Page 7 - Office Spaces

Table Space takes lease of 1.35 mn sq ft office space in four cities

Table Space has taken on lease 13.5 lakh square feet of office space across Mumbai, Chennai, Hyderabad and Bengaluru to meet the growing demand for premium managed workspace from corporates. In a statement on Tuesday, the company said it has taken on lease 1.35 million (13.5 lakh) sq ft in response to rising demand in key micro markets. Table Space also plans to add another 1.75 million (17.5 lakh) sq ft in Mumbai, Hyderabad, and Bengaluru to expand its portfolio. "India is witnessing high growth in the larger flexible workspace market. This is fuelled by an influx of multi-national companies (MNCs), global capability centres (GCCs) and the larger industrial expansion driving an increase in demand for premium offices and custom-managed solutions," Kunal Mehra, President of Table Space, said. The expansion plans are in line with the positive and healthy outlook of the market, he added. At present, Table Space has over 9.5 million (95 lakh) sq ft and more than 60 centres in its ...

REIT to invest Rs 3,800 cr to construct of 6.1 mn sq ft office space

Bullish on demand for premium workspace, Embassy Office Parks REIT will invest Rs 3,800 crore over the next four years to complete its ongoing office complexes as part of its strategy to expand rental portfolio. Embassy REIT, which is India's first publicly listed Real Estate Investment Trust (REIT), currently has 36.5 million (365 lakh) square feet of completed office space across Bengaluru, Mumbai, Pune and Delhi-NCR. In an interview with PTI, Aravind Maiya, Chief Executive Officer of Embassy REIT, said the company's business has been growing from strength to strength. To expand its portfolio, he said the company is constructing 6.1 million (61 lakh) square feet of premium office space in Bengaluru to cater to rising demand from global capability centres (GCCs) and also domestic players. That apart, Maiya said the company has signed an agreement to purchase Embassy Splendid TechZone (ESTZ), a Grade-A business park, from sponsor Embassy Group for an enterprise value of Rs 1,269 .

53 mn sq ft office space eligible to be monetised via SM-REIT for Rs 70K cr

Rating agency ICRA has estimated that around 530 lakh square feet of office spaces are eligible for small and medium REITs (SM-REIT) listing, creating a monetisation opportunity of Rs 67,000-71,000 crore. In November last year, the Sebi board cleared the amendments to the REITs Regulations, 2014, in order to create a regulatory framework for the facilitation of SM REITs, with an asset value of at least Rs 50 crore vis-a-vis minimum asset value of Rs 500 crore for existing REITs. As per the notification, the minimum price of each unit of the scheme of SM-REIT shall be Rs 10 lakh or such other amount as may be specified by Sebi from time to time. The size of the asset proposed to be acquired in a scheme of the SM-REIT is at least Rs 50 crore and less than Rs 500 crore. "Small and Medium REITs will provide an opportunity for small Grade A and most of the Grade B office developers to monetise their investments. Also, Fractional Ownership Platforms (FOPs) are expected to be formalised, .

American Express opens its largest campus worldwide in Gurugram, India

At nearly one million square feet, the new campus will become operational by the end of the month

GCCs, 3rd-party IT service providers driving demand for workspace: Report

International companies outsourcing jobs to India have become a major driver of office demand in the country with global capability centres and third-party IT service providers contributing 46 per cent to the total leasing of workspace during 2023, according to Knight Frank. Real estate consultant Knight Frank, in its latest report 'Asia Pacific Horizon: Harnessing the Potential of Offshoring', noted that the offshoring industry in India has grown significantly into a leading global service provider, accounting for 57 per cent of the global offshoring market. The consultant explained that the offshoring market involves companies outsourcing business processes or services to external providers located abroad, aiming to leverage cost savings, specialised skills, and operational efficiencies. The offshoring market, also known as Business Process Outsourcing (BPO), encompasses various models such as Global Capability Centres (GCCs) and Global Business Services (GBS). GCCs are internal

Demand for retail space in malls, high-streets may dip 15% in 2024: CBRE

Demand for retail spaces in shopping malls and high-street locations may decline up to 15 per cent this year from a record 71 lakh square feet in 2023 calendar year with retailers being cautiously optimistic, according to CBRE. Leasing of retail spaces in shopping malls and high street locations rose 48 per cent to 71 lakh (7.1 million) square feet in 2023 across eight major cities as against 48 lakh (4.8 million) square feet during the 2022 calendar year. In its report '2024 India Market Outlook', real estate consultant CBRE has projected that the leasing of retail space is expected to sustain between 6-6.5 million (60-65 lakh) square feet in 2024. It also expects a stable supply of retail spaces on completion of numerous high-quality mall developments. Around 5-6 million (50-60 lakh) square feet of investment-grade mall space will become operational in tier-I cities, the consultant said. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, .

