Page 4 - Office Spaces

315Work Avenue plans to add 2 mn sq ft in FY26, invest Rs 400 crore

315Work Avenue's expansion aligns with its strategy to establish a presence in 10-12 cities over the next two years and reach 5 million square feet this year

Office leasing market hits record high: Flexible workspace, IT lead surge

Transactions above 100,000 sqft made up 41% of demand, with a 13% Y-o-Y increase, particularly in Bengaluru and Pune.

BFSI sector leases 13.4 msf of office space in 2024, up 19% from 2023: JLL

Foreign BFSI firms accounted for 68.3 per cent of total BFSI leasing in 2024

Workplace business on a high as back to office becomes the new normal

While commercial real estate developers are banking on potential demand, they also believe that hybrid work culture will continue to co-exist

Hanto Workspaces revenue to grow 40% to Rs 30 cr in FY25 on demand

Hanto Workspaces is expecting over 40 per cent increase in revenue this fiscal year to Rs 30 crore on rising demand for flexible managed office space. Bengaluru-based Hanto Workspaces had posted a revenue of Rs 21 crore in the 2023-24 fiscal year. "We are likely to post a revenue of around Rs 30 crore during this fiscal year. There is a huge demand for managed flexible workspaces in Bengaluru," Hanto Workspaces Founder Aashit Verma told PTI. He said the company has expanded its portfolio and also improved occupancy rates, helping it achieve higher revenues. At present, Verma said the company has 15 co-working facilities in Bengaluru covering 3 lakh square feet area and 6,000 seating capacity. The company charges between Rs 7,000 and Rs 18,000 per desk from corporate clients. Verma said the company is looking to strengthen its portfolio in Bengaluru and also exploring to enter other major cities. He said the company also intends to raise funds to expand business and future growth

The Executive Centre to expand co-working space by 2.38 lakh sq ft in March

The company which competes with WeWork, Regus and others like Awfis, has 15 lakh sq ft co-working space across the country. It aims to double its entire portfolio by 2027

New office supply hits all-time high in 2024 across 7 major cities: Vestian

The report underscored the challenges facing India's office market in 2024, attributing them to global macroeconomic uncertainty, escalating geopolitical tensions, and persistent inflation

India records 15% increase in GCC lease deals in 2024: Knight Frank

Bengaluru emerging as the most preferred market

Office space demand may rise 5% in top 6 cities to 70 mn sq ft: Colliers

Demand for office space in India's top six cities is expected to remain strong this calendar year with gross leasing transactions estimated at 650-700 lakh square feet, according to Colliers India. The gross leasing of office space stood at record 664 lakh square feet in 2024 calendar year across Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad and Chennai. Real estate consultant Colliers India on Tuesday released its report 'India Office: Setting New Standards for 2025' at the FICCI 18th Real Estate summit here. India's top six cities have witnessed significant scale-up in office leasing and supply, helping office market set new records in successive years. "The scale-up, mainly driven by evolving occupier preferences is likely to gain further momentum, with gross leasing across the top six cities projected to reach 65-70 million (650-700 lakh) sq ft in 2025," the consultant said. The surge in overall leasing volume is likely to be driven by diversification of occupier base, continu

NCR sees record 12.7 mn sq ft office leasing in 2024, avg deal size up 29%

Noida has witnessed a significant 48% year-on-year (YOY) increase in leasing activities in 2024, primarily driven by the growing demand from Global Capability Centers (GCCs) expanding their operations

Demand for retail spaces in malls, high streets falls 10% in 2024: CBRE

Leasing of retail spaces in shopping malls and high streets fell 10 per cent last year to 64 lakh square feet across eight major cities due to supply constraints, according to CBRE. The gross absorption or leasing of retail spaces stood at 71 lakh square feet in 2023 calendar year. Real estate consultant CBRE data pertains to leasing in investment-grade shopping malls, high streets and standalone developments. "India's retail landscape is set for significant growth in 2025, with primary leasing demand gaining momentum and 5-6 million (50-60 lakh) sq ft of Grade A malls expected to commence operations in cities such as Delhi-NCR, Hyderabad, Mumbai, and Bengaluru," Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, said. Leasing activity is anticipated to remain steady, supported by a robust supply pipeline and strong demand from mid-range fashion, value fashion, athleisure, and jewellery segments, he added. "Retail spaces are evolving into ...

Office space leasing in top 8 cities surpasses 2019 levels: Knight Frank

Demand for office space across eight major cities was at an all-time high during last year, beating previous high in pre-COVID year 2019, according to Knight Frank. During 2020 and 2021 calendar years, the office space demand had plunged due to the outbreak of COVID pandemic. Total office space absorption during the 2024 stood at an impressive 719 lakh square feet, surpassing the previous peak achieved in pre-pandemic 2019 by 19 per cent. On a Year-on-Year (YoY) basis, office space transactions in 2024 recorded a 21 per cent growth compared to 2023. This stellar achievement reflects India's economic resilience, sustained GDP growth, robust domestic consumption, and the country's increasing prominence in the global economic landscape, real estate consultant Knight Frank India said. The exceptional demand for office spaces underscores the confidence of global and domestic businesses in India's thriving business, it added. On the office market, premium managed office space operator

