Property consultancy firm Knight Frank finds that the absorption by IT/ITeS dipped to 56% in the sixmonth period April to September, 2012, compared to 74% in the same period in 2011. Analysts say the drop is directly linked to the slowdown in global demand for IT services. "The overall quantum of demand from IT/ITeS sector has fluctuated in tandem with the overall demand during and in the immediate aftermath of the global financial crisis of 2008-09," said Satish B N, co-head at DTZ India, a global real estate consultancy firm.
Avinash Rao, regional director-South at Knight Frank India, added that the European crisis and a sluggish US economy had contributed to a cautious approach by the IT/ ITeS sector.
However, other industries upped their absorption in 2012, which prevented the overall commercial office space market in the city going into a tailspin. In 2012, the office space rentals in the city recorded an increase of nearly 17%, while office space vacancy rates dropped by over 14%, as per data from Cushman & Wakefield.The data found that sectors like manufacturing and banking & finance, which accounted for 5% of the total office space absorption in 2010, absorbed around 11% of the supply in 2012.
"Given the availability of human capital, improving social and civic amenities and availability of quality office space options, Bangalore has now become a preferred destination for sectors other than IT/ITeS too," noted a report on the city's office space market done by Cushman & Wakefield. Satish of DTZ India added that demand from the healthcare sector too has grown considerably, driven specifically by outsourced work from clinical research firms.
Shrinivas Rao, CEO-Asia Pacific at consultancy firm Vestian Global, said absorption by IT/ITeS had declined also because of availability of space in tier II and tier III locations. "Reverse migration of talent to their hometowns, especially to locations such as Coimbatore and Jaipur, has led to IT firms investing in such locations," he said.
The weakening of the market, combined with the demand for bigger and higher quality spaces, has led to the exit of many small office space developers. "The lack of capability of many developers to build large office spaces of 1 lakh sqft and above and their inability to secure leasing commitments has seen many developers exit," said Raj Menda, CMD of RMZ Corp, a commercial real estate company that has a large portfolio of tenanted office space in the city. Menda estimated that around 70% to 80% of developers had exited in the last couple of years.
"So even though the IT/ ITeS sector is slowing down, there is enough and more demand for the remaining 20% to 30% of developers in the office space market," said Menda.
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