High Demand for Commercial Property in Koramangala
The demand for commercial property in Koramangala is high despite the sluggish demand for real estate in Bangalore and other major metros. Many residential buildings are being replaced with commercial towers with small offices, businesses and restaurants.
From Retail to Restaurants, this place is on a commercial high. Statistics reveal that the price rise is between 10 to 15 percent the last year and the trend is expected this year too. The average price for a commercial property is approximately ₹ 12000 to 14000 per sq.ft. The advantage of being located close to ORR and CBD is luring crowds.
Bangalore witnessed approximately 1.6 million sq.ft of grade A office supply in the last quarter of 2012. The supply was primarily focussed on peripheral locations of outer ring road due to excellent connectivity and growing residential catchments. The IT sector was dominant with over 60 percent of net leasing activity, followed by banking and financial institutions at around 9 percent of the total.
The demand for office space is likely to spike the rentals on outer ring road and whitefield. With more businesses moving to Koramangala, ORR and Whitefield, prices of residential housing is expected to spike.
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