Bangalore second in demand for work

New Delhi: IT hub Bengaluru is expected to witness the second highest demand for office space in the Asia Pacific region during 2014 in a list topped by Tokyo, according to property consultant Cushman and Wakefield (C&W).

“Bengaluru is expected to see the second highest absorption in the APAC region and the highest demand in the country owing to expansion of the IT, ITeS and multi-national companies,” C&W said in a statement.

Tokyo is forecast to see the highest office absorption among the 30 cities in Asia in 2014 at 7.6 million sq ft, followed by Bengaluru at 2nd position and Manila at 3rd, with expected absorption of 6.3 million sq ft and 6 million sq ft, respectively, during 2014.

“The office demand is likely to reach 60 million sq ft in all 30 major cities tracked within Asia Pacific,” C&W said.

The National Capital Region (NCR) is projected to witness the sixth highest net absorption of offices space in the region, at 3.7 million sq ft representing a rise of approximately 10 per cent over 2013.

“The demand for commercial office space will str-engthen going forward in 2014 and 2015. The oversupply situation, which most cities across the country are witnessing, will ease from 2014 onwards as economic conditions improve dom-estically and globally,” C&W said.