Demand for Office Spaces Jumped the most in 2015
According to a research conducted by CBRE, the most prominent micro markets with good demand includes Gurgaon in NCR; Thane, Powai, Kanjurmarg, Vikhroli and Navi Mumbai in Mumbai Metropolitan Region
If you just take a look at the real estate statistics of 2015, it makes it clear that office space absorption across the country jumped the most in 2015, and it seems all set to maintain the momentum in this year also. The market for residential properties may descend, but the commercial real estate is flying off the shelves.
Almost about 38 million sq. ft. of corporate space was absorbed in the top seven cities in India, which is the highest absorption till date according to CBRE, real estate services firm. Bengaluru stands first taking up the major share of 32% among the total office space absorption followed by Delhi NCR with 23% of share. The suburban and peripheral office districts also attracted a steady occupier demand in the last quarter of 2015.
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According to a research conducted by CBRE, the most prominent micro markets with good demand includes Gurgaon in NCR; Thane, Powai, Kanjurmarg, Vikhroli and Navi Mumbai in Mumbai Metropolitan Region; IT Corridor in Hyderabad; Outer Ring Road in Bengaluru; Old Mahabalipuram stretch in Chennai; Salt lake Sector in Kolkata and Viman Nagar in Pune.
This change in demand has made realty developers review their strategies and business plans. Be it on a lease basis or outright, the office spaces are clearly being picked for the expansion and future growth.
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I'm Pamela working at Commercial Office Bangalore and interested in real estate,commercial Office space etc.