BENGALURU: North Bengaluru is fast emerging as the new business hub with several establishments having set up operations and currently employing over 5 lakh people, and is expected to add at least another 3,50,000 new jobs, capturing around 30 per cent overall office absorption by 2025, as per a market research study.
Brigade Group and Meraqi Research have come up with the study, which also suggests that the Bangalore International Airport Area Planning Authority (BIAAPA) region, which currently employs around 35,000 people, is fast developing as India's first aerotropolis development with high demand for satellite offices as well as residential units.
"By 2030, when fully developed, this area alone would employ around 2,50,000 people. Additionally, the thrust on infrastructure development in Bengaluru North, including the Metro Rail Phase 2B, Peripheral Ring Road, and Satellite Ring Road, will provide the much-needed connectivity to other IT hubs in the city," the report added.
The study indicated that the work profile of North Bengaluru has significantly shifted from IT/BPM to high-value consulting, analytics, and R&D-oriented jobs. The commercial growth of the region has also pushed up the residential catchment potential, with 15,000 existing units and a supply requirement of over 1,00,000 units by 2025, the report added.
The research suggests that North Bengaluru in particular and the city as a whole will continue to dominate the office leasing space not only within the country but in the Asia Pacific region as well.
The study suggests that 530 acres of land have already been banked in North Bengaluru and some of the key demand drivers include proximity to Kempegowda International Airport, low occupancy cost, emerging commercial development, and the fact that North Benglauru lies at the focal point of two major industrial corridors namely the Benglauru-Mumbai Industrial Corridor and the Chennai-Benglauru Industrial Corridor with major industrial parks between them.
"The office market has been progressive post Covid impact and demand is expected to continue primarily due to increasing demand for satellite offices, which is propelled by a concurrent demand for residential units in the region. From an investment angle, the high potential commercial growth of North Bengaluru makes it the next growth destination, as commercial establishments will witness steady growth over the next few years, and an additional supply of residential catchment will be created," said Nirupa Shankar, Executive Director, Brigade Group.