Page 5 - Office Space

Share of GCCs in office transactions rose to 35% in 2023: Knight Frank

Chennai witnessed the highest GCC focussed transactions at 6 msf, followed by Hyderabad at 4.1 msf and Bengaluru at 3.8 msf

Indian real estate in 2023 saw highest investment inflows since 2020

The leading sources of foreign capital in Indian real estate were Canada and Singapore accounting for 78% of the total inflows

Amendments to SEZ Act to spur commercial office space leasing: CRISIL

The recent notification of the commerce ministry to demarcate part of Special Economic Zones into non-SEZ areas will spur office space leasing in the country, according to a report prepared by research firm Crisil Ratings. India's office space leasing is expected to benefit from the recent amendments to the SEZ Act of 2005, notified by the commerce ministry on December 6, 2023, it said. As per the notification, the amendments permit the demarcation of a part of the SEZ areas into non-SEZ ones after repayment of tax benefits availed till date, the report said. Such a demarcation of non-SEZ areas is expected to create better occupancy through commercial office space leasing, resulting in higher incomes which will outweigh associated costs. Crisil said the SEZ Act was introduced to drive exports by providing tax exemptions for companies operating within such areas. After the sunset clause of the Act kicked off in April 2020, the legislation is no longer in effect but higher complianc

Office space demand may fall 18-22% this CY: Credai-CRE Matrix

Demand for office space across six major cities is likely to decline 18-22 per cent this year on higher base effect and delays in decision making by corporates related to their expansion plans, according to CREDAI and CRE-Matrix. In their joint report, real estate developers' apex body CREDAI and data analytic firm CRE Matrix have estimated that the fresh leasing of Grade A premium office space stood at 55-57 million square feet in the 2023 calendar year. The data excludes renewals. The absorption of office space was 70 million square feet during 2022. During January-September period of this year, the leasing activities have already touched 41.8 million square feet across six major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Chennai and Hyderabad. IT/ITeS, BFSI and co-working sectors drove two-third of office demand at a pan-India level. The report highlighted that the Grade A office space stock is 770 million square feet at the end of the third quarter

As Jeff Bezos moves south, Amazon eyeing more office space in Miami

Amazon is seeking roughly 50,000 square feet (4,650 square meters) of office space, according to people familiar with the matter, who asked not to be identified because the plans are private

Institutional investors betting big on Indian housing, investments up 71%

The share of domestic investors accounted for 71% of total institutional investments received in the July-September quarter: Vestian

KKR holdings opens new office in Gurugram for global operating model

This recent venture marks KKR's second establishment in India, reflecting the pivotal role the Asia Pacific assumes in its overarching strategy

Wipro inaugurates 75,000-sq-ft office in Jefferson City, Missouri

The 75,000-square-foot office will act as main support centre for some of Wipro's clients in healthcare and government sectors

Returning to office is $1.3 trillion problem that only few have figured out

Asian nations did a better job keeping Covid-19 under wraps in the pandemic's first year, so people there didn't get as accustomed to working from home

Strong economy to take office leasing to 40-45 mn sq ft in 2023: Colliers

In the quarter that ended on June 31, the highest QoQ change in demand for offices was noted in Chennai at 113 per cent to 3.3 mn sq ft

Stock of operational flex space in India to double in next five years

A flex property, short for flexible property, is a hybrid of office and industrial space. It can be used as an office, retail space or warehouse

Office space demand dipped 6% to 13.9 mn sq ft in Apr-Jun quarter: Vestian

Three key southern cities - Bengaluru, Chennai, and Hyderabad - dominated office demand with the contribution of 59 per cent of the total office leasing in the quarter

Top headlines: India's outward FDI shrinks, HCL Tech to acquire ASAP group

Business Standard brings you the top headlines at this hour

Unwanted space: World's empty office buildings have become a debt time bomb

The number of transactions is plunging-and when deals do happen, the price declines are stark

Hyderabad offered highest new office space in India in 2022-23: Anarock

At the end of FY23, Hyderabad accounted for a 31 per cent share of the total office space supply in the top seven Indian cities

WeWork leases 0.22 mn sq ft office space in Bengaluru to open 3 centres

Co-working major WeWork India has taken on lease 2.2 lakh square feet office space in Bengaluru to open three new centres with a cumulative capacity of 3,600 desks. At present, Bengaluru-based WeWork India has over 6.5 million (65 lakh) square feet of area across 45 locations in Delhi-NCR, Mumbai, Bengaluru, Pune and Hyderabad. The company has taken on lease 95,000 square feet area at Embassy Golf Links Business Park to set up two centres with a combined capacity of around 1,600 desk spaces, WeWork India said in a statement. It has taken 1.25 lakh square feet in Prestige Tech Park Jupiter, located close to Marathahalli with a capacity of 2,000 desks. Nearly 60 per cent of area has been pre-committed, highlighting the strong demand for flexible workspaces. Out of the three, one facility has become operational and the other two would open soon. WeWork India said it has been expanding its footprint in the country since its inception in 2017. Its revenue rose 70 per cent last calenda

Indian corporates beat American firms in office leasing in Jan-Mar: CBRE

Indian corporates overtook American firms in gross leasing of office space during the first quarter of this calendar year with nearly 50 per cent share in the total demand, according to CBRE India. In 2022, it was for the first time that India Inc beat American firms in leasing. On Wednesday, CBRE South Asia Pvt Ltd released the findings of its office report stating that the gross leasing of office space rose 9 per cent year-on-year to 12.6 million square feet during the January-March period across nine cities as against 11.6 million square feet in the year-ago period. "Similar to the previous quarter, domestic firms overtook American companies in terms of quarterly leasing, accounting for nearly half of the leasing activity in the January-March quarter," CBRE said in a statement. The gross leasing of office space rose 40 per cent in 2022 to 56.6 million square feet across nine major cities from 40.5 million square feet in the previous year. Out of the total absorption of office sp

Tech layoffs, economic slowdown hampers office space demand in India

Global economic slowdown, tech layoffs and hybrid work have impacted gross leasing of office space in India, as flexible office space providers share reached almost at par with traditional companies

Retail space demand to rise further, rents to surge 15% in 6 mnths: Experts

Retailers Association of India says retail market size is expected to touch $2 trn by 2032; also, retail sales surpassed pre-pandemic and grew by 19% in 2022

Total leasing of office space in Jan jumps 93% across 7 major cities: JLL

The total leasing of office space, which comprises demand for all grades of buildings, rose 93 per cent year-on-year in January to 3.2 million square feet across seven major cities, according to property consultant JLL India. However, the leasing fell 56 per cent, compared to December 2022, which had seen 7.4 million square feet office space absorption. In January 2022, the aggregate leasing activities stood at 1.7 million square feet. The aggregate office market leasing activities refer to transactions for all grades or types of buildings in the top seven cities (Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata). The data includes confirmed pre-commitments and term renewals. Deals in the discussion stage are not included. JLL India said that fresh leasing, which included expansion and relocation-driven space take-up accounted for 87 per cent of all recorded transactions during the last month. "The month of January is typically a slow period, as the holiday seas