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Bangalore office market sees healthy leasing transactions

The Times of India, Shilpa Phadnis, Bangalore

June 14, 2012


The Bangalore office market has witnessed healthy leasing activity from corporate clients in May. Some of the key transactions included Axis Aerospace & Technologies leasing space in Vaswani Centropolis on Longford Road, KPMG leasing space in Salarpuria Hallmark 1 and Ericsson leasing in Umiya Business Bay, said real estate consultancy Jones Lang LaSalle in its Monthly Real Estate Monitor report. Outer Ring Road and secondary business district locations such as Inner Ring Road, Old Airport Road and Koramangala saw marginal appreciation in rentals and capital values, the report said. Rentals in Outer Ring Road hovered between Rs 48-52 per sft, w hile Old Airport Road recorded rentals in the Rs 60-65 range. Vacancy rates declined due to stable dem and amidst limited fresh supply coming into the market, the report said.

Though office saw some leasing activity, the retail space didn't witness any major transaction during the period.

In the residential segment, many projects were launched on and along the Hosur and Bellary Road. The Hebbal-Devanahalli has witnessed many residential launches. RMZ has launched 122 high-end suites on Hebbal Road carrying a price tag of Rs 3.5-6.7 crore for suites measuring 3,900 to 6,500sft . Sobha Developers has launched a 156-unit luxury apartment near Hebbal Ring Road varying between 2,640-4,860 sft priced over Rs 1.1 crore.