Page 6 - Office Space

Ahmedabad sees maximum rise in office supply last yr among 9 cities: CBRE

Ahmedabad saw the maximum increase in fresh supply of office space in 2022 among the nine major cities, with more than a five-fold jump to 4.6 million square feet, according to CBRE India. In its latest report on the office market, CBRE India mentioned that the new supply of office space during the 2022 calendar year rose 2 per cent to 50.6 million square feet from 49.7 million square feet in the previous year. While Ahmedabad, Kolkata, Chennai and Hyderabad markets witnessed an increase in office supply, the report pointed out that supply in five cities Bengaluru, Mumbai, Delhi-NCR, Pune and Kochi declined last year. As per the data, the new office supply in Ahmedabad jumped by over 400 per cent to 4.6 million square feet in 2022 from 0.9 million square feet in the preceding year. Not only in percentage terms, but Ahmedabad also topped in an absolute increase in fresh supply with an addition of 3.7 million square feet area last year. Explaining the reason behind the sharp jump, .

Tech, engineering sectors lead office space absorption in Oct-Dec 22: Study

Office space absorption in the city stood at 1.7 million square feet during the October-December 2022 period, a study by real estate consulting firm CBRE South Asia Pvt Ltd said on Sunday. Technology sector accounted for 43 per cent, while engineering and manufacturing was 17 per cent, flexible space operators were 12 per cent while the IT segment alone took up lion's share in the office absorption space. According to the report, small (less than 10,000 sq ft) to medium sized 10,000 to 50,000 sq ft transactions dominated the leasing in 2022. The share of large size deals over 100,000 sq ft remained at 7 per cent. Bengaluru led the rank in office space absorption, followed by New Delhi-NCR (National Capital Region) and Pune dominated large-size deal closures in 2022 while a few deals were reported in Hyderabad, Mumbai, Chennai and Ahmedabad. "With a sustained recovery in leasing, moderating vacancy levels and persistent demand for investment-grade assets, the rental recovery continu

Net office market absorption at three-year high of 38 mn sq ft in 2022: JLL

Strong job creation, India's credentials as tech and innovation hub, firm corporate expansion plans, and a greater number of firms eyeing India for talent, were key growth drivers

Bengaluru tops in APAC region in flexible office space stock; Delhi-NCR 5th

Bengaluru has the highest supply of premium flexible office space in Asia Pacific region at 10.6 million square feet, according to CBRE. In its latest report, real estate consultant CBRE said that Bengaluru topped the list of Asia-Pacific region (APAC) cities having the highest flexible stock ahead of 11 major cities. As of September 2022, Bengaluru recorded 10.6 million square feet (Grade-A assets) flexible stock, the highest among all major APAC cities, including Shanghai, Beijing, Seoul, Tokyo and Singapore. Delhi-NCR ranked fifth in the list of 12 cities with 6.6 million square feet of flexible stock in Grade-A assets, while Hyderabad was at seventh position with a stock of 5.7 million square feet. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa - CBRE, said, "India is leading the flexible A-grade office stock in the APAC region. Occupiers are largely re-engineering their portfolio and workplace strategies to accommodate hybrid working ...

Net leasing of office space likely to rise 41-49% across 7 cities in 2022

Net leasing of office space is likely to rise by 41-49 per cent across seven major cities this year on a lower base and improved demand post-pandemic, according to JLL India. Net absorption or leasing of office space stood at 26.2 million square feet in 2021, and it is likely to be in the range of 37-39 million square feet this year across seven cities -- Bengaluru, Delhi NCR, Chennai, Hyderabad, Kolkata, Mumbai and Pune. Nevertheless, the net office leasing will remain lower than the record absorption achieved in 2019 -- the pre-COVID year -- at 47.9 million square feet. Real estate consultant JLL India calculates net absorption as the new floor space occupied less floor space vacated. Floor space that is pre-committed is not considered to be absorbed until it is physically occupied. The net absorption for the first nine months of 2022 (January-September) is at a three-year high of 30.3 million square feet and on track to match the 5-year average (2015-2019) for the full year, it

Office space demand can translate into high returns, say experts

Oversupply, poor maintenance can, however, play spoilsport

PM Modi bats for remote work, flexible work hours, calls it the future

Modi said that India missed taking advantage of the first three industrial revolutions because it couldn't keep pace with the changing nature of work

