Demand for Indian office space likely to be highest in Bangalore | 3 January 2014
A new report has suggested that the biggest demand for corporate real estate in India will occur in Bangalore, economictimes.com writes.