Page 5 - Office Space

Net leasing of office space up 44% at 11.5 mn sq ft during Jan-Mar: Report

Net leasing of office space rose 44 per cent annually in this quarter across eight major cities on higher demand from corporates for expansion of their businesses, according to Cushman & Wakefield. According to data released on Saturday by real estate consultant Cushman & Wakefield (C&W) India, the net leasing of office space stood at 115.14 lakh (11.5 million) square feet (sq ft) during January-March as against 80.09 lakh (8 million) sq ft in the year-ago period. "This is the third-highest level recorded in the last five years, demonstrating a robust appetite for office space among businesses," the consultant highlighted. Net absorption or leasing rose in Bengaluru, Mumbai, Delhi-NCR and Chennai but fell in Pune, Hyderabad, Kolkata and Ahmedabad. "The Indian office market is experiencing a robust momentum. We haven't witnessed 20 million square feet of gross leasing being recorded for two consecutive quarters in recent history. "This strong performance may signal a shift .

Office space demand to rise 35% in 6 cities; double in Hyderabad: Colliers

Office space demand across six major cities continues to be strong, with gross leasing of workspaces set to rise 35 per cent annually in the January-March quarter, according to Colliers India. Real estate consultant Colliers India has released the data on the office market for the January-March period, nine days before the closing of the current quarter. As per the data, the total gross leasing of office space is estimated to rise to 13.6 million square feet across six major cities -- Bengaluru, Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune -- during the first quarter of 2024. The leasing stood at 10.1 million square feet (sq ft) in the year-ago period. The demand is set to grow in Hyderabad, Mumbai, Bengaluru and Delhi-NCR, but may fall in Chennai. In Pune, the demand is likely to remain flat at 0.8 million sq ft. According to the data, the leasing of office space in Hyderabad is estimated to jump more than two times to 2.9 million square feet during January-March from 1.3 mill

Market size for flexible office spaces in India to double by 2030: Anarock

Co-working spaces will be the top choice of industry professionals by the end of the decade

Property leasing by luxury brands in India jumped 170% in 2023: Report

Consumer preference will 'reshape retail landscape' in the country, it says

Office space demand likely at 50-55 mn sq ft across top 6 cities: Report

Office space demand in India's six major cities will remain healthy this year as domestic and foreign firms are expected to lease 50-55 million square feet area to expand their businesses, according to a FICCI-Colliers report. Gross leasing of office space stood at 58.2 million square feet across six major cities namely Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. Industry body FICCI and real estate consultant Colliers India earlier this week released its report 'India Office: Repurposed to scale-up'. The report has given three scenarios for office demand forecast - optimistic, realistic, and pessimistic. In a realistic scenario, the gross leasing of Grade-A office space is estimated at 50-55 million square feet this year across these six cities. The demand could go up to 55-60 million square feet in an optimistic scenario, while the leasing numbers could drop to 45-50 million square feet in a pessimistic scenario. "India's office space demand is likely to breach th

Cognizant asks India employees to work from office for three days in a week

Around 254,000 of Cognizant's 347,700 employees are based in India, making it the firm's largest employee base, according to its annual report

Big tech companies likely to continue hybrid mode of work: WeWork India CEO

Companies in the BFSI, media, and consulting sectors have returned to office almost fully, said Karan Virwani

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

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