Office leasing rises 19% in 2024 in top 8 cities on strong demand: C&W

India's office market was very active in 2024 with gross leasing of workspace witnessing a 19 per cent increase to a record 885.2 lakh square feet across eight major cities, according to Cushman & Wakefield. The gross leasing or absorption of office space stood at 745.6 lakh square feet in the preceding year, data from real estate consultant Cushman & Wakefield (C&W) showed. "The year 2024 has been a defining year for India's office sector, achieving record-breaking leasing volumes and reaffirming the country's position as the strongest growth market globally for office space demand," said Anshul Jain, Chief Executive, India, Southeast Asia and APAC Tenant Representation, Cushman & Wakefield. The growing presence of Global Capability Centers (GCCs), contributing nearly 30 per cent of total demand, underscores India's strategic importance for global multinationals, he highlighted. "As we move into 2025, the demand for Grade-A spaces is expected to remain robust, further

Office demand in key business hubs outpaces supply: Mindspace REIT CEO

India's key office markets Bengaluru, Hyderabad, Pune, and Gurugram are witnessing higher demand for premium workspaces than new supply and this will lead to a drop in vacancy rates as well as an increase in rentals during 2025, Mindspace Business Parks REIT CEO Ramesh Nair said. "As we step into 2025, India's office market stands at the cusp of transformative change, mirroring the dynamism of the nation's economy and its burgeoning workforce. This year will be shaped by a synergy of technology, sustainability, and evolving business priorities, redefining the way organisations utilise and perceive office spaces," he said. Nair has listed ten key trends for India's office market in 2025 calendar year. He said there is a scarcity of Grade-A office spaces in business hubs. "Vacancy rates are projected to drop in key markets like Bengaluru, Hyderabad, Pune, and Gurugram as demand outpaces supply. This will create competitive leasing conditions and push rents upward in prime locations.

Office market buoyant, premium workspaces under-construction: Anarock

With rising demand of premium workspaces, real estate consultant Anarock has said that realty firms are currently developing around 250 lakh square feet of office space across major cities for catering to the requirements of domestic and foreign companies. Homegrown Anarock entered into office leasing segment in April this year, expanding its business from housing brokerage, capital market transactions, and leasing of retail as well as industrial & warehousing spaces, among others. In an interview with PTI, Peush Jain, Managing Director, Commercial Leasing and Advisory, Anarock, highlighted that the year 2024 has been extremely good for Indian office market with record gross leasing activities and drop in vacancy rates. He expressed confidence that the demand momentum would continue next year. "The office market has shown strong recovery and consolidation post-pandemic," said Jain, who has more than 20 years of experience in the real estate sector. Jain noted that Global ...

Gross leasing of office space rises 14% in top 6 cities: Colliers India

Office space demand remained strong this year with gross leasing of workspace rising 14 per cent to a record 66.4 million square feet across six major cities, according to Colliers India. Gross leasing of Grade A office spaces stood at 58.2 million square feet in 2023 calendar year. Real estate consultant Colliers India on Tuesday released the data for India's six major office markets. Bengaluru saw a record office leasing of 21.7 million square feet in 2024, up 39 per cent from 15.6 million square feet in the preceding calendar year. The gross office space leasing in Hyderabad rose 56 per cent to 12.5 million square feet from 8 million square feet. Mumbai witnessed a 43 per cent increase in demand to 10 million square feet from 7 million square feet, while Pune saw a modest 4 per cent increase in office space leasing to 5.7 million square feet from 5.5 million square feet. However, the demand fell in Chennai and Delhi-NCR. The gross leasing of office space in Chennai declined t

Chennai to add 12-13 million sq ft of premium office space in 2025-26

Chennai is set to add about 12-13 million sq ft of premium office space between 2025 and 2026 following strong demand from corporates engaged in various sectors and industry, a report by real estate consulting firm CBRE South Asia Pvt Ltd has said. Currently, the city is home to about 250 Global Capability Centres (GCC) that employ over 1.50 lakh professionals, constituting about 11 per cent of the total GCC talent. The presence of Global Capability Centres in Chennai is expected to touch 460 units by 2030, it said. Strategic policies by the government including the Tamil Nadu Startup and Innovation Policy, Research and Development Policy, payroll subsidy programme for newly established GCCs are solidifying the city's role as a hub for innovation and talent, the study has revealed. The real estate consulting firm CBRE, recently, released the report 'Tamil Nadu: The Epicentre of Capability and Innovation Leadership' which highlights the city's rising prominence as a key destination f

Co-working firm Incuspaze to raise Rs 210 cr to fund expansion, plans IPO

Stock listing in five years as corporate demand for flexible offices increases in cities

Delhi-NCR 6th most expensive office market in Asia Pacific: Knight Frank

Delhi-NCR is the sixth most expensive office location in the Asia Pacific region, with an average monthly rental of Rs 340 per sq ft, while Mumbai ranked eighth in the list, according to Knight Frank India. Real estate consultant Knight Frank, in its latest edition of the Asia-Pacific Prime Office Rental Index for Q3 (July-September) 2024, said Delhi-NCR is the 6th most expensive office space rental market across the APAC region. Hong Kong SAR continues to be APAC's most expensive office market during the third quarter of this calendar year. Prime rents in the NCR remained stable in Q3 2024, while Mumbai and Bengaluru saw year-on-year (YoY) increases of 5 per cent and 3 per cent, respectively, driven by strong demand from corporates and limited new supply. The prime office market of Delhi-NCR continued to see rental values maintain levels seen in the past four quarters. The prime office rent of the region was recorded at Rs 340 per sq ft per month, making it the 6th most expensive

Average office rents in India cross pre-pandemic levels for the first time

Although Delhi NCR was amongst the last cities to breach pre-pandemic levels, the rental growth (2024 compared to 2019) has been the highest in Delhi NCR.