Office Space Demand Likely at 50-55 Mn Sq Ft This Year Across Top-6 Cities: Report – News18

Office area demand in India’s six main cities will stay wholesome this 12 months as home and international companies are anticipated to lease 50-55 million sq. toes space to develop 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.

Industry physique FICCI and actual property advisor Colliers India earlier this week launched its report ‘India Office: Repurposed to scale-up’. The report has given three situations for workplace demand forecast – optimistic, lifelike, and pessimistic.

In a sensible situation, 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 situation, whereas the leasing numbers may drop to 45-50 million sq. toes in a pessimistic situation.

“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,” mentioned Arpit Mehrotra, Managing Director, Head of Office providers, Colliers India. The workplace market continues to show persistent dynamism, he mentioned.

“Domestic origin companies are likely to contribute almost half of the anticipated office space uptake in 2024,” Mehrorta mentioned. 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.

(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)