Bengaluru Office

Market Overview
Q3 2023

Accelerating success.
CONTENTS
Bengaluru Office Market
01
Landscape

02 Bengaluru City – Opportunities

and Challenges
03 Micro Market Trends
04 Key Micro Markets Analysis
 Colliers 3

1.1 OFFICE MARKET LANDSCAPE

Gross leasing (in Mn Sq.Ft.)
YTD
2018 2019 2020 2021 2022
2023
India# 37.7​ 45.7​ 30.3 33.1 50.3 38.0
196.0 Mn Bengaluru 11.6 12.1 10.2 9.8 16.3 10.1
Sq.Ft.*

56.8 Mn Share 31% 27% 34% 29% 32% 27%

Existing stock
(Grade A) Sq.Ft.* Yelahanka

Upcoming supply
(Q4 2023F-2026F) New Supply (in Mn Sq.Ft.)
YTD
2018 2019 2020 2021 2022
Standalone 15% 2023
Hebbal

Mixed use 22% India# 35.7​ 33.3​ 35.0​ 34.9 43.0 32.7
IT/Business Whitefield
63% Bengaluru 14.6 10.0 10.3 10.4 10.8 10.7
park

Project Type classification of stock Share 41% 30% 30% 30% 25% 33%
IRR
# includes top 6 cities: Bengaluru, Chennai, Delhi NCR, Hyderabad, Mumbai & Pune
SEZ JP Nagar
Non-SEZ Koramangala
28%
72%
Mysore
• Bengaluru contributed to 27% gross absorption Pan India with 10.1 mn sq
Road
Sarjapur ft. YTD 2023. While ORR and Whitefield remain dominant pulling 55%
Road leasing, North market is growing at a rate of 22% YoY.

• New supply recorded at 10.7 mn sq ft. during YTD 2023, led by healthy
Stock by development type
pre-commitments and increased developer and occupiers’ confidence.
ORR and Whitefield together contribute 77% share in total supply during
Bannerghatta
Road YTD 2023.
Electronic City

*All data points pertain to Grade A buildings here

 Colliers 4

1.2 BENGALURU OFFICE MARKET OUTLOOK

Q3 2023 Overview Vacancy & WAQ Rents
20.0

-21% 2.5pp 100

Demand 3.4
Vacancy 15.8% 15.0
(Gross Absorption) mn sq ft
YoY 80
YoY
10.0
60

23% 3.2%
2.9 INR 93.5 5.0 40
Supply Rents
mn sq ft (WAQ rent*) 2021 2022 YTD 2023 2023F

YoY YoY Vacancy (%) LHS WAQ Rents (INR/sq ft/month) RHS

Weighted Average Quoted (WAQ) Rents are in INR per square feet per month; does not include common area
Colliers’ Insights maintenance (CAM) or taxes

We expect demand to gain momentum Robust supply and demand to Vacancy levels
during Q4 amidst positive sentiments Demand to
increase keep vacancy levels under to gain
among technology and flex players pressure and remain in-line stability
Increase Steady

Supply to significantly increase next Rents across most micro markets Rentals to be
Steady Influx
quarter owing to the pent-up demand expected to slightly increase in rangebound
of new supply Increase
in recessionary period near term Steady
Note: All data points pertain to Grade A buildings here
* Grade A Weighted Average Quoted Rentals
 Colliers 5

1.3 OCCUPIER TRENDS

Technology & Engineering firms lead with 46% YTD 2023 leasing share.

Occupier Trends Flexible workspaces

1 out of 3 leases in Q3 2023 made by Technology firms, yet Engineering and YTD 2023, flex space contributed to about 19% of the absorption and we expect the
Manufacturing remains one of the occupiers’ favorite as of YTD 2023 with 23% share. yearly flex space leasing to cross 2022’s record as occupiers incorporate more flexible
Technology and Flex spaces sectors closely follow with 22% and 19% respectively spaces while realigning and re-optimizing their portfolios.

