| Internet retail sales has had a dramatic | | | | |
| impact on retail properties in Bangalore by | | | | Impact on commercial properties |
| reinforcing the trend towards entertainment | | | | |
| and convenience oriented tenants, and | | | | Technology is generating a net positive |
| enabling retailers to expand into | | | | effect on the office employment growth in |
| multichannel distribution systems | | | | turn creating a huge demand for real estate |
| incorporating Internet sites and "land based" | | | | in Bangalore. The demand for "intelligent" |
| stores. | | | | building technologies by office tenants is |
| | | | not in its infancy. Regardless of the type or |
| Technology is so pervasive in our society | | | | size of tenant, the key issues driving tenant |
| that it is difficult to isolate and evaluate | | | | office leasing decisions are cost, proximity |
| its influence on real estate demand. | | | | to the boss's residence, access to current |
| Technology's influence on demand is generally | | | | and potential employees, proximity to |
| positive given its fundamental importance to | | | | customers or clients, and proximity to |
| economic growth. | | | | restaurants and recreation. |
| | | | |
| "Fortunately, through continuing innovations, | | | | Few industrial property owners are interested |
| adapting tenant mixes, and capital | | | | in "intelligent" building technology. Owners |
| investment, retail property owners can | | | | are focused on providing the backbone |
| moderate many potential declines in retail | | | | infrastructure to enable the widest range of |
| demand from consumers. In the long term, rent | | | | tenants to be accommodated in their |
| pressure is expected as and when the | | | | properties. |
| communication distribution channel grows," | | | | |
| says Zaffar Sait, DGM Business Development, | | | | Technology has been a key driver of |
| Prestige Group, Bangalore. | | | | Bangalore's economy historically, and will be |
| | | | so in the future. Accordingly, while many new |
| However, technology will significantly reduce | | | | technologies appear, in isolation, to reduce |
| demand in some areas and increase demand in | | | | real estate demand, the net effect of |
| others, making winners or losers out of | | | | technology on economic growth and real estate |
| certain properties or geographic markets. | | | | demand is fairly positive. |
| Investors and other real estate professionals | | | | |
| who maintain vigilance concerning technology | | | | For more details on Bangalore Properties, log |
| change will outperform their competitors. | | | | on to magicbricks. |