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