Page 4 - Office Spaces

Net leasing of office space seen flat this year across top 7 cities: Report

Net office space leasing across seven major cities is likely to remain stable at 37-39 million sq ft during this calendar year, despite global economic concerns and is expected to rise 20 per cent next year, according to JLL. Net absorption, or leasing of office space, stood at 37.99 million sq ft during the 2022 calendar year in seven major cities -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune. The office space demand hit a record at 47.92 million sq ft in 2019, but declined sharply to 25.38 million sq ft in 2020 and 26.03 million sq ft in 2021, according to real estate consultant JLL India data. The consultant said the office sector has seen sustained growth in demand this year despite global sluggishness, and is poised to achieve the next level of growth in 2024. "Net absorption from January-September 2023 was 26 million sq ft, which is 68 per cent of the 2022 full-year number. In 2023, net absorption in the office market is expected to be at par with 202

Office space leased in Noida in last 3 years almost same as between 2010-20

Around 10 million sq feet of office space was leased out in Noida between 2010 and 2020 while almost the same has happened within the last three years, real estate stakeholders said Friday, noting the city's growth in the sector. Noida, they said, also has a chance to develop as a more sustainable city in terms of infrastructure as compared to Gurugram or Delhi while noting that the upcoming airport would also be a growth vector in western Uttar Pradesh region. Politicians, realtors, property consultants and researchers shared their views at 'the Growth Story of Noida', an industry event organized at CRC The Flagship here. "Between 2010 and 2020, the office leasing in Noida was around 10 million sq feet while since 2020 the region has seen nearly 9 million sq feet of total grade A leasing till September 2023 and the figure is likely to reach 10 million square feet by this year-end," Managing Director, North India, Colliers Bhupindra Singh said. "This speaks volumes about the growth

Office leasing in BFSI sector between Jan-Sep at a decadal high: CBRE

Within the BFSI sector, demand for office spaces was led by Global Capability Centres in the top six cities in India: CBRE

Cognizant shifts to asset-light model; to sell assets in Hyderabad, Chennai

The company has already vacated 1.15 million square feet of office space in Chennai, including 500,000 square feet in the DLF Cybercity SEZ and 650,000 square feet in the Ramanujan IT SEZ

Office rents up 7% in top 7 cities despite tepid leasing in H1FY24: Anarock

The report stated that amid increased office space completions, vacancy levels across most top cities rose marginally except in NCR, MMR, and Kolkata

Corporates to utilise more flexible office spaces in next 3-4 years: Report

The share of flexible office spaces in the total premium office supply across six major cities has risen to 6-7 per cent and is set to reach double-digit in the next 34 years amid a rise in demand for flex workspaces from large corporates, according to Colliers. Real estate consultant Colliers India on Friday released a report 'Shared Office Spaces in India Flexing Ahead' at industry body FICCI's conference in Bengaluru. "The flex penetration in the Indian office market is set to cross double digits in the next 34 years, up from 6-7 per cent currently," Colliers India CEO Badal Yagnik said in the report. Flexible space operators have 43.5 million square feet under their operations across six major cities -- Bengaluru, Chennai, Delhi-NCR, Mumbai, Hyderabad and Pune. The total seats are estimated at 6,24,000. Bengaluru has 14.7 million square feet of office space under this flexible space model. "With the growing adoption of flex spaces within mainstream commercial office real esta

India's flex stock to cross 80 mn sq ft by 2026, Bengaluru tops chart

This phenomenon is expected due to the change in workplace dynamics of the occupiers in tier-1 as well as tier-2 and tier-3 cities

Demand for workspaces eases on global downturn; shift to office holds hope

Employers' push for increased physical occupancy in offices may prove to be another tailwind for office leasing

Global slowdown blues will stall demand for office space this year: Crisil

IT firms and Global Capability Centres (GCCs) of multinational corporations are expected to keep demand modest in the near term amid global economic headwinds

