Why Does Bengaluru Top India's Office Space Market? Key Insights and Future Projections

Bengaluru's dominance in Indian office space continues and the garden city has emerged as India's largest and most significant office market, surpassing all other cities. The city's office space has more than doubled from 100 million sq ft in 2013 to over 223 million sq ft as of June 2024.

Bengaluru is thus the city with the highest office space share among Indian cities.

Ghar.tv shares this small report with some key data points to highlight the details:

Bengaluru Surpasses All Cities in Office Space Stock - a Comparison:

• Bengaluru: 223 million sq ft
• Delhi-NCR: 158 million sq ft
• Mumbai: 141 million sq ft
• Hyderabad: 124 million sq ft
• Total in India (June 2024): 880.7 million sq ft

Future Projections:

Bengaluru's office stock is expected to reach 330-340 million sq ft by 2030. The city has maintained an average annual absorption of about 15-16 million sq ft over the past few years.

Key Growth Drivers:

• Technology Sector: Accounts for 30-35% of annual absorption, primarily in commercial hubs like ORR and Whitefield.
• Engineering & Manufacturing and BFSI Sectors: Major demand drivers for office space.
• Emerging Sectors: Life sciences, aviation, and automobile industries are expected to drive future demand.

Strategic Insights:

Karnataka's evolving tech infrastructure will play a key role in sustaining and enhancing this demand. There is still a requirement for developing premium, sustainable tech spaces with cutting-edge facilities and prioritizing employee experience to retain the state's appeal for skilled workers and global corporations seeking Indian Global Capability Centers (GCCs).

Important Data:

• Current Office Space Stock in Bengaluru (June 2024): 223 million sq ft
• Expected Office Space Stock in Bengaluru by 2030: 330-340 million sq ft
• Total Office Space in India (June 2024): 880.7 million sq ft
• Average Annual Absorption in Bengaluru: 15-16 million sq ft
• Main Demand Drivers: Technology, Engineering & Manufacturing, BFSI Emerging
• Demand Sectors: Life sciences, Aviation, Automobile
• Key Commercial Hubs in Bengaluru: ORR, Whitefield