Office space demand likely at 50-55 million square feet this year 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.
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 the 50 million square feet mark for the third consecutive time in 2024, firmly establishing the new benchmark in commercial real estate," said Arpit Mehrotra, Managing Director, Head of Office services, Colliers India.
The office market continues to demonstrate persistent dynamism, he said.
"Domestic origin companies are likely to contribute almost half of the anticipated office space uptake in 2024," Mehrorta said.
The Grade A office space leasing by domestic origin occupiers has been witnessing significant momentum in recent years, with its share in total leasing rising from 34 per cent in 2019 to almost 50 per cent in 2023, the report highlighted.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
03:19 PM IST