Outer Ring Road (ORR Bangalore) gives better odds to real estate market Bangalore. A Jones Lang LaSalle India report said that Outer ring road is one of the best performing commercial areas of the city.
According to the latest report of JLL, ORR Bangalore is the best performing commercial area. JLL report also highlighted the rising importance of K. R. Puram – Marathahalli – Sarjapur Road stretch.
JLL’s recent studies show that ORR Bangalore offers better chances for commercial growth. Growth- wise it has become the best performing commercial area in Bangalore. Whitefield is also included in the list yet it stands far behind to the ORR Bangalore.
ORR Bangalore shows all the possibilities to become the commercial hub. Both ORR Bangalore and Whitefield will determine the commercial nature of the city, the report adds up. Other commercial centers like Koramangala Road, Central Business District (CBD), and Bannerghatta Road remained static throughout the year 2012.
ORR Bangalore is said to be benefited from the limited supply. Due to this limited supply, low vacancy levels exist in the area. It in turn improved the rental appreciation and a healthy office space absorption rate. Mr. Karun Varma, MD at JLL India’s Bangalore and Kochi regions, numbered the list.
ORR Bangalore, being an important IT corridor, majority of the office space is demanded by the same sector. Besides, bigger corporates also raise high demand. Highly pulled by these sectors the demand is higher than the supply here. As always value appreciation is dependent on the supply – demand ratio, the area receives higher value appreciation.
ORR Bangalore has easier access to a number of residential areas. It has an appreciable connectivity to many SEZs and IT parks as well. Many Corporates are attracted to the area because of these factors. Due to the limited supply, retailers and corporates enter into pre – launch commitments with the real estate developers. The area actually faces a shortage of ready-to-move-in office spaces. In short, the existing occupiers face tough challenge from the newcomers.
