India’s workplace area demand is prone to breach the 50 million sq. toes mark for the third consecutive time in 2024, firmly establishing the brand new benchmark in business actual property. (Consultant picture)
In a practical state of affairs, the gross leasing of Grade-A workplace area is estimated at 50-55 million sq. toes this 12 months throughout these six cities
Workplace area demand in India’s six main cities will stay wholesome this 12 months as home and international corporations are anticipated to lease 50-55 million sq. toes space to broaden their companies, in line with a FICCI-Colliers report. Gross leasing of workplace area stood at 58.2 million sq. toes throughout six main cities specifically Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune.
Trade physique FICCI and actual property advisor Colliers India earlier this week launched its report ‘India Workplace: Repurposed to scale-up’. The report has given three eventualities for workplace demand forecast – optimistic, real looking, and pessimistic.
In a practical state of affairs, the gross leasing of Grade-A workplace area is estimated at 50-55 million sq. toes this 12 months throughout these six cities. The demand may go as much as 55-60 million sq. toes in an optimistic state of affairs, whereas the leasing numbers may drop to 45-50 million sq. toes in a pessimistic state of affairs.
“India’s workplace area demand is prone to breach the 50 million sq. toes mark for the third consecutive time in 2024, firmly establishing the brand new benchmark in business actual property,” stated Arpit Mehrotra, Managing Director, Head of Workplace providers, Colliers India. The workplace market continues to exhibit persistent dynamism, he stated.
“Home origin corporations are prone to contribute nearly half of the anticipated workplace area uptake in 2024,” Mehrorta stated. The Grade A workplace area leasing by home origin occupiers has been witnessing vital momentum lately, with its share in whole leasing rising from 34 per cent in 2019 to nearly 50 per cent in 2023, the report highlighted.
