Bengaluru Office Market Sees Surge in Demand as AI and Robotics Firms Expand
The Bengaluru office market is experiencing a significant surge in demand, driven by the expansion of AI and robotics firms. The IT-ITeS sector, including AI and robotics, accounted for 69% of the total leasing in April-June this year.
Bengaluru Office MarketAi And Robotics FirmsIt Ites SectorOffice DemandVestian ReportReal Estate NewsAug 01, 2024
Bengaluru saw the leasing of 4.25 million square feet of office space during April-June this year, as against 3.70 million square feet in the year-ago period.\n\nAccording to another report by Knight Frank, Bengaluru ranks 18th and is among the most affordable prime office markets in the APAC region. The prime office rent in the city was recorded at Rs 137/sqft/month, with a marginal YoY increase of approximately 1.3%.
Key Findings of The Vestian Report \n\n Overall, the IT-ITeS sector, including AI & Robotics, accounted for 69% of the total leasing in April-June this year.\n Across seven major cities, the total leasing or absorption of office space stood at 17.04 million square feet during the April-June period from 13.90 million square feet a year ago.
Frequently Asked Questions
What is driving the demand for office space in Bengaluru?
The expansion of AI and robotics firms is driving the demand for office space in Bengaluru.
What percentage of the total leasing in April-June this year was accounted for by the IT-ITeS sector?
The IT-ITeS sector, including AI and robotics, accounted for 69% of the total leasing in April-June this year.
How much office space was leased in Bengaluru during April-June this year?
4.25 million square feet of office space was leased in Bengaluru during April-June this year.
What is the prime office rent in Bengaluru?
The prime office rent in Bengaluru was recorded at Rs 137/sqft/month, with a marginal YoY increase of approximately 1.3%.
What is the expected demand for office space in India in 2024?
The entire year (2024) is expected to cross the 60-million-square-feet mark again after peaking in 2023.
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