Office Leasing By IT Firms

India's prime office markets saw a 4-8 per cent year-on-year rise in rentals in the first quarter, propelled by strong demand and an influx of high-quality supply, according to Colliers' latest report

In Bengaluru, engineering & manufacturing sector leads the demand, trumps those from technology sector occupiers

By the end of 2023, office leasing space is expected to cross 50 million sq ft according to CBRE's 2023 Real Estate Overview and Outlook

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

Leasing of retail space in malls and prominent high-street locations across eight major cities is expected to rise 17-28 per cent to 55-60 lakh square feet, driven by demand from retailers in fashion & apparel, homeware, and departmental stores categories, according to CBRE India. Real estate consultant CBRE South Asia Pvt Ltd on Wednesday released its report, '2023 India Market Outlook' that highlights key trends and projections for realty sector. "Retail leasing is expected to touch 5.56 million (55-60 lakh) square feet in 2023, the highest level after the 2019 peak of 6.8 million (68 lakh) square feet. It is expected that primary leasing in newly completed malls will remain the key driver of retail space demand in 2023," the consultant said. Figures denote leasing of space in investment-grade malls, prominent high streets and standalone developments. The eight cities tracked are Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai and Pune. After the 2019-peak, .

Leasing of flexible workspace by corporates rose 59 per cent in April-June at 28,167 desks across top eight cities as they are embracing managed office space amid uncertainties, according to Cushman & Wakefield. Enterprises had leased 17,691 seats in coworking centres in the April-June quarter of last year across eight major cities -- Delhi-NCR, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Ahmedabad. In its latest report on India's office market, real estate consultant Cushman & Wakefield said: "A lot of companies, including the global multinationals, have embraced the managed space concept leading to enterprise flex seat deals standing at 28,167 seats transacted in Q2-22." Bengaluru, Pune, and Hyderabad are cities spearheading the enterprise deals in flexible seats, with the three cities accounting for around 75 per cent of all deals since the start of 2021. Anshul Jain, Managing Director South East Asia and India, said the growth in office leasing indicates ...

Bengaluru leads in lease transactions and it is followed by Delhi-NCR, Mumbai, and Chennai

Even in financial hub Mumbai, the share of the IT segment has risen from 46.4 per cent to 50 per cent, Propstack said