Office: Leasing activity in Q4 2022 continues to remain strong in Bengaluru. In this quarter, GLV of 5.3 msf and net absorption of 10.4 records a new benchmark for the city. IT BPM accounted for 31% share in GLV, followed by flexible workspaces with 16% and engineering & manufacturing with 13% share. Download the recent Bengaluru MarketBeat reports below.
Residential: In Q4 2022, Bengaluru recorded a 5-year high supply in its residential market. It witnessed a launch of 9,300 units, marking a 58% growth over Q3 2022. Mid-segment projects led quarterly launches, backed by steady demand, there is also a rising demand for high-end & luxury projects. Download the recent Bengaluru MarketBeat reports below.
Retail: Q4 2022 saw a strong leasing momentum in Bengaluru’s retail sector, approximately 1.0 msf was leased across prominent malls and main streets in Bengaluru. Opening of a large Grade A mall has driven leasing across the mall segment accounting for 65-70% of the space leased during this quarter. Larger anchor brands across fashion, hypermarket, cinema, and family entertainment contributed to high leasing volume in the new mall.
Industrial: In H2 2022, around 1-1.10 msf of warehouse space was leased in Bengaluru. Demand for quality warehouse space has been gaining traction in the Post-COVID period, largely driven by 3PL and logistics firms and anchor retailers. Industrial leasing remained strong with 0.9-1.0 msf of deals getting signed in H2 2022.
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