All You Need To Know About Office Space Pricing in Bangalore
Bangalore since its inception in the sixteenth century by Kempe Gowda, has come a long way. Previously known as the Garden city of India, Bangalore or Bengaluru was different from other cities in India in terms of city planning. Lakes, trees and cool weather made Bangalore the retired people’s paradise.
However, with the turn of the millennium, Bangalore started to change with the influx of millions of people due to the IT boom and also for providing the right atmosphere for starting up one’s business. Bangalore slowly became the Silicon Valley of India and till today, Bangalore continues to attract a large number of people who come to the city for employment and entrepreneurship opportunities.
As a result to this, there has been a rising demand of commercial real estate in the city. Bangalore became the most favored destination for office space seekers in India. The city offers many office space options starting from business centers to individual and shared office spaces. Coworking spaces have become very popular in the shared office space category here.
When looking for office space in Bangalore, keep in mind the following the pointers:
1) Pricing structure of the Office Spaces
As per recent trends in Bangalore the pricing structure of the office spaces is based on two factors:
a) Per Sq ft model
This price structure, exhibits the price per square feet. In the case of furnished office spaces, the price is calculated including all the additional costs that are incurred like utility and other facilities. For unfurnished bare shell office spaces, the area wise calculation doesn’t include utility bills. That comes as a separate cost.
b) Per seat model
Here, the price is calculated per seat basis including all the miscellaneous prices. There are further divisions in this category – Dedicated Desk and Flexible Desk.
Dedicated desks allows you to work at the same desk every day. That particular desk will be allotted to you.
In flexible seating you won’t have a dedicated desk allotted to you. You can come and choose from the available desks and work from one.
Pricing of flexible desks are less than the dedicated or fixed seats.
2) Types of Offices to consider
There are many office space types that you can choose in Bangalore. Like –
a) Individual office space
These are the office spaces that come in a bare shell, semi-furnished or fully furnished option. You have to take it directly from the owners either through a broker or direct contact. In these spaces rents mostly are taken on square feet basis. You have to pay ten months advance deposit which can be negotiated with the owner if you have the right bargaining skill. For furnished individual office spaces, the pricing is mostly done as per the square feet model mentioned above.
b) Shared or coworking office space
Coworking spaces offer competitive pricing. You have to pay per seat model. Facilities are shared like business centers. Coworking spaces are less formal in nature and you can take part in various events like seminars, talk shows as a member of their community. Pricing ranges between, Rs 3.5 k to 8-15k depending on the locality and number of facilities the individual coworking spaces offer.
c) Business Centers
Business centers are favored by many as you get your own private office within a business center. You pay a reasonable amount for the shared facilities like reception, meeting and conference rooms, cafeteria, internet etc. Normally business centers work in per seat model and the price range varies between Rs 4000 up to Rs 15 to 16k (CBD) for per seat model.
3) Price according to the location
The pricing of real estate, both commercial and residential depends mostly on the location of the same. In Bangalore, there are commercial areas which you can consider for your office space. Check the areas below for your office space location. The locations are divided as CBD and SBD. CBD is the Central Business District and SBD is the Secondary Business District.
a) Koramangala (SBD)
Koramangala is the place to be if you are a startup founder. This neighborhood in south Bangalore is the most famous place for startups in India. Divided into 8 blocks it houses the office of many renowned companies of India like Flipkart, Swiggy, OLA, Furlenco that all of us are aware of. Koramangala is easily accessible via Hosur Road, Outer Ring Road. There are innumerable restaurants in Koramangala and it’s usually a very happening place.
b) Indiranagar (SBD)
Another sought after location for office space in Bangalore is Indiranagar in east-central Bangalore. The region is well connected by road and metro. Apart from commercial, Indiranagar is also a sought after residential location.
c) M.G. Road (CBD)
This can be called as the CBD of the city. The area exhibits a posh look and the infrastructural facilities of this area are very good. However, the rental cost is also more when compared to the other office areas in Bangalore.
d) Whitefield (SBD)
Whitefield is located in the eastern part of the city. Here there are plenty of office spaces to choose from. A lot of big MNCs like IBM, TCS, and Accenture have their office located in Whitefield. There are many shopping malls and eateries in Whitefield.
e) Electronic City (SBD)
There are two phases in this city – Phase 1 and phase 2. The electronic city is well connected via Hosur Road and is a favored destination for IT companies in Bangalore. The commercial rents in this area are lower when compared to other areas in Bangalore.
f) Other Areas
There are many other areas which you can consider for renting your office space in Bangalore. We have listed the main ones.
Check out the price range for the individual locations below
Another factor that will cause a variation in your office space rent are the facilities that individual spaces offer. Normally individual offices charge less when compared to offices in located in Business Centers and Coworking spaces. Hence, you should look at the facilities in detail and compare the same with the price quoted.
We hope you enjoyed reading our small guide regarding office space prices In Bangalore. Let us know if you need any more details. In the meantime, best of luck for your office space hunting. We hope you will get the perfect office space within your budget.
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