Bengaluru led the country in recording a 24 per cent — the highest — demand for - prime office space in Q3 2016.
Bengaluru led the country in recording a 24 per cent — the highest — demand for - prime office space in Q3 2016. The demand for prime office space reached a ten-quarter high of approximately 11 million sq. ft. for the Q3 period, a growth of 9 per cent on a q-o-q basis and 14 per cent on a y-o-y basis.
The overall prime office space absorption across the seven leading cities was about 28 million sq. ft. for the year according to the findings of CBRE’s latest India Office MarketView Report - Q3 2016.
The commercial real estate market in India continues to grow at a steady pace boosted by positive changes in policy and regulations. Hyderabad was second (17 per cent) followed by Mumbai (16 per cent), Chennai (16 per cent) and Pune (13 per cent). This is an indication of an improvement in overall economic sentiment with both domestic and international corporates remaining upbeat on their entry/expansion strategies. “The year 2015 was a record year – with the segment witnessing the highest ever annual office absorption. With just a few months left till the end of the year, I am optimistic that this number will be met, if not surpassed,”said Anshuman Magazine, chairman, India & South East Asia, CBRE.
IT/ITeS firms continued to lead office transaction activity, accounting for about 54 per cent of the deal closures. Besides the IT/ITeS sector, BFSI, and engineering & manufacturing were the other sectors driving demand for office space.