Smartworks leases tech park in Bengaluru; aims Rs 1,000 revenue in 2022

Smartworks' revenues have increased three-fold, and it aims to reach the Rs 1,000 crore revenue milestone in 2022

Office leasing rises 2.5 fold in Apr-Jun across 6 cities: Colliers India

Gross leasing of office space jumped over 2.5 fold annually in April-June across six major cities at 14.7 million square feet on lower base effect and rise in demand from corporates

WeWork takes 660,000 sq ft office space on lease in Noida to expand biz

We have given an entire office tower comprising 660,000 square feet, on 15 years lease to WeWork India, says Bhutani group CEO Ashish Bhutani

Delhi-NCR ranks 9th in Asia Pacific in occupancy cost for office space

Delhi-NCR ranks ninth in Asia Pacific in terms of occupancy cost for prime office space at USD 60.1 per square feet per year, according to Knight Frank India

'Return to office, large scale hiring to drive office space demand in 2022'

In an interview with PTI, Dutt highlighted that hiring at a large scale is already happening with many sectors bouncing back after the adverse impact of the COVID-19 pandemic

Office space leasing up 25% at 11 msf in March quarter: Knight Frank

Bengaluru remained the biggest market with total office space leasing of 3.5 msf of office space, followed by Delhi-NCR which recorded 2.3 msf of gross leasing in the first three months of 2022

Demand for office space up 50% in 2021 led by startups, tech cos: Colliers

Demand for office space in Delhi NCR region has grown 50 per cent year-on-year in 2021, majorly due to strong absorptions by startups and technology firms, said real estate consultancy firm Colliers

Gross office space leasing up 16% in 2021 across top 9 cities: CBRE

Gross office space leasing across nine major cities rose 16 per cent to 41.1 million square feet during the last year, driven mainly by higher demand in Hyderabad, real estate consultant CBRE said on Friday. Office space leasing or absorption stood at 35.4 million square feet during 2020, while the new supply was 42.1 million square feet. Releasing its office report 'CBRE Figures', the consultant said Bengaluru, Hyderabad, and Delhi-NCR together account for 70 per cent of the leasing activity. "The physical office would be more effective for occupiers in India in supporting employee engagement, collaboration, team productivity and innovation, relative to remote working," said Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE. While office utilisation rates across cities would fluctuate in tandem with infection rates owing to new variants (Omicron), he believed that occupiers would encourage employees to come back to offices, with their ...

Net office space leasing up 2% in 2021; down 45% from 2019 levels: Report

The net absorption of office space stood at 25.66 million square feet in 2020 and record 47.8 million square feet in 2019

WeWork India turns profitable on top line of Rs 800 crore in Jan-Nov

The flexible office space start-up had entered India in July 2017 through a franchise model with Bengaluru-based property developer Embassy Group

Godrej group PE arm GFM raises $500 mn to build premium office buildings

Godrej group's real estate private equity arm Godrej Fund Management (GFM) on Wednesday said it has raised USD 500 million (Rs 3,800 crore) for development of premium office assets.

'Office space leasing in 7 cities to reach 95% of pre-Covid level in FY23'

The increase in net leasing and steady rental collections, which had not fallen significantly, will ensure that the credit profiles of commercial real estate owners remain stable, Crisil said

Office space leasing falls 4 pc to 25 mn sq ft during Jan-Sep: CBRE

Office space leasing dropped four per cent to 25 million square feet during January-September this year across six major cities due to adverse impact of the second wave of the COVID-19 pandemic, according to CBRE. In its report 'India Market Monitor Market' for the third quarter of the calendar year 2021, CBRE said 13.5 million square feet space was leased during the July-September quarter, up 140 per cent from the previous quarter. "Space take-up of 25 million square feet recorded in 2021 YTD (year-to-date), a marginal drop of 4 per cent year-on-year," the consultant said. Nearly 34.3 million square feet of supply addition witnessed in 2021 YTD, marginally up four per cent year-on-year, it said. Anshuman Magazine, chairman and CEO (India, Southeast Asia, Middle East & Africa) of CBRE, said, "India's real estate market has proven to be resilient over the last year. The overall outlook for the Indian real estate continues to be positive back of an accelerated vaccination drive, ...