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According to a recent report titled "Liveability Index", Bengaluru, the bustling capital city of Karnataka, has witnessed a staggering 1,005% increase in its total urban built-up area from 1973 to 2017. This impressive growth has made the city home to more than 15% of Karnataka’s population.
In 1991, Bengaluru’s software exports were valued at Rs 16 crore. Fast forward to 2022, and this figure has surged to Rs 6.3 lakh crore, exemplifying the city's meteoric rise as a powerhouse of India's technology sector, as per the findings of the report.
The "Liveability Index" report, released by a leadership network named ‘CiRE’ (Corporates in Real Estate), highlights Bengaluru as a significant employment hub within India and a focal point for burgeoning real estate development. In 2022 alone, Bengaluru accounted for 20% of India’s total commercial leases, reinforcing its standing as a major business centre.
Corporate real estate, in particular, has been booming in Bengaluru. In 2022, the city absorbed an impressive 12.5 million square feet of office space. According to the report, an additional 12-14 million square feet is projected to be incorporated into the existing inventory of 87 million square feet by the end of this year. In the previous year, Bengaluru also saw the addition of 8.5 million square feet of office space.
The retail market in Bengaluru is also thriving. In 2022, approximately 1.3 million square feet of retail space were added to the city’s inventory, with occupancy rates at the time of completion standing at 65-70%. This data underscores a strong demand for high-quality retail locations within the city, as interpreted by the report.
Interestingly, while the rents for corporate and retail spaces remained largely stable from 2019 until late 2021, corporate rentals in Bengaluru began trending upwards in 2022. The report attributes this increase to a “sustained and positive” investment outlook in the city.
CiRE anticipates further rental appreciation in the near future, fuelled by “sustained pre-leasing activities.” The report ends on a bullish note for Bengaluru, stating that due to its investment ecosystem and key infrastructure projects – such as the Satellite Town Ring Road, Peripheral Ring Road, and the Bengaluru Suburban Rail Project – the city is poised to retain its position as India's top-performing market.
In conclusion, as Bengaluru continues to establish itself as a nexus for technology and real estate growth in India, its urban landscape is mirroring this dynamism. With major infrastructure projects in the pipeline and a strong, positive investment climate, Bengaluru stands firmly as a city of the future, attracting both domestic and international attention. As the Liveability Index report suggests, the city is expected to remain at the forefront of India’s urban and economic expansion, making it a key player in the nation's development narrative.
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