Office space absorption takes a hit in Bangalore
The office space market in Bangalore seems to have taken a hit as office space absorption has been dropping by about 12 percent quarter-on-quarter.
According to Jones Lang LaSalle (JLL) India, the first quarter witnessed growth due to companies like Axis Aerospace & Technologies leasing space in Vaswani Centropolis, KPMG leasing space in Salarpuria Hallmark 1 and Ericsson leasing in Umiya Business Bay. However, things have not looked as good thereafter.
office space real estate in Bangalore had been driven equally by the Indian and foreign players. As the Indian IT sector, driven by the big weight service and BPOs, have reported a negative or stagnant growth, the office space market segment has felt the heat.
Analysts are of the opinion that office absorption would continue to drop by 10-15 per cent by end of 2012. Most IT/ITES firms have reduced real estate budget by about eight percent, thus creating a downfall for office space real estate.
Axis Aerospace & Technologies, Bangalore, Bnagalore real estate, Ericsson, Indian IT sector, IT/ITES firms, Jones Lang LaSalle (JLL) India, KPMG, Office space absorption, office space demand, office space market, Office spaces, real estate budget, Real Estate in Bangalore
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