Page 5 - Office Spaces

Average office rents across top 6 cities breach pre-pandemic levels: Report

Office rents in Delhi-NCR clock the highest increase, rising by 8.3% in 2024 compared to 2019

Office demand high as leasing to cross 80 mn sq ft in top 8 cities: C&W

Gross leasing of office space across top eight cities is likely to cross 80 million square feet this calendar year, beating a record 74.5 million square feet during 2023, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield on Wednesday released its report on the office market for the third quarter of this calendar year. The gross leasing of office space rose 66 per cent to 24.8 million square feet across the top eight cities in Q3 2024, marking the second highest quarterly leasing volume in the sector's history. During January-September, the gross leasing has reached 66.7 million square feet. Office leasing stood at 49.1 million square feet in 2018; 67.7 million square feet in 2019; 46.6 million square feet in 2020; 50.4 million square feet in 2021; 72 million square feet in 2022; and 74.5 million square feet in 2023. "Strong market fundamentals have sustained extraordinary leasing momentum in the Indian office market, as evidenced by the remarkably ...

Dev Accelerator plans Rs 125 cr IPO amid high demand for office spaces

Dev Accelerator Ltd, which provides flexible office spaces, has filed a draft document with Sebi to launch its initial public offering (IPO) to raise around Rs 125 crore. Dev Accelerator (DevX) is promoted by listed entity Dev Information Technology Ltd. DevX's IPO is entirely a fresh issue of 2.47 crore equity shares (face value of Rs 2), with plans to list on both the NSE and BSE. The company proposes to utilise Rs 68.95 crore for "fit-outs" in the new centres and their security deposits. It proposes to use Rs 30 crore towards repayment and/or prepayment (in full or in part) of certain borrowings, according to the draft red herring prospectus (DRHP) filed with markets regulator Sebi. The remaining amount will be allocated for general corporate purposes, including strategic initiatives, strengthening marketing capabilities and brand building exercises, payment of lease liabilities, among others. This capital infusion will enable DevX to expand its footprint in major cities, inclu

Gross office space leasing in 2024 may rise 14% in top 9 cities: CBRE

Gross leasing transactions of office space are estimated to rise 14 per cent this calendar year across nine major cities to record 70 million square feet on better demand from global and domestic corporates, according to CBRE. The gross leasing of office space stood at 61.6 million square feet in 2023. CBRE South Asia noted that "office leasing is likely to record a historic high of around 70 million square feet in 2024 across top 9 cities in India as per current estimates." The last highest office leasing was recorded in 2019 at 66.6 million square feet. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, "India's office market leasing is projected to remain strong in 2024, with Q3 (July-September ) of 2024 reflecting sustained absorption. The demand is driven by global and domestic occupiers, who are expected to continue expanding their operations and consolidating their facilities to strengthen their market presence." GCCs (global .

Office space absorption rises 14% in second quarter over top 7 cities: JLL

Net absorption of office space rose 14 per cent annually during July-September period across seven major cities on better demand, according to JLL. Real estate consultant JLL's latest data showed that the net absorption of office space stood at 12.16 million square feet in the third quarter of this fiscal year as against 10.69 million square feet in the year-ago period. Net absorption is calculated as the new floor space occupied less floor space vacated. According to the data, the net absorption of office space in Bengaluru increased to 4.14 million square feet during July-September from 2.38 million square feet in the corresponding period of the previous year. The net demand in Chennai grew to 1.05 million square feet from 0.90 million square feet. Delhi saw net absorption of 1.92 million square feet as against 1.7 million square feet. Net absorption of office space rose to 1.85 million square feet from 1.53 million square feet. In Pune, the net office demand increased to 1.8

Office space absorption increases 31% in September quarter: Colliers

Bengaluru, Hyderabad led the pack, driving over half of the quarterly space uptake in Q3 2024

Gross office space leasing up 31% in Jul-Sept across top 6 cities: Colliers

Demand for office space continues to be strong with gross leasing rising 31 per cent in July-September quarter across six major cities, according to Colliers India. Real estate consultant Colliers India data showed that the gross office leasing rose to 17.3 million square feet in July-September from 13.2 million square feet in the year-ago period. Bengaluru and Hyderabad accounted for over half of the leasing activity during this period. Bengaluru registered its highest-ever leasing in any quarter at 6.3 million sq ft, up 85 per cent from 3.4 million square feet in the year-ago period. In Pune, gross leasing rose to 2.6 million sq ft from 1 million square feet. Office space leasing in Mumbai and Chennai remained flat at 1.7 million square feet and 1.4 million square feet, respectively. Hyderabad witnessed a 16 per cent increase to 2.9 million square feet from 2.5 million square feet. Office demand in Delhi-NCR fell 25 per cent to 2.4 million square feet in July-September 2024 fr

Morgan Stanley secures Rs 2,122 cr office lease for 16 floors in Mumbai

The office space spanning 1.1 million square feet in Mumbai's Goregaon suburb is one of the largest commercial real estate deals in India

IndiQube introduces 'IndiQube Canvas', office interiors experience centre

The centre is a state-of-the-art facility on Outer Ring Road (ORR) that is set to redefine how businesses envision and design their office spaces

Table Space buys office space in Bengaluru for about Rs 500 crore

Table Space, which provides flexible workspace to corporates, has bought 5 lakh sq ft office space in Bengaluru for around Rs 500 crore to expand its business amid rising demand. According to sources, the company has acquired 5 lakh square feet office space in Whitefield, Bengaluru, for about Rs 500 crore. Real estate consultant CBRE facilitated this deal, they added. Table Space President Kunal Mehra confirmed the transaction. CBRE declined to comment. "Table Space has acquired Kalyani Camellia, Whitefield (Mahadevapura), Bengaluru, covering around 5,00,000 sq ft," Mehra said. "This is the second Table Space-owned asset in the brand's portfolio," he told PTI. Mehra did not share the deal value. The first acquisition was of Panchshil Towers in Kharadi, Pune - spanning over 9 lakh square feet. "Bengaluru is our most mature and vital market, contributing 46 per cent to overall revenue and poised to remain our largest growth area," Mehra said. He noted that Table Space is one of

