silk Junction), Sarjapur Road and Bangalore North as the liveliest micro-markets. The development of other areas besides IT/ITeS similar to automobiles, biotechnology, textiles, and aviation will also build up the city’s financial system, the report forecasted. The report recognized northern and north-western regions, Kanakpura Road and Old Madras Road as the most gifted areas for real estate expansion in the city. Office space consumption in the city will get to 9 million sq ft by the end of 2013 while SEZ parks would witness mixed growth following amendment of regulations, it said. rnAccording to the report, the hospitality and retail sector will observe yearly appreciation of 5 to 20% in rent rates for shopping malls and 4 to 13% in high street locations. rnMore: FortuneProps