Demand for Commercial Space in Bangalore
Bangalore has emerged as the IT hub of India, home to countless Information Technology giants and start-ups alike. People from all over the country and the world relocate to Bangalore to be able to be a part of the fast paced, speed growing IT industry. Although Bangalore has several areas with dedicated IT Hubs, Whitefield is one of the oldest.
During the 1990s Whitefield emerged as a major suburb during the IT boom. Since then the real estate value here has grown in leaps and bounds. Every company wants to own a piece of Whitefield, the land with a Midas touch. India’s first Information Technology Parks, International Tech Park Bangalore (ITPB) was set up in Whitefield where countless IT and ITES companies operate with great success.
With increasing demand for commercial space, Bangalore is stretching itself to increase thousands of square feet of land for office space. Whitefield, as it stands, has no place to accommodate more offices. However, the office space rates have broken all records owing to competition. As compared to other parts of Bangalore, office space in Whitefield is hard to get and even harder to afford.
According to a survey by Jones Lang LaSalle, Bangalore lists amongst the top 12 technologically rich cities across the globe. This surely has an impact on Whitefield as well. Therefore, now the new rising trend of shared space tries to accommodate more offices in limited area. Another concept taking the city by the storm is of a virtual office.