Bengaluru’s net absorption at 2.7 mn sq. ft. in Q3, vacancy levels in single digits: JLL
The city saw new supply at 4.7 mn sq ft in Q3 2020 and at 52%, it leads new completions
Clocked net absorption at par with Q1 2020, which was the pre-COVID period
Bengaluru, November 5, 2020: The IT hub of India, Bengaluru witnessed a net absorption of 2.7 mn sq. ft. of office space in the Q3 2020, at par with Q1 2020 levels, according to JLL Research. The city saw new supply of 4.7 mn sq. ft. as compared to almost no additions in the previous quarter. Bengaluru is likely to witness an addition of 1 mn sq ft of office space in the next quarter of which 70% is pre-committed.
SBD (Outer Ring Road, Banerghatta Road) accounted for 2/3rd share of the total net absorption at 1.8 mn sq ft during the quarter. Leasing continued to be driven by IT/ITeS, followed by manufacturing/industrial and e-commerce sectors.
|Q2 2020 sq ft||Q3 2020 sq ft||Growth (%) Q3 Over Q2 2020|
|Rent (INR / sq ft / month)||76.1||76.9||1%|