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Bangalores office real estate stock set to reach 100 million square feet

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Bangalore's metamorphosis from 'Garden City' to India's 'Silicon Valley' has been remarkable. The tremendous growth of the IT/ITeS industry has revolutionised the residential real estate and retail markets, and triggered massive infrastructure development. The availability of high quality, large office spaces at sub-dollar rental levels (providing lower operational costs), access to a large skilled workforce, the growth of the retail and residential markets and Bangalore's cosmopolitan culture have worked in the city's favour.
Now, Bangalore is all set to reach a new milestone in its growth story — the office real estate stock (Grade A occupied and vacant office space) is expected to reach 100 million square feet by 2016 - 17. In 2009-'10, Bangalore's commercial real estate stock was approximately 50 million square feet, which will be doubled in a span of just 7 years.
The addition of approximately 30 million square feet to the existing stock translates into an addition of around 300,000 jobs over the next 4 -5 years, which would take incomes north. Residential units being one of the most favoured traditional investment options, a rise in income could mean an investment in second homes for many households. The growing urban aspirational middle class enabled by increasing disposable income and coupled with the opening up of FDI will revolutionize the city's retail sector's.
Bangalore has been pivotal in providing equilibrium to the Indian real estate sector in terms of a healthy commercial leasing market, stable residential market and a growing retail market. Driven primarily by the IT/ ITES Industry, Bangalore's office market has witnessed a steady growth rate (CAGR of 12 percent from 2008 to 2012). In 2012, the leasing activity in Bangalore's office market ensured vacancy levels of less than 10 percent, which is below the national average of approximately 15 percent. As large occupiers continue to relocate, consolidate and grow, the trend will persist with vacancy levels ranging between 10-12 percent. This translates into almost 90 million square feet of cumulative occupied office space by 2016-'17.
RAMIFICATIONS A growing office market indicates optimistic employment trends, stability in income and supports the growth of residential market. With an addition of 30 million square feet to the office market, roughly 90 million square feet (or around 65,000 units at 1400 square feet per unit) are expected to be added to the residential market.
Bangalore's residential property market has been resilient, with capital values having increased by 25 percent since the trough in mid-2009. Most of Bangalore's unsold stock is just 12-15 months old. Though absorption is currently skewed towards the Rs 3000-7500/sq.ft. price band, there is significant momentum in the sale of units priced at Rs 7500/sq.ft. and above. The upcoming supply in this category is a clear indication of this trend - Bangalore is already a Billion Dollar Market (link) in terms of super-luxury residential property.
RETAIL REACTS With the sustained rise in the disposable income levels, Bangalore's retail industry has undergone a revolution. In fact, Bangalore's retail market is in the growth phase, with multi-tenant malls currently accounting for around 8.5 million square feet, of which approximately 7.5 million square feet are occupied.
To cater to the anticipated increase in demand triggered by the growth in the commercial segment, about 18 malls are currently in varying stages of planning and construction in the city. By 2016-'17, this stock is expected to cross 15 million square feet - meaning an addition of around 7 million square feet.
Source: Economic Times

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