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Bangalore: Bangalore continues to be the number one destination for IT companies in the country.For all those who thought Chennai and Hyderabad were eating into Bangalore's status as the IT capital of India, here are some facts.
The annual year-end report by global real estate consultants shows that Bangalore witnessed the highest commercial space absorption in the country of 10.4 million sq ft - the highest in the country for the fifth consecutive year. Of that, IT and ITeS companies absorbed 88%, followed by automotive, telecommunications and other sectors.
Leading the way was i-Flex Solution, which absorbed 1,100,000 sq ft of commercial space in Whitefield, followed by 350,000 sq ft of space each by ABB and ANZ IT in Whitefield and the Marathalli-Sarjapur belt.
Chennai absorbed only 4.1 million sq ft of commercial space of the 9.8 million sq ft of supply this year, as against its absorption of 6.5 million sq ft of space in 2007.
Hyderabad witnessed a whopping 67% drop in commercial space absorption - from last year's figure of 4 million sq ft to only 1.3 million sq ft this year. The total supply in the city amounted to nearly 3.8 million sq ft. For more detail on Hyderabad Commercial Real Estate log o to www.indiapropertyhouse.com
Mumbai and the National Capital Region (NCR) absorbed 8.5 million sq ft and 8.6 million sq ft of commercial space in 2008 respectively.
"Bangalore & Mumbai were the only two cities that showed an increase in absorption from last year," reads the C&W report. Meanwhile, commercial rental rates in Bangalore appreciated between 4% and 9% in the peripheral areas and by a whopping 18% in the central business districts.
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