Occupier share in gross leasing

Leasing by flexible Workspace in Mn Sq Ft*
100% 3.0

80%

60% 2.0

40%
1.0
20%

0%
2019 2020 2021 2022 YTD 2023 -
2017 2018 2019 2020 2021 2022 YTD 2023

Technology Flexible Workspaces

Key Transactions in Q3 2023
BFSI Engineering & Manufacturing
Consulting Services Healthcare & Pharma Occupier Building Name Area (In Sq.Ft.)
Others*
*Others includes E-commerce, Automobile, FMCG, Shipping & logistics Indiqube Subramanya Arcade 160,000
WeWork Manyata Tech Park 120,000
Going forward, we expect Technology, Flex space, Consulting, Engineering &
Manufacturing sectors to remain resilient. Workshaala Salarpuria Knowledge Court 52,158

Note: All data points pertain to Grade A buildings here *Note – Data pertains to all grades for flex space transactions
 Colliers 6

1.4 FLEX SPACE TRENDS

Leasing by flex operators gradually increased 12% YoY at 1.9 msf in YTD 2023

Flex space current portfolio in Bangalore Prominent Operators

~20.7 msf*
Top 5 Micro Markets – leasing by Flex operators in YTD 2023 (in msf)
60.00%

40.00%

20.00%

0.00%
Whitefield Sarjapur Road ORR SBD 2 CBD

Whitefield dominated in YTD 2023 with highest leasing by flex operators at 45% of
total flex leasing in the city, followed by Sarjapur Road - ORR together at 35% Leasing by prominent clients at Flex spaces – Q3 2023
Operator-wise share of portfolio in the city as on Q3 2023
20%
15%
10%
5%
0%
Indiqube WeWork Tablespace Smartworks Bhive

*Note – Data pertains to all grade buildings here

02

BENGALURU CITY
OPPORTUNITIES & CHALLENGES
2.1 INFRASTRUCTURE

Roadway and Railway

Infrastructure Tumkur Expressway
Thanisandra Road

Roadways
Elevated Expressway

Outer ring road

Nice road – Tumkur - Electronic city

Kempegowda International Airport

Outer Ring Road

Railways

Suburban Rail Electronic City Flyover

Nice Road

Upcoming infrastructure

Peripheral ring road – 65 kms

Metro Routes & Timelines
KIAL

PHASE I - OPERATIONAL
Line-1 (Purple): Challeghatta – Whitefield – 42.2 KMs
Yelahanka
Line-2 (Green): Nagasandra- Silk institute - 30 KMs Tumkur Road

PHASE II – UNDER CONSTRUCTION

Line-2 (Green - Extension): Nagasandra – Madavara (BIEC) – 3.03 KMs

(Expected Completion by Q4 2023)

Nagawara
Line-2 (Green – Extension): Silk Institute – Anjanapura Depot – 0.5 KMs
Nagasandra
(Expected Completion by Q2 2024)
Whitefield
Line-3: R V Road – Bommasandra – 19.1 KMs

(Expected Completion by Q1 2024)

Line-4: Kalena Agrahara (Gottigere) – Nagawara – 21.3 KMs

(Expected Completion by Q1 2025)

Mysore road Marathahalli
PHASE II – B – UNDER CONSTRUCTION
Line-5: KR Puram – KIAL – 37 KMs (Expected Completion by Q2 2026)
Hosakerehalli
PHASE II – A – UNDER CONSTRUCTION Carmelaram
Line-5: Silkboard - KR Puram – 18.2 KMs (Expected Completion by Q2 2026) Challeghatta
Gottigere
PHASE III – UNDER DISCUSSION
Silk Institute
Line-6: Carmelaram - Yelahanka (32 KMs)
Anjanapura Depot
Line-7: Marathahalli - Hosakerehalli– (21 KMs)
Bommasandra
Source – Bengaluru Metro Rail Corporation Limited (BMRCL)

