BANGALORE: The city’s Central Business District (CBD) seems to be at the focal point of commercial activity yet again, post the Metro construction blues. The M G Road and surrounding areas once considered the hub of retail and office space of the city faced competition from the micro-markets that emerged along the Outer Ring Road (ORR) and the IT corridor.
Now, thanks to the operational Reach I of the Metro and the resurrection of the once famous boulevard, this location of the city is back to being what it was always known for – a thriving commercial district.
“Bangalore’s CBD is characterised by small multi-tenanted buildings that primarily accommodate offices of business houses, BFSI and consultancy firms. This micro-market supports 7.50 million sq ft of operational Grade A office space. Completion of Metro Rail Phase I and the beautification of M G Road have renewed interest in the CBD and some leading institutions ranging from banks, apparels and consumer goods companies have acquired offices at prime locations here,” says Shrinivas Rao, CEO – Asia Pacific, Vestian Global.
Vying for space with micro-markets
Though the IT-centric industries continue to have facilities around the ORR belt, there has been a marked shift in the strategy of many companies, who now prefer to have their corporate offices located strategically in the city’s core commercial hub. Access to the international airport, infrastructure such as the Metro and easy accessibility to various micro-markets due to improved connectivity, have made this possible.
Going by the renewed interest being taken by corporates, retail outlets and small offices in the CBD, it appears that the city’s epicentre for commercial activity continues to be centred on M G Road. A number of malls, hotels, banking institutions and IT companies operate from here and have become landmarks by themselves.
“This micro-market continues to be preferred by companies that have small to medium-sized real estate requirements. During the first half 2013, 0.30 million sq ft of office space was absorbed, but this micro-market is likely to see an addition of 1.40 million sq ft by 2015 with most IT firms and financial service providers on the lookout for a corporate office in the heart of the city,” adds Shrinivas.