The city is set to take the second spot in terms of office space absorption in Asia Pacific, according to the ‘Asia Office forecast report for 2014 — top trends to watch’, released by Cushman & Wakefield, a global commercial real estate services firm.
“Bangalore, with the second highest absorption in the APAC region, will see the highest demand in the country owing to expansion of the IT, ITeS and multinational companies,” the report said.
Tokyo is forecast to have the highest office absorption among 30 cities in Asia, at 7.6 million square feet (msf).
Bangalore is expected to get 6.25 msf in office space while Manila will have 5.9 msf net absorption in 2014. Net absorption is likely to increase by 31 per cent over 2014. Key suburban markets such as Outer Ring Road, its adjoining areas, and Whitefield are expected to remain active next year given a stable growth outlook for the IT, ITeS sectors.