Interchange Station Terminal Station

 Devanahalli
Rajanukunte

Suburban rail Routes &

KIAL

Timelines
Proposed total length of 148 km along 4 corridors
Chikkabanavara Yelahanka
Corridor 1 (Sampige Line):

KSR Bengaluru via Yelahanka to Devanahalli – 41.5 kms

Route type – Elevated : 19.2 km & At-grade : 22.3 km
Number of stations – 15 (8 Elevated & 7 At-grade)

Yeshwanthapura
Corridor 2 (Mallige Line): Baiyapanahalli

Baiyapanahalli Terminal to Chikkabanavara – 24.9 kms

Route type – Elevated : 7.7 km & At-grade : 17.2 km
KSR Bengaluru Whitefield
Number of stations – 14 (6 Elevated & 8 At-grade)

Corridor 3 (Parijaatha Line):

Kengeri to Whitefield – 35.5 kms

Route type – Elevated : 10.4 km & At-grade : 25.1 km
Number of stations – 14 (4 Elevated & 10 At-grade)
Kengeri

Corridor 4 (Kanaka Line):

Heelalige to Rajanukunte– 46.3 kms

Route type – Elevated : 6.6 km & At-grade : 39.7 km
Number of stations – 21 (2 Elevated & 19 At-grade)
Heelalige
(Expected completion by 2028)

Source – Karnataka Rail Infrastructure Development company (K-RIDE) Interchange Station Terminal Station
 Colliers 11

2.2 SWOC ANALYSIS

Strength Weakness Opportunity Challenges

• Technology (IT-BPM) capital of • Lack of integrated urban • Proactive support from the • Competition from other cities
India. Contributes to 30%+ of development government for various sectors (For e.g., Pune, Hyderabad),
India’s IT exports1. which offer competitive rentals
• Currently obstructed with • Upcoming Infrastructure
• Home of ¼ India’s Digital Talent2. traffic bottlenecks and poor upgrades and enhanced
Presence of skilled, diverse and road infrastructure, condition connectivity through the metro
deep talent pool. to improve with upcoming will bring in potential for Grade
infrastructure projects like A development on large land
• Most livable City in India as per Peripheral ring road and parcels across the city
ease of living index (MoHUA)3 extended metro networks.
• Emergence of suburbs and
• Ranks 1st in Office Yield, APAC • Presently has limited bus peripheries to propel growth.
region (Colliers’ APAC) routes to the airport, however,
KIAL metro line initiated to
• Ranks among top 50 globally in completion by 2026 enables
supporting Women Tech efficient and rapid movement.
Entrepreneurs4.

• Contributes over 1/4 of India’s

office stock.

Source –
1- investindia.gov.in, 2- NASSCOM-Zinnov, 3- EoLI, Ministry of Housing & Urban Affairs, 4- Dell Women Entrepreneurs Cities Index 2023, Others - Censusindia.gov.in, MCCIA data, Bengaluru Smart city Development Corporation, SEZindia.nic.in,
03

MICRO-MARKET TRENDS
 Colliers 13

3.1 REAL ESTATE CLASSIFICATION & TENANT PROFILE

CBD1 –
Commercial presence through North Bengaluru –
head offices, coworking centers. Well-developed residential and
Limited land availability / Re- upcoming commercial locality
development potential

INR 150-250 USD 1.8-3.0 INR 55-85 USD 0.7-1.0

Outer Ring Road4 –

SBD 12 – Largest Technology hub in city,
Prime commercial, start up hub stretching from KR Puram to Silk
Board

INR 100-175 USD 1.2-2.1 INR 95-120 USD 1.1-1.4

SBD 23– EPIP Zone/ Whitefield –

Educational hub, with presence A more affordable option for
of Technology companies Technology occupiers

INR 75-85 USD 0.9 -1.0 INR 65-75 USD 0.8-0.9

Electronic City – Mysore Road & Sarjapur Road

Primarily Technology campus- Primarily Residential and
style developments commercial market

