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IT buys more space, 15,000 jobs coming soon
BANGALORE, MAY 10 (AGENCIES)
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Published on 11 May. 2010 1:41 AM IST
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: The revival of economic fortunes is leading to a new wave of job creation with companies stepping on the expansion pedal. Four of the world’s leading tech and telecom firms — Accenture, Oracle, Nokia and Capgemini — are expanding operations at a rapid pace, as leasing deals for office space of close to 15 lakh sqft in Bangalore have been signed for in the past two months.
It is estimated that absorption of the new space will result in the creation of about 15,000 jobs. In office leasing parlance, one person is equated with an area of 100 sqft. During the downturn, companies had reduced the space allotted to an individual to around 65 sqft. Even by this revised figure, 15 lakh sqft of office space means 23,000 new jobs, reported Times News Network.
Capgemini has signed for 2.5 lakh sqft of office space at the Summit in Brigade Metropolis, a deal confirmed by M R Jaishankar, CMD, Brigade Enterprises. It is said Capgemini will have a head count of a little over 2,000 people at the facility, most as new recruits.
Realty sources said global tech giant Oracle, which called off plans to buy 1 million sqft of commercial office space at Brigade Gateway for Rs 500 crore, has now inked a 3.5 lakh sqft leasing deal at Kalyani Magnum in J P Nagar. IT major Accenture is said to have signed up for 1.3 lakh sqft of office space at Pritech Park on Marathalli-Sarjapur Outer Ring Road, with a mandate to absorb additional space of up to 2.2 lakh sqft. Nokia is said to have signed on 1.25 lakh sqft of office space at Vrindavan Tech Village on Outer Ring Road towards Sarjapur, with a mandate to expand it further to 4.5-lakh sqft. Both Pritech Park and Vrindavan Tech Village are SEZs.
“Many MNCs are expanding their operations in SEZs as the sunset clause for STPIs is coming up by end-2011,” says a senior real estate analyst. This is just the beginning of what is to come by way of office absorption. Unlike the 2002-07 boom, the wave this time will not be led by the IT industry alone. Other sectors like aerospace, biotechnology, pharma, clinical research, auto design and ancillary, and manufacturing are set to pump up the volume.
As companies downsized in the past 18 months, an inventory of 12 million sqft of ready-to-occupy office space built up in Bangalore. IT hubs like Whitefield and Outer Ring Road have over 5 million sqft of inventory waiting to be filled up.

 
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