Office space News

Real estate consultant JLL India on Friday released the data for seven office markets --Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, and Pune.

Conversely, co-working spaces offer shared environments where individuals from various companies work alongside each other. These spaces are typically more flexible, offering short-term memberships and opportunities for networking and collaboration among diverse professionals, and popular among funded startups, and small businesses due to their cost-effectiveness and community-centric atmosphere. 

The 1999 film depicts office workers stealing small sums of money by infecting their company's banking system with a virus to retaliate against corporate downsizing and terrible bosses.

Net leasing stood at only 14.63 million square feet in the corresponding period of the last year across seven major cities. With the opening up of the offices and the overall economy, the demand for workspace has bounced back.

Real estate consultant Colliers India expects absorption of office space to hit an all-time high in the 2022 calendar year. The previous high was seen in 2019 at 44.8 million square feet. Gross absorption does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed.

Select big-ticket transactions in Gurugram and Noida contributed substantially to the leasing activity. There were few relocations by occupiers in a bid to reduce real estate costs and obtain fresh office spaces on attractive lease terms. IT and IT-enabled services, BFSI, healthcare, legal, and consulting firms dominated leasing during the quarter.

Bengaluru led the way with a 41.7 percent share of new supply, followed by Mumbai and Delhi NCR with 20.7 percent and 20 percent share, respectively, it added. The construction activity is expected to slowly resume upon lifting of the lockdown,it said.

Annual supply for prime office space was over 29 million sq ft during the year, a decline of about 18 percent as compared to 2016.

The co-working and shared office space formats are also gaining momentum and influencing the market to some extent, he added.

However, the consultant has predicted that office leasing will remain stable at 32 million sq ft in 2017 on strong demand for commercial space during the fourth quarter.

Office space leasing rose 28 per cent in eight top cities to touch 10 million sq ft during April-June over the previous quarter as corporates continued to expand their operations, according to a CBRE India report.

Office space leasing by IT and ITeS companies rose by 10 percent last year at 16.81 million sq ft with Bengaluru and Hyderabad absorbing more than 50 per cent of this space, according to JLL India.

Southern cities dominated the office absorption pie with Bengaluru at the top.

Office space leasing in seven major cities touched a 10 quarter high at 11 million sq ft during July-September with corporates remaining upbeat on their expansion plans, according to property consultant CBRE.

Even in the backdrop of global slowdown concerns, nearly 10.4 million sq ft of office space was absorbed in the country during April-June, backed by demand from sectors like IT, BFSI and manufacturing, a report said.

 Net absorption of office space fell by 11 percent in Delhi-NCR to over 7 lakh sq ft during January-March with corporates focusing on consolidation and relocation, according to a report by Cushman & Wakefield.

Office space absorption fell by 26 percent to about 5 million sq ft during the first quarter of 2016 in seven major cities of the country, with corporates yet to finalise their real estate plans for the year, property consultant CBRE says.

The property consultant said Bengaluru recorded the highest absorption at 3.77 million sq ft during the first quarter of 2015, out of 8.56 million sq ft leased in these cities.

Delhi-NCR witnessed a 57 percent decline in the office space absorption in the first quarter this year due to delay in decision making by corporates, according to property consultant Cushman & Wakefield.

Office absorption in these eight cities -- Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai and Pune -- stood at 25.35 million sq ft during 2013.