INR 55-60 USD 0.7-0.7 INR 65-80 USD 0.8-1.0

1. Central Business District includes MG Road and, Richmond Road, Infantry Road, Cunningham Road, Sankey Road, Palace Road, Vittal Mallaya Road and others.
2. SBD 1 / Secondary Business District 1 includes Koramangala, CV Raman Nagar, IRR, Indiranagar, Old Airport road, Old Madras Road and others
3. SBD 2 / Secondary Business District 2 includes Bannerghatta Road, JP Nagar, Jayanagar, Banashankari
4. Outer Ring Road stretches from Silk Board to Hebbal
Rent/Sq.Ft./month | 1USD=INR 83.2 (As of 30th Sept 2023) Above-Dollar Near-Dollar Sub-Dollar
04

KEY MICRO MARKETS ANALYSIS

 Colliers 15

4.1 Central Business District

Total stock Vacancy Upcoming supply Gross Absorption
(Grade A) (%) (Q4 2023-2025F) (YTD 2023)

8.7 Mn Sq. Ft. 5.1 % 2.4 Mn Sq. Ft. 0.5 Mn Sq. Ft.

Distance from Prominent metro Residential Prominent

Palace road Airport Station Catchment Hotels
Infantry road
MG Road, Vidhan Soudha, Richmond Town, Langford The Oberoi, Hyatt, Vivanta
MG road 30-35 kms
Cubbon Park, Trinity Garden, Frazer Town by Taj, Conrad, Ritz Cartlon
Vittal malya Road

Richmond road

Demand Drivers • Located in the heart of Bengaluru

• Flex space • Excellent Metro connectivity
• Technology • High rentals and low vacancy in Grade A
• Engineering & Manufacturing

Outlook
Occupiers will continue to favour the CBD due to its connectivity and prominent upcoming supply.

Tenant Profile

UB City Prestige Trade Tower Note: All data points pertain to Grade A buildings here

0.86 Mn Sq.Ft 0.37 Mn Sq.Ft Source: Colliers

 Colliers 16

4.1 Central Business District

Rental Trend Key Office Transactions
160 Area
Occupier Building Name
(In Sq.Ft.)

StoneX MFAR 37 Cunningham 44,000

WA Quoted Rents*

150

Columbia Sport Wear MFAR 37 Cunningham 34,000

140

Workshaala Prestige Towers 28,537

130
2020 2021 2022 H1 2023 Q3 2023 2023F

*Weighted Average Quoted Rentals represented in INR/sq ft / month

Quoted Rent
Landlord Key Under Construction Projects

INR QoQ YoY Building Name Developer

Area Tentative
(In Sq.Ft.) Possession
Rent* 150-250 0.4% 0.4%
Embassy Zenith Embassy Group 363,016 Q1 2024
Cap value 22,500-37,500 0.0% -
VST Tower VST Group 312,000 Q1 2024
*Asking Rents in INR/sq. ft./month basis rentals
Capital Values are re-calibrated as per micro-markets.
Arkay Towers Arkay Group 500,000 Q4 2024
 Colliers 17

4.2 Secondary Business District 1

Total stock Vacancy Upcoming supply Gross Absorption
(Grade A) (%) (Q4 2023-2024F) (YTD 2023)

22.2 Mn Sq.Ft. 7.6 % 4.9 Mn Sq.Ft. 0.5 Mn Sq.Ft.

CV Raman Nagar

Distance from Prominent metro Residential Prominent

IRR
Airport Station Catchment Hotels
Old Airport Indiranagar Indiranagar, CV Raman Nagar, The Leela Palace, Royal
Road 40 - 43 kms
Koramangala Orchid, Hilton

Koramangala
Demand Drivers • High street retail preferred location with established residential
• Technology neighbourhood.
• Engineering & Manufacturing • Accessible location between CBD & ORR
• E-commerce • An attractive region for both start-ups and enterprise expansions

Outlook
This location is likely to see robust demand by the occupiers due to its central location, robust physical, social
infrastructure and good quality Grade A office supply.

