Workspace Lease Increase by 23 Percent in March Quarter
Img : blogspot

Colliers International reports, that the IT city, Bengaluru recorded a maximum share of office space absorption from January to March quarter of 2018. Out of the total leasing volume, Bengaluru alone has a sharing of 34 percent followed by the National Capital Region [NCR] at 26 percent, Pune at 16 percent, Mumbai at 10 percent and Chennai at 9 percent. Ranking below number five, Hyderabad and Kolkata recorded merely four and one percent absorption of the workspace respectively.

Ritesh Sachdev, senior executive director, occupier services, Colliers International India said, that the major demand for office space came from the technology and finance sectors. Both these sectors made a decent contribution to the office demand, with 36 and 17 percent respectively in the first quarter of 2018. He also added that the continuous rise in demand for office space begun from January this year and the flexible workspace operators and the manufacturing sector also played a pivotal role in this rise. Both these sectors recorded 13 percent and 12 percent demand for workspace across the country.

Taking current trend into consideration, the official at Colliers International India feels that the demand for workspace will increase by manifolds in the coming years. According to another official at Colliers International India the developers should plan the construction of office spaces by enabling future-proof buildings, world-class amenities and maximum technology intervention. Also, they must maintain rental amounts according to the market rate.

Apart from the increase in demand for workspaces on lease, the sale of residential and commercial space also showed signs of growth by 10 and 25 percent respectively.