JLL Report Lists Bengaluru As The Costliest City In Asia-Pacific For Office Space

Jones Lang Lasalle (JLL) an international real estate firm released a report which named Bengaluru, India as the costliest city in the Asia-Pacific region for office space. The cosmopolitan city located in the southern part of India is home to some of the biggest Information Technology (IT) firms in the world and the commercial real estate market in the city is extremely competitive and lucrative.

IT firms continue to expand in the city and are always on the lookout for acquiring prime real estate. Smaller firms who are unable to afford the high prices of real estate are forced to lease or rent commercial space but have to be prepared to shell out large sums of money in rental fees.

In a statement, JLL India head Anuj Puri said “Bengaluru pipped other Asia-Pacific cities in demand for office space while growing need for commercial space from the IT sector is helping boost absorption levels. A five-10 percent hike in prime office rents is seen this year for which construction is rapidly growing to meet the demand generated by the city’s rapidly expanding economy”.

The report also recorded the top twenty technologically-rich cities in the world and Bengaluru was number 12 on the list. The city is expected to make room for an additional 12 million square feet of commercial real estate space before the end of 2016.  The survey from JLL also confirmed that Bengaluru had the most number of international patent applications filed amongst all other Indian cities.