Tenant Profile

Embassy Golf Links Bagmane Tech Park Note: All data points pertain to Grade A buildings here

4.4 Mn Sq.Ft 4.5 Mn Sq.Ft Source: Colliers

 Colliers 18

4.2 Secondary Business District 1 (SBD 1)

Rental Trend Key Office Transactions

140 Area
Occupier Building Name
(In Sq.Ft.)

Salesforce Embassy Golflinks Park 50,000

WA Quoted Rents*

130

CocoBlu The Fairway Business Park 32,713

120

Streamline Health The Fairway Business Park 32,713

110
2020 2021 2022 H1 2023 Q3 2023 2023F Exotel Maruthi Infotech Center 32,000

*Weighted Average Quoted Rentals represented in INR/sq ft / month

Quoted Rent Key Under Construction Projects

Area Tentative
INR QoQ YoY Building Name Developer
(In Sq.Ft.) Possession

Rent* 100 - 175 6.8% 8.4%

Bren Artius Bren 200,000 Q1 2024

Cap value 14,100-24,700 0.0% -

Godrej Centre - Indiranagar Godrej Group 1,000,000 Q1 2024
*Asking Rents in INR/sq. ft./month basis rentals
Capital Values are re-calibrated as per micro-markets.
Ozone Chamber Ozone Group 921,365 Q1 2024
 Colliers 19

4.3 Secondary Business District 2

Total stock Vacancy Upcoming supply Gross Absorption
(Grade A) (%) (Q4 2023-2025F) (YTD 2023)

7.2 Mn Sq.Ft. 10.6 % 1.3 Mn Sq.Ft. 1.0 Mn Sq.Ft.

Banashankari
Distance from Prominent metro Residential Prominent
Airport Station Catchment Hotels
JP Nagar
JP Nagar, Bannerghatta (UC), JP Nagar, Jayanagar, May Flower, La Marvella
42 -45 kms
Jayadeva Circle (UC) Bannerghatta road

Bannerghatta
Road
Demand Drivers • A buzzing locality is known for its prime location and well-planned
• FMCG amenities
• Technology • Established residential catchment, connectivity to ORR & NICE
• Engineering & Manufacturing roads

Outlook
Limited upcoming supply, amidst steady demand is likely to keep vacancy low.

Tenant Profile

IBC Knowledge Park Kalyani Magnum Note: All data points pertain to Grade A buildings here
1.5 Mn Sq.Ft. 2.0 Mn Sq.Ft. Source: Colliers
 Colliers 20

4.3 Secondary Business District 2 (SBD 2)

Rental Trend Key Office Transactions
90 Area
Occupier Building Name
(In Sq.Ft.)

Indiqube Subramanya Arcade 160,000

WA Quoted Rents*

80

Reliance IBC Knowledge Park 102,000

70

Vector Kalyani Magnum 46,772

60
2020 2021 2022 H1 2023 Q3 2023 2023F Netcracker Kalyani Magnum 46,772

*Weighted Average Quoted Rentals represented in INR/sq ft / month

Quoted Rent Key Under Construction Projects

INR QoQ YoY Area Tentative

Building Name Developer
(In Sq.Ft.) Possession
Rent* 75 - 85 0.0% 0.0%
Five Business Bay Adwitiya Knowledge Park 730,000 Q1 2024

Cap value 10,800-12,300 0.0% -

Kalyani One Kalyani Group 102,000 Q1 2024
*Asking Rents in INR/sq. ft./month basis rentals
Capital Values are re-calibrated as per micro-markets.
Vaishnavi Senate Vaishnavi Group 476,000 Q1 2025
 Colliers 21