Total number of operational GCCs in India to increase 20% by 2025: CBRE

CBRE said that the availability and cost of talent, real estate, and supporting regulatory framework have made India the most sought-after destination for GCCs

Institutional investments in real estate down 21% in Jul-Sep: Colliers

Institutional investments in real estate declined 21 per cent in July-September period to USD 793.4 million due to lesser inflows in office assets, according to Colliers India. Institutional inflows stood at USD 1,002.1 million in the year-ago period. Real estate consultant Colliers India on Saturday released the data that showed a sharp fall of 89 per cent in investment in office assets to USD 79.1 million during July-September from USD 694.3 million in the corresponding period of last year. Funds inflows in mixed-use assets too dipped 73 per cent to USD 27.2 million during July-September period from USD 100.8 million in the year-ago period. However, the institutional investments in residential properties rose 47 per cent to USD 274.6 million in the third quarter of this calendar year from USD 187 million in the year-ago period. Industrial & warehousing assets attracted USD 340.3 million during July-September as against mere USD 20 million in the year-ago period. Investments in

BFSI share rises to 29% in office space leasing in 9 major cities: CBRE

Banking, Financial Services and Insurance (BFSI) companies' share has jumped to 29 per cent in the total office space leasing during the July-September period across nine cities from 16 per cent in the previous quarter, according to CBRE. Real estate consultant CBRE South Asia released its office market data on Tuesday, showing that BFSI firms took on lease 4.63 million square feet of office space, which is 29 per cent of the total absorption during the July-September period. In the previous quarter, the BFSI companies had taken 2.2 million square feet of area on lease, accounting for 16 per cent of the total leasing. Overall, the consultant said that gross office leasing activity increased by 33 per cent Year-on-Year (Y-o-Y) to 15.8 million square feet during the July-September period across nine cities -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Kochi and Ahmedabad. "The BFSI firms' leasing share surged from 16 per cent in the April-June quarter to 29 per .

Office leasing up 33% in July-September quarter to 15.8 mn sq ft: CBRE

Mumbai, Bangalore and Hyderabad dominated the absorption in the September quarter, collectively accounting for about 60% of the total transaction activity

Office space demand dips 4.5% in 2023 as compared to last year: Colliers

Bengaluru and Delhi-NCR led the demand, accounting for nearly half of the total demand for office space in India till September

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

Indian real estate sentiment score rose between April-June: Knight Frank

In all the zones, the sentiment was the highest in the East zone, followed by the North and West

Bengaluru tops list of APAC cities with flexible office stock, Delhi third

New flex space supply in Delhi NCR and Bangalore accelerated from 2022, with the two cities witnessing the addition of a combined 3.1 mn sq ft of stock in the first three months of 2023

Remote work to wipe out $800 billion from office values, says McKinsey

Covid-19's push toward hybrid work has driven the need for office space down with vacancy rates rising, McKinsey Global Institute said Thursday in a report

Sale of mid-segment homes overtakes affordable in India: Knight Frank

At the same time, since the first half of 2018, the sale of premium homes in India has gone up over 143%

Office space leasing falls 22% in Apr-June in 8 cities: Cushman & Wakefield

India's top eight cities have witnessed a 22 per cent decline in gross leasing of office space as global companies remain cautious about their expansion plans, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield data showed that the gross leasing of office leasing declined to 17.42 million square feet in April-June this year from 22.41 million square feet in the year-ago period as corporates are taking longer time in taking decisions especially for large office space requirements. However, the gross leasing rose 11 per cent from the previous quarter which saw absorption of 15.7 million square feet. Anshul Jain, Head of APAC Tenant Representation and Managing Director, India & South East Asia, said, "India's office real estate market continues with its growth momentum. A significant reason for its ability to buck the global recessionary headwinds is the rise in domestic demand." The entry of new GCCs (Global Capability Centres) and the ongoing ...