Tech city records 90% growth in office space supply, reports a year-end survey.
Narendra Modi may be calling his state Gujarat the Mecca of business in India but a realty check reveals Bangalore is leading Ahmedabad by far in the fresh demand for office space for 2010.
Bangalore recorded 90% growth in office space supply at approximately 10.1 million sq ft in 2010 as against Ahmedabad’s 60%. The result comes out in the global real estate consultants, Cushman & Wakefield’s year-end report released on Monday.
Increasing demand for office space is considered a sure sign of the rising faith of business class in a particular city.
Ahmedabad’s lacklustre performance is surprising. Last year, in the wake of the global economic meltdown, Ahmedabad outstripped its office space supply of 0.28 million sq ft as the demand was 0.33 million sq ft.
But last year too, Bangalore had done well with its office space supply totalling 5.31million sq ft while the demand was 5.73 million sq ft.
Sumit Rakshit, executive director, C & W India, said: “It signifies that the corporate sector has been actively planning their expansion strategies which were deferred earlier due to the unfavourable economic environment.”