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 .

Co-founder Adam Neumann bids over $500 million to buy back WeWork

It's not clear how Neumann is planning to line up financing for his bid

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

WeWork India enters Chennai to launch 2,000-seater coworking centre in June

Coworking major WeWork India on Tuesday said it has entered Chennai market and has taken on lease 1.3 lakh square feet of office space in Chennai to open a new centre with a capacity of 2,000 desks. In a statement, Bengaluru-based WeWork India said, it has taken on lease over 1,30,000 square feet of office space in the commercial building 'Olympia Cyberspace' developed by Olympia Group. The new centre, having a total capacity of more than 2,000 desks, will be operational in June. Karan Virwani, CEO, WeWork India, said the company will be opening its first flexible workspace in Chennai, a city known for its vibrant culture, urban population, and rapidly growing business ecosystem. "We are witnessing a continued surge in demand for flexible workspaces across India," he added. As organisations rapidly return to work from offices, Virwani said there is a growing need for flexible and customisable workspaces that can facilitate hybrid or full-time work models. "With a strong pipeline

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

Byju's shuts down offices across India amid cash crunch; implements WFH

Amid legal battles and financial disruptions, the edtech has gradually rolled back its office leasing to prioritise financial stability and paying employees

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

Welspun Living expects its revenue from Indian market to triple by 2026-27

Share of Welspun Living's retail and emerging businesses, including flooring and advanced textiles, in its total revenue is also expected to go up by FY27

WeWork founder Adam Neumann trying to buy back bankrupt company: Report

Neumann's new real estate company, Flow Global, has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat, the sources said

How technology is changing the office: Cubicle to wall colours and lighting

Companies are using neuroscience, AI, smart lighting to make offices that inspire creativity and innovation. They are creating office space that wraps itself around employees' needs

Industrial and logistics space demand hit record in 2023: CBRE report

The consultant noted that diverse industries, including e-commerce, retail, and manufacturing, chose to outsource their supply chain operations to 3PL firms

Chennai sees record office space demand in 2023; leasing up 61%: CBRE

Chennai has achieved an all-time high demand for office space in 2023 calendar year at 10 million square feet on better demand from corporates, according to CBRE. Real estate consultant CBRE on Thursday said that the leasing of office space in Chennai grew 61 per cent to 10 million square feet in 2023 as against 6.2 million square feet in the previous year. Overall, the office market across nine major cities witnessed a gross absorption of 61.6 million square feet during 2023, registering a growth of 7 per cent from 57.8 million square feet in the previous year. This marked a 4-year high leasing activity after it touched the peak in 2019 with 65 million square feet. BFSI (Banking, Financial Services and Insurance) firms led leasing activity with 22 per cent share in 2023, followed by technology companies (21 per cent), engineering & manufacturing companies (15 per cent), and flexible space operators (14 per cent), the consultant highlighted. "In 2023, the global economy, while ...

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

Office space demand up 15% in top 8 cities, Bengaluru sees 14% fall: Report

Leasing of office space rose by 15 per cent across eight major cities last year, despite a decline in demand in Bengaluru, the largest workspace market, according to Knight Frank. In a webinar, real estate consultant Knight Frank India on Wednesday released its report on the Indian housing and office market. The data showed that office demand grew 15 per cent annually to 59.6 million square feet in 2023, despite global economic and geopolitical concerns. The demand was mainly driven by Global Capability Centres (GCCs), which took on lease 20.8 million square feet last year, up 58 per cent from 2022 level. Knight Frank highlighted that the total office leasing number is the second-best year with the peak level achieved in 2019 at 60.6 million square feet. According to the data for 2023, compared with the previous year, the leasing of office space in Mumbai grew 16 per cent to 7.4 million square feet. Delhi-NCR saw a 14 per cent rise in office space demand to 10.1 million square ...