Tenanted office space on Varthur Main Road, Whitefield,Bangalore
The property is in established IT locations of Bangalore. It has a good accessibility to other parts of the city and has good neighborhood of
The project is located along 80ft road. Other attributes to the location are: A mall is located 1km and an upcoming metro station is at 4.5kms. This micro market is home to fortune 500 IT/ITES giants including SAP,TCS,Cognizant tech,Capgemini, Accenture, HCL tech, Wipro,GE,Net apps and many others. Post commencement of metro in 2022 in this micro market,this area is expected to witness further growth.
This micro market has operational office space inventory of 31.2 million sqft. The average annual absorption of office space in this micro-market is 1.5 to 2.5 million sq.ft. The average rental appreciaion between 2018-20 was between 5% and 8%. While both supply and absorption of office space declined during first lockdown in 2020 both bounced back sharply to pre-covid levels with strong demand from multinational tenants in the tech hub of india 0.8 million of office space in CY Q1 2021. Many tech firms have initiated RFPs for expansion of facilities. The absorption levels are expected to resume pre covid-19 levels in 2022.
This micro market will continue to remain hub of IT companies in Bangalore. Post commencement of metro in 2022,this market will witness spike in RE activities. The average annual absorption is expected to be around 2 million sqft from 2022 onwards. The rentals will appreciate at least by 5% annually in medium term.