India’s office market is likely to remain firm with Bengaluru accounting for the maximum demand among the major cities, according to a report by Colliers International. Bengaluru remained the front-runner in office leasing, witnessing a record break. Co-working or flexible working spaces have made their entry into the market in a big way.
Starting a business and setting it up is not an easy task. Getting office space in a prime location is important for any businessman. Like face is the index of the mind, workplace reflects the business ideas as well as the owner’s mind set.
Modern age business entrepreneurs are not in favor of traditional office spaces. Office space has undergone evolution with the people who work. People are ready to take risk with the changing time, work culture and the changing trends in the industry. More importance is given for an interactive, motivational, inspiring, fun filled work-space.
The employers gives prominence in making the employees feel at home and comfortable culture. Workplace is available for all types of businesses without a pinch in the pocket. Community building is given importance. This has increased the sharing of offices and co-working spaces.
Bengaluru has shown a remarkable increase in the absorption of office space in the country. The city maintained its Silicon Valley status and recorded the highest absorption with 6.5 million sq. feet. This is due to the increase in Startups, IT/ITeS boom in the city along with banking, financial services, insurance (BFSI) and engineering and manufacturing. Bengaluru is considered as the start-up hub of the country. Due to this a lot of demand for office space has increased.
About 2.4 million square meters of ‘A’ Grade office space is scheduled to be ready in Bengaluru by 2020. The maximum concentration is in Outer ring road and Whitefield and the rest is scattered across north.