The commercial office sector has been witnessing an unprecedented growth over the past few years, resulting in Grade A commercial stock having doubled over the past 8-9 years. Urbanization coupled with constant expansion of city boundaries has given rise to new office corridors which are thriving due to an associated enhancement in connectivity.
These emerging office corridors are also more affordable than the centrally-located core markets. Hi-tech buildings that are ideal for IT-driven companies are trending as far as emerging offices go. These are located in IT parks and in SEZ developments, serving as major off-shoring hubs. There are four tier 1 cities and three tier 2 cities in India that are part of these emerging IT corridors; of these, Bangalore is the premier city and where the term ‘Bangalored’ was first coined.
These cities are also some of the best places to work in the private sector. The driving factors that lead to the current wave of investment in these emerging office corridors include:
- Better connectivity to major office hubs
- Better transit infrastructure
- Improving social infrastructure
All these features combined together are important for sustaining quality of life for the end-users. Bangalore alone has about 92 million sq ft IT-specific office spaces inventory in the market. Bangalore is a leading IT destination and accounts for over 35% of all the IT companies in India – both multinationals as well as homegrown tech giants.
Some of the major IT corridors in Bangalore include the areas covered by the entire ORR (Outer Ring Road) corridor and Whitefield. Owing to it being a well-established residential catchment with good roads and attractive infrastructure; the office rents in these areas are quite high with companies pre-booking office spaces even before the construction is over. Bellary Road is another emerging office corridor with its close proximity to the airport. It is connected to the ORR and to the airport through the flyover from Mekhri circle ; the proposed metro service from Nagawara heading towards the airport, thus making Bellary Road an emerging office corridor. The presence of ready social infrastructure, great residential projects and availability of top-notch schools and key hospitals in these areas reinforces the demand for offices here. These office corridors are also expected to benefit the buyers, builders and investors alike.
If you are on the lookout for residential options to invest in closer to where the action is, then look no further! The Under the Sun Villas by Fortius Group is located at Devanahalli, an emerging commercial hub with a slew of proposed and ongoing developments on the rise. Find out more about life in this gated community here: https://www.underthesun.co.in/.