Page 3 - Office Space

Returning to office is $1.3 trillion problem that only few have figured out

Asian nations did a better job keeping Covid-19 under wraps in the pandemic's first year, so people there didn't get as accustomed to working from home

Strong economy to take office leasing to 40-45 mn sq ft in 2023: Colliers

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

Stock of operational flex space in India to double in next five years

A flex property, short for flexible property, is a hybrid of office and industrial space. It can be used as an office, retail space or warehouse

Office space demand dipped 6% to 13.9 mn sq ft in Apr-Jun quarter: Vestian

Three key southern cities - Bengaluru, Chennai, and Hyderabad - dominated office demand with the contribution of 59 per cent of the total office leasing in the quarter

Top headlines: India's outward FDI shrinks, HCL Tech to acquire ASAP group

Business Standard brings you the top headlines at this hour

Unwanted space: World's empty office buildings have become a debt time bomb

The number of transactions is plunging-and when deals do happen, the price declines are stark

Hyderabad offered highest new office space in India in 2022-23: Anarock

At the end of FY23, Hyderabad accounted for a 31 per cent share of the total office space supply in the top seven Indian cities

WeWork leases 0.22 mn sq ft office space in Bengaluru to open 3 centres

Co-working major WeWork India has taken on lease 2.2 lakh square feet office space in Bengaluru to open three new centres with a cumulative capacity of 3,600 desks. At present, Bengaluru-based WeWork India has over 6.5 million (65 lakh) square feet of area across 45 locations in Delhi-NCR, Mumbai, Bengaluru, Pune and Hyderabad. The company has taken on lease 95,000 square feet area at Embassy Golf Links Business Park to set up two centres with a combined capacity of around 1,600 desk spaces, WeWork India said in a statement. It has taken 1.25 lakh square feet in Prestige Tech Park Jupiter, located close to Marathahalli with a capacity of 2,000 desks. Nearly 60 per cent of area has been pre-committed, highlighting the strong demand for flexible workspaces. Out of the three, one facility has become operational and the other two would open soon. WeWork India said it has been expanding its footprint in the country since its inception in 2017. Its revenue rose 70 per cent last calenda

Indian corporates beat American firms in office leasing in Jan-Mar: CBRE

Indian corporates overtook American firms in gross leasing of office space during the first quarter of this calendar year with nearly 50 per cent share in the total demand, according to CBRE India. In 2022, it was for the first time that India Inc beat American firms in leasing. On Wednesday, CBRE South Asia Pvt Ltd released the findings of its office report stating that the gross leasing of office space rose 9 per cent year-on-year to 12.6 million square feet during the January-March period across nine cities as against 11.6 million square feet in the year-ago period. "Similar to the previous quarter, domestic firms overtook American companies in terms of quarterly leasing, accounting for nearly half of the leasing activity in the January-March quarter," CBRE said in a statement. The gross leasing of office space rose 40 per cent in 2022 to 56.6 million square feet across nine major cities from 40.5 million square feet in the previous year. Out of the total absorption of office sp

Tech layoffs, economic slowdown hampers office space demand in India

Global economic slowdown, tech layoffs and hybrid work have impacted gross leasing of office space in India, as flexible office space providers share reached almost at par with traditional companies

Retail space demand to rise further, rents to surge 15% in 6 mnths: Experts

Retailers Association of India says retail market size is expected to touch $2 trn by 2032; also, retail sales surpassed pre-pandemic and grew by 19% in 2022

Total leasing of office space in Jan jumps 93% across 7 major cities: JLL

The total leasing of office space, which comprises demand for all grades of buildings, rose 93 per cent year-on-year in January to 3.2 million square feet across seven major cities, according to property consultant JLL India. However, the leasing fell 56 per cent, compared to December 2022, which had seen 7.4 million square feet office space absorption. In January 2022, the aggregate leasing activities stood at 1.7 million square feet. The aggregate office market leasing activities refer to transactions for all grades or types of buildings in the top seven cities (Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata). The data includes confirmed pre-commitments and term renewals. Deals in the discussion stage are not included. JLL India said that fresh leasing, which included expansion and relocation-driven space take-up accounted for 87 per cent of all recorded transactions during the last month. "The month of January is typically a slow period, as the holiday seas

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