Empathy, inclusive upskilling key to foster thriving work cultures: Report

The 2024 Global Culture Report highlights that employees are six times more likely to be engaged when their leaders demonstrate genuine empathy and not merely as 'understanding'

55% office space demand in top 8 cities for 100K sq ft area: Knight Frank

Around 55 per cent of the total office demand during January-June period across eight major cities was for an area up to 1 lakh square feet while the remaining 45 per cent leasing transactions were for larger workspaces, according to Knight Frank India. Real estate consultant Knight Frank data showed that transactions for office spaces above 1 lakh square feet stood at 15.69 million square feet during the first half of this calendar year. "Large office space contributed 45 per cent of the overall commercial transactions across eight leading cities in the country," it added. Office space leasing in mid-segment or spaces between 50,000 square feet and 1,00,000 square feet was recorded at 7.28 million square feet during January-June 2024, constituting 21 per cent of the total leasing transactions during this period. The consultant's data showed that office space leasing in small office spaces or spaces below 50,000 sq ft were recorded at 11.7 million square feet, accounting for 34 per

Domestic firms take up 47% of total office space demand since 2022: CBRE

Domestic companies have taken 47 per cent of the total 154 million sq feet of office space leased since 2022 calendar year across nine major cities and the dominance of global firms particularly from the US has come down, according to CBRE. The real estate consultant CBRE noted that the share of domestic companies was one-third of the total office demand before 2022. CBRE's latest report India Inc's Ascension - The Rise of Domestic Firms as an Office Demand Driver showed that domestic companies accounted for nearly 47 per cent of overall office leasing activity from 2022 to H1-2024 "The total office leasing by domestic firms during 2022-H1 2024 period stood at 72 million square feet across the 9 cities. The total office leasing during this same period stood at around 154 million square feet. The nine cities include Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata, Pune, Kochi and Ahmedabad," the consultant said. Anshuman Magazine, Chairman & CEO, India, Southeast Asia, ...

350 mn sq ft office space worth $60 bn to get SM-Reit listing by 2026: CBRE

Around 350 million square feet of prime office space, valuing more than USD 60 billion, will become eligible by 2026 to get listed as Small and Medium Real Estate Investment Trusts (SM-REITs), according to CBRE. In March, capital markets regulator Securities and Exchange Board of India (Sebi) notified the framework for SM-REITs. At present, there are no listed SM-REIT in the country. Real estate consultant CBRE on Thursday released its report titled, 'Navigating the SM REIT Landscape - A Look at Regulations and Implications'. As per the report, the total completed office stock in India currently stands at over 800 million square feet, of which REIT-listed office inventory is over 88 million square feet. "The potential market for SM-REITs in India covers over 300 million square feet of completed commercial space, besides an additional 50 million square feet of space expected to be completed by 2026. This translates into an estimated market size of over USD 60 billion," the consultan

Demand for office spaces to continue rising in country: Senior JLL exec

India's skilled workforce and rise of global capability centres helping demand for commercial real estate, says Karan Singh Sodi

Flex spaces record their highest contribution to office leasing in India

In the last five years, the total footprint of flex space operators in India has doubled owing to high demand as well as supply, according to Cushman & Wakefield

Embassy Reit leases 800k sq ft space to Commonwealth Bank of Australia

Embassy Office Parks REIT has signed an agreement to provide on lease 8 lakh square feet prime office space in Bengaluru to global banking major Commonwealth Bank of Australia, with an option to expand leasable area further by 6 lakh square feet. In a regulatory filing, Embassy REIT informed that the company has signed an Agreement to Lease (ATL) with the Commonwealth Bank of Australia (CBA) for a premium office campus of approximately 0.8 million square feet along with an expansion option of an additional 0.6 million square feet at 'Embassy Manyata' project, one of Asia's largest and India's most prominent business parks. The new space is being designed as a comprehensive built-to-suit solution, and Embassy REIT expects to deliver the facility, including fit-outs in the fourth quarter of the calendar year 2026. Embassy has been home to CBA for 4 years, and we are delighted to extend our long-standing partnership with one of the world's leading financial institutions," Jitu Virwani,

BHIVE to add 3 mn sqft over next 2 yrs, eyes Rs 350 cr revenue in FY25

Over the past two years, BHIVE has expanded its managed office portfolio by adding 1.5 million square feet

Firms lease 53mn sq ft office space since 2022 to set up GCCs in 6 cities

Leading global companies have taken on lease nearly 53 million square feet of office space since 2022 across six major cities to set up Global Capability Centres (GCCs) with maximum demand in Bengaluru, according to CBRE and Zyoin. In their joint report, property consultant CBRE and hiring solutions firm Zyoin highlighted that GCCs have significantly amplified their Indian operations over recent decades, propelled by a skilled workforce, cost efficiency, and a conducive business climate. This GCC growth trajectory is anticipated to be concentrated in India's top six metropolitan areas, driven by their exceptional talent pools, enabling expansion and future development. "Global corporations are affirming their long-term commitment to India by securing larger office spaces for their GCCs," the consultant said. Nearly 53 million square feet of office space was leased by GCCs between 2022 and the first half of 2024 across Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR and Mumbai. Out

AI, Robotics companies led office space absorption in Bengaluru: Vestian

The office market demand surge in Bengaluru is attributed to the rapid global advancements in artificial intelligence and a supportive local ecosystem