4.4 ELECTRONIC CITY​

Total stock Vacancy Upcoming supply Gross Absorption
(Grade A) (%) (Q4 2023-2024F) (YTD 2023)

11.6 Mn Sq.Ft. 23.8 % 3.4 Mn Sq.Ft. 0.4 Mn Sq.Ft.

Distance from Prominent metro Residential Prominent

Airport Station Catchment Hotels
Hosur Road
Silk Board metro (UC), Hosur Road, Electronic City Oterra Hotel, Golden Tulip, Ibis
50-55 kms
Electronic City station (UC) Bengaluru, Lemon Tree Hotel

Electronic Electronic Demand Drivers • Located along National Highway 7, fast developing infrastructure
City Phase -I City Phase -II
• Technology • Attractive rentals, a cost-effective industrial location
• Flex space • Hosting largest tech campus such as Infosys, Wipro, HP

Outlook
Upcoming grade A supply gives an advantage to occupiers.

Tenant Profile

Gold Hill Supreme Tech Salarpuria Infozone Note: All data points pertain to Grade A buildings here

1.1 Mn Sq.Ft 0.4 Mn Sq.Ft Source: Colliers

 Colliers 22

4.4 ELECTRONIC CITY

Rental Trend Key Office Transactions

70 Area
Occupier Building Name
(In Sq.Ft.)

Tejas Networks Surya Sapphire 181,331

WA Quoted Rents*

60
Sify Cyber Park 66,870

Indiqube Shilpa Ananya Tech Park 40,000

50
2020 2021 2022 H1 2023 Q3 2023 2023F

*Weighted Average Quoted Rentals represented in INR/sq ft / month

Quoted Rent Key Under Construction Projects

INR QoQ YoY Area Tentative

Building Name Developer
(In Sq.Ft.) Possession
Rent* 55 - 65 1.3% 1.3%
Sattva South Avenue Sattva Group 450,000 Q4 2023

Cap value 6,900-7,600 0.0% -

Bengaluru Lifesciences Park Labzone 1,000,000 Q1 2024
*Asking Rents in INR/sq. ft./month basis rentals
Capital Values are re-calibrated as per micro-markets.
Sattva Endeavor Sattva Group 750,000 Q2 2024
 Colliers 23

4.5 OUTER RING ROAD​

Total stock Vacancy Upcoming supply Gross Absorption
(Grade A) (%) (Q4 2023-2026F) (YTD 2023)

83.7 Mn Sq.Ft. 13.2 % 20.4 Mn Sq.Ft. 2.9 Mn Sq.Ft.

KR Puram Jn -
Hebbal
Distance from Prominent metro Residential Prominent
Airport Station Catchment Hotels

Bellandur, Mahadevpura, Iblur, Marathahalli, K.R. Puram, JW Marriott Courtyard,

27-47 kms
Nagawara (UC) Hebbal Novotel, Hilton, Aloft

Silk Board Jn -
KR Puram Jn

Demand Drivers • One of the fastest growing IT Corridors in the country

• Technology • Epicentre of commercial/IT office leasing
• Consulting • Known for quality grade A stock & larger floor plates
• Flex space

Outlook
This market will continue to be the most favored location by key occupier sectors with quality grade A stock and large
floor area.

Tenant Profile

Manyata Tech Park Bagmane WTC, Constellation Note: All data points pertain to Grade A buildings here
15.0 Mn Sq.Ft & Capital Park - 15.0 Mn Sq.Ft Source: Colliers
 Colliers 24

4.5 OUTER RING ROAD

Rental Trend Key Office Transactions

110 Area
Occupier Building Name
(In Sq.Ft.)

Kyndryl Manyata Tech Park 273,936

WA Quoted Rents*

100

Meesho Helios Business Park 167,340

90 Wework Manyata Tech Park 120,000

2020 2021 2022 H1 2023 Q3 2023 2023F

ORR (Sarjapur-KR Puram Jn) ORR (KR Puram-Hebbal Jn) Deloitte Ecospace 94,000

*Weighted Average Quoted Rentals represented in INR/sq ft / month

Quoted Rent Key Under Construction Projects

Area
INR QoQ YoY Building Name Developer Tentative Possession
(In Sq.Ft.)

