On the road to rapid recovery from recession, many large IT firms are signing up big commercial real estate deals in different parts of Bangalore.
According to sources, Accenture has committed to take 8 lacs square feet in Pritech Park on the Outer Ring Road in Bangalore. HP and Wipro are said to have recently taken 2.5 lacs square feet and 1.2 lacs square feet respectively in Pritech.
The east and south of Bangalore has been the traditional IT belt, but now the north too is buzzing. IBM, Cognizant, Accenture and HP will be renting space in the second phase of Manyata Embassy Business Park near Hebbal. IBM has committed to 5 lacs square feet of office space in Manyata phase II. The Big Blue has already occupied 3 lacs square feet in the first phase of the park.
There is a lot of demand from IT sector as it continues to expand at the highest rate in Bangalore. Real estate consultancy CBRE estimates that Bangalore has seen absorption of 6.8 million square feet of office space this year. Experts predict that the pan-India office space demand over the next five years is estimated to be about 240 million square feet. Tier I cities such as, Bangalore, NCR and Mumbai are expected to account for 46% of the total demand. Kolkata and Chennai are likely to see higher growth rates though, with suburban locations having attractive price points, according to a Cushman & Wakefield report.
