A guide to serviced offices and office space for rent in Pune as well general information that may be useful if you are thinking of renting office space in the city.
History & Geography
Situated in northwest India on the margin of the Deccan plateau, Pune is the eighth largest city in India as well as being one of its most ancient. The sprawling metropolis lies in the shade of the Sahyadri mountain range at the confluence of the Mutha and Mula rivers. The city was founded in the sixth century and by the 9th century was an important part of the Yadava Empire. In the 17th century it was annexed by the Mughal Empire and the town was extensively redeveloped and extended. During this time the Lal Mahal palace was constructed and the town was further fortified. In the early 19th century the city was captured by the Maratha dynasty causing a war between the Maratha’s and the British. In 1817 the British emerged victorious and occupied Pune, building a large army base to the east of the city. In 1856 Pune, under Nanasaheb Peshwa, joined the Indian Mutiny, rising against British rule in India. After years of strife the mutiny failed and Pune once again fell under the sway of the British. In the late 19th century and early 20th century Pune was an important centre of the political and social reform movements that were sweeping the country. In the later struggle for Indian independence Pune was also important. Mohandas Ghandi was imprisoned in the city jail several times, as were his wife and aide. After India gained independence Pune was extensively developed, becoming the site of the National Defense Academy, National Chemical Laboratory, and the headquarters of Telco, now Tata Motors. Later the city acquired the name ‘the Oxford of the East’ due to the amount of universities and other higher education facilities based there. The 1990s saw the town develop further, receiving large amounts of foreign investment and developing significant information technology and engineering industries.
Currently Pune has one of the largest and most diverse economies in India. The city has the second highest per capita income in the country and the sixth largest metropolitan economy. Among the most prominent industries in the city are the IT industry and manufacturing. The IT industry in the city employs over 70,000 people and among the major software companies with a presence in Pune are Infosys, Persistent Systems, Geometric Limited, Symphony Services, WiPro, TPS, Cognizant, Symantec, Tech Mahindra, Syntel, IBM Global, Sybase and Fujitsu. Recently a major building project, dubbed the Rajeev Ghandi IT Park has been started in the city which is intended to eventually house Pune’s entire IT industry. The facility will have an area of 2,800 acres and the expected investment is over USD 10 million. However the bulwark of Pune’s economy is the motor industry. Pune is home to the Automotive Research Association of India, which authorizes the manufacture of various vehicles in the country. Among the automotive companies with outfits in Pune are Tata Motors, Mercedes-Benz, Force Motors, Kinetic Motors, General Motors, Volkswagen and Fiat. Incidentally Pune is the largest hub in India for German companies, with over 225 German companies having a presence in the city.
Tourism & Culture
Pune is the cultural centre of the Maharashtra region and a hub of Marathi culture. The city has a lively arts and crafts, music, theatre and literature scene, as well as possessing a range of significant architectural and historical buildings and sites. Among its most significant buildings are the famous Aga Khan Palace, Shinde Chhatri, Lal Mahal, Shaniwarwada and Sinhagad Fort. The city also has a number of well-known museums, primary of which are the Raja Dinkar Kelkar Museum, the Pune Tribal Museum, Mahatma Phule Museum and the College of Military Engineering’s archive and equipment museum. The nearby forests of Taljai, Vetaal Tekdi and Hanuman Tekdi. The most famous event in Pune is the Sawai Gandharva Sangeet Mahotsav, the most famous classical music festival in the country. The festival is held in December and routinely attracts thousands of visitors. Sport is also popular in Pune and as of 2011 the city has its own Indian Premier League team, the Pune Warriors. The team is the most expensive in the league and features several world famous players such as Sourav Ganguly, Angelo Mathews and Ashish Nehra.
Pune is served by the Pune International Airport at Lohegaon. The airport serves multiple domestic flights as well as international flights to Dubai and Frankfurt. Currently a new Pune International Airport is being planned, however a suitable site has not yet been agreed upon. The city itself is served by a bus rapid transit system, with dedicated lanes just for buses, the first system of this kind in the country. The city also has a multitude of taxis and smaller, privately run buses.
Pune’s office market is expected to see demand rising significantly in the future due to the rapidly growing IT industry in the city. Pune is expected to see a glut of new office space in the next two years to the tune of approximately 14.53 million square feet. Most of this new supply will be built in the secondary business district of the city and the outlying suburbs. Rental rates are expected to remain somewhat stable in the short term but have been forecast to grow over the next two years. Vacancy rates have been dropping steadily in the past five years, however the influx of new space may see them climb again, at least temporarily.