95 - 120 1.3% 3.2%

Rent*
Bagmane Capital - Apollo Bagmane Group 619,278 Q1 2024

Cap value 13,400-16,900 0.0% -

Prestige Tech Hub Prestige Group 900,000 Q3 2024
*Asking Rents in INR/sq. ft./month basis rentals
Capital Values are re-calibrated as per micro-markets.
Embassy Tech Village - 3A Embassy Group 1,096,756 Q4 2023
 Colliers 25

4.6 WHITEFIELD​
Total stock Vacancy Upcoming supply Gross Absorption
(Grade A) (%) (Q4 2023-2025F) (YTD 2023)

44.2 Mn Sq.Ft. 20.4 % 8.6 Mn Sq.Ft. 2.6 Mn Sq.Ft.

Distance from Prominent metro Residential Prominent

Airport Station Catchment Hotels

Marriott Whitefield, Vivanta

35-40 kms EPIP, ITPL, Kadugodi Whitefield, Brookefield, Varthur
Whitefield Taj, Zuri, Alfot

Demand Drivers • Home to major IT-BPM giants

• Engineering & Manufacturing • Millennial friendly residential catchment, young talent pool
• Flex space • Higher scope for internal expansion in the same tech park.
• BFSI

Outlook
The market is rapidly attracting occupier interest led by affordable rents, availability of quality office space, and enhanced
connectivity since the metro turned operational.

Tenant Profile

Prestige Shantiniketan ITPL

3.6 Mn Sq.Ft 6.0 Mn Sq.Ft Note: All data points pertain to Grade A buildings here
Source: Colliers
 Colliers 26

4.6 WHITEFIELD
Rental Trend Key Office Transactions

70 Area
Occupier Building Name
(In Sq.Ft.)

Koch Kalyani Platina 63,869

WA Quoted Rents*

60

Workshaala Salarpuria Knowledge Court 52,158

50

NN GBS Chalet Cignus 47,303

40
2020 2021 2022 H1 2023 Q3 2023 2023F

*Weighted Average Quoted Rentals represented in INR/sq ft / month

Quoted Rent Key Under Construction Projects

Area Tentative
INR QoQ YoY Building Name Developer
(In Sq.Ft.) Possession

Rent* 65 - 75 0.6% 0.6%

Alembic Urban Forest Alembic Real Estate 500,000 Q1 2024

Cap value 8,200-9,500 0.0% -

Titanium Tech Park Goyal & co 1,600,000 Q2 2024
*Asking Rents in INR/sq. ft./month basis rentals
Capital Values are re-calibrated as per micro-markets. Vista Earth Centre Vista 812,877 Q1 2025
 Colliers 27

4.7 NORTH BENGALURU

Bellary Road, Thanisandra Road, Yelahanka, Hebbal Total stock Vacancy Upcoming supply Gross Absorption
(Grade A) (%) (Q4 2023-2025F) (YTD 2023)

11.3 Mn Sq.Ft. 32.4 % 14.6 Mn Sq.Ft. 1.7 Mn Sq.Ft.

Distance from Prominent metro Residential Prominent

Airport Station Catchment Hotels

Hebbal, Jakkur, KIAL (UC) Hebbal, Yelahanka, Hennur, Four Seasons, Hilton
Yelahanka 15-27 kms
Thanisandra
Thanisandra
Road

Hebbal
Demand Drivers • Proximity to the Airport attracting investments
• Engineering & Manufacturing • Attractive Luxury residential catchment zones for elite clientele.
• BFSI • First mover advantage into a well sought infrastructure region.
• Technology

Outlook
The market is steadily growing, with the under-construction Infrastructure projects.

