BENGALURU: Bengaluru’s booming tech industry has directly contributed to an increase in residential and office spaces in the city. According to a report released by Knight Frank India, an international property consultancy agency, the city has accounted for 31 per cent of the country’s office transactions in the first half of 2022. In addition, Bengaluru has also registered a 117 per cent increase in transactions related to office space going from 3.6 million sq ft in 2021 to 7.7 million sq ft in 2022. Meanwhile, residential sales went up by 80 per cent, despite Covid-19, adding 21,223 units in the city.
The report titled ‘India Real Estate: H1 2022’ analyses and records residential and office market highlights in eight major cities in the country for the first half of the year from January to June. It attributes the increase in Bengaluru’s housing and office market to the working population slowly shifting back to working from their offices.
The report also found that hiring had gone up by 35 per cent in the city between January and May, which may have contributed to the demand for an office.“We expect the momentum to continue as the physical occupancy rates are expected to pick up,” said Shantanu Mazumder, Knight Frank India, Bengaluru.