Lowe's Services takes the 2nd largest lease deal this year

A deal by US-based Lowe’s Services to lease 490,000 sq ft in Bengaluru, second largest of the year, raises hopes of steady growth in the market for office space.

Countrywide absorption of office space in January-June was 18.9 million sq ft, nearly 2 per cent less than in the same period a year ago, according to property consultant Colliers International.

“We expect demand to remain steady, with some large consolidation and relocation in Bengaluru, Mumbai, Pune and the National Capital Region. Overall office space demand is expected to see a steady rise,” said Ravi Ahuja, executive director, office services and investment deals,