BENGALURU: Bengaluru continued to lead the country in office leasing in 2018, according to the report titled India Office MarketView – Q4 2018 prepared by real estate consulting firm CBRE South Asia Pvt Ltd. Bengaluru, Delhi-NCR, Hyderabad and Mumbai accounted for 80 per cent of the leasing activities. In the city, the leasing space was dominated by tech corporates followed by engineering, manufacturing and telecommunications operators.
“Last year, occupiers put in great efforts to build flexibility in their portfolios which took place due to changes in business environment. The use of flexible spaces was on a rise, a concept which was not only adopted by start-ups and individuals but well – established corporates with fluid expansion plans.
Large sized deals greater than 2,00,000 sqft in Outer Ring Road dominated followed by many medium-sized deals in the 1,00,000 to 2,00,000 sqft range in ORR, North Business district and Central Business District,” says Ram Chandnani, Managing Director, Advisory and Transaction Services, India, CBRE South Asia.
ORR saw the highest absorption due to culmination of pre- releases in new developments. Bengaluru also saw supply addition in the form of medium to large sized Special Economic Zone and non Special Economic Zone in ORR and a medium-sized non-SEZ development inWhitefield.