Tenant Profile

Note: All data points pertain to Grade A buildings here

North Gate Brigade Opus
Source: Colliers
1.8 Mn Sq.Ft 0.4 Mn Sq.Ft
 Colliers 28

4.7 NORTH BENGALURU

Rental Trend Key Office Transactions

80 Area
Occupier Building Name
(In Sq.Ft.)

Sidvin Core-Tech Brigade Deccan 54,313

WA Quoted Rents*

70

Trip Factory RMZ Latitude 22,000

60

Diversified RMZ Latitude 22,000

50
2020 2021 2022 H1 2023 Q3 2023 2023F

*Weighted Average Quoted Rentals represented in INR/sq ft / month

Quoted Rent Key Under Construction Projects

INR QoQ YoY Area Tentative

Building Name Developer
(In Sq.Ft.) Possession

55 - 85 0.3% 0.3%
Rent*
Sattva Horizon Sattva Group 1,100,000 Q1 2024

Cap value 7,300-11,300 0.0% - Phoenix Asia Towers Phoenix Mills 762,258 Q1 2024

*Asking Rents in INR/sq. ft./month basis rentals

Capital Values are re-calibrated as per micro-markets. Divyasree Avance DivyaSree Developers 1,255,882 Q2 2024
 Colliers 29

4.8 Mysore Road & Sarjapur Road

Total stock Vacancy Upcoming supply Gross Absorption
(Grade A) (%) (Q4 2023-2024F) (YTD 2023)

7.1 Mn Sq.Ft. 21.4 % 1.3 Mn Sq.Ft. 0.4 Mn Sq.Ft.

Distance from Prominent metro Residential Prominent

Mysore Road
Airport Station Catchment Hotels
Sarjapur Road
Kengeri, Rajarajeshwari Nagar, Mysore Road, Sarjapur Road Hilton Doubletree suits,
48-52 kms
Sarjapur Jn (UC) Citrus Classic

Demand Drivers • Emerging residential catchment areas

• Flex space • Development along Bangalore-Mysore Infrastructure Corridor
• Technology (BIMC)
• Engineering & Manufacturing • Ample scope for green field development

Outlook
Limited Grade A stock, but ample of scope for green field development along BIMC.

Tenant Profile

RGA Tech Park Sattva Global City Note: All data points pertain to Grade A buildings here
2.2 Mn Sq.Ft 3.8 Mn Sq.Ft Source: Colliers
 Colliers 30

4.8 Mysore Road & Sarjapur Road

Rental Trend Key Office Transactions

80 Area
Occupier Building Name
(In Sq.Ft.)

70 Uber RGA Tech Park 54,676

WA Quoted Rents*

60

50
2020 2021 2022 H1 2023 Q3 2023 2023F
Key Under Construction Projects
Mysore Road Sarjapur Road

*Weighted Average Quoted Rentals represented in INR/sq ft / month

Area Tentative
Building Name Developer
Quoted Rent (In Sq.Ft.) Possession

INR QoQ YoY Sattva Spectrum Sattva Group 740,000 Q1 2024

Rent* 65 - 80 7.1% 7.1% Bren Prominus Bren 281,811 Q1 2024

Cap value 8,200-10,100 0.0% - La Palazzo KMB Group 255,944 Q1 2024

*Asking Rents in INR/sq. ft./month basis rentals

Capital Values are re-calibrated as per micro-markets.
 Colliers 31

Notes –
All data pertains to Grade A office buildings
Gross absorption - does not include lease renewals, pre-commitments and deals where Letter of Intent only has been signed
Weighted Average Quoted (WAQ) Rents are in INR per square feet per month; does not include common area maintenance (CAM) or taxes
Sq.Ft. – square feet
mn Sq.Ft. – million square feet
QoQ – Quarter-on-Quarter
YoY - Year-on-Year
YTD – Year to date
PP – Percentage points
BFSI – Banking, Financial Services and Insurance

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