In 2020, the third and fourth quarter, the majority of global technology companies looked out for office space absorption in Bengaluru. The property dealers and companies signed up for the pre-committed deals due to the price correction amid the pandemic.
In Q4 2020, the developers offered a quick deal due to the urgency and understanding of the gravity of the situation. The office space abortion is done at 85090 per sq ft per month. Along the easter part of Bengaluru – ORR Outer Ring Road.
The prominent names also committed the office space:
- Google – 10 lakh sq ft
- Ola – 4.5 lakh sq ft
- Amazon – 13 lakh sq ft
- Continental Automotive – 8.5 lakh sq ft
- Siemens – 7.3 lakh sq ft
Office Space Hotspot
Knight-Frank India, Senior Branch Director, Shantanu Mazumder said that Bengaluru is the Hubspot for the commercial market and capital investment. In 2020 Q4, it is noted to have 2.47 million sq ft of space with pre-committed contracts. The lower rentals came in handy with the better-expected market revival towards normalcy.
Bengaluru is now again the highest office leasing with the city registering 7.54 million sq ft for 34 percent of eight markets in India of the overall volumes.
According to Knight Frank India, there is a 50 lakh ticket size with the H2 2020 stable sales to 65 percent YoY. The pricing power is maintained with the improved sales and underlying characteristics of the market.
As per the records, Bengaluru’s residential market in H2 2020 was 11,402 units whereas, in the 2020 year calendar, it reached 23,576 units. There are a few additions in H2 with 9,123 home units reaching 19,929 units.