Bengaluru has recorded the lowest vacancy levels at 4%, in terms of office spaces, according to a market study.
“Among the top metros, Bengaluru recorded the lowest office space vacancy levels at 4%, highlighting a stable demand-supply equilibrium, particularly across the IT hubs. However, the current situation is a clear indicator of the space crunch in the city, a positive sign for the residential market suffering due to lack of housing sales,” the 99 acres INSIT Report has said.
After a brief lull post demonetisation, East and South Bengaluru’s realty landscape has started showing with end users returning to the market. The January-March 2017 quarter witnessed a slight upswing in property enquiries and sale transaction across budget categories. While the capital market of Whitefield remained subdued, the locality emerged at forefront of the rental landscape.
Meanwhile, the realty market across India reposed in the first quarter of 2017. Several initiatives were announced in the Budget that talked about enhancing infrastructure, improving connectivity and providing affordable housing. “At a city-level, Bengaluru thrived on the back of government initiatives, commercial expansion, and emergence of IT hubs,” the report said.