Bengaluru has witnessed the major chunk of office space transactions in the country in the first half of the calendar year 2022, said Knight Frank on Wednesday.
During the January-June period, the city accounted for office transactions of 7.7 million square feet, a year-on-year increase of 117% from the 3.6 mnsq ft in the corresponding period in 2021, as per the realty advisory and management firm.
Bengaluru’s residential market remained undeterred by the Omicron wave in early 2022 as the city registered strong sales and launch volumes in H1 2022, said Knight Frank.
As usual, Information Technology dominated the office market accounting for 42% of the overall leasing volume in H1 2022, it said.
Shantanu Mazumder, Executive Director – Bengaluru at Knight Frank India said, “Bengaluru’s corporate sector has started to call back employees to office while keeping to a hybrid model of work. We expect the strong momentum in office leasing in Bengaluru to continue in 2022-23 as the physical occupancy rates are expected to pick up in the coming months.’‘
The city also registered an 80% YoY increase in residential sales to be recorded at 26,677 housing units. New launches also saw a significant upsurge by 59% YoY with the addition of 21,223 units in H1 2022, Knight Frank officials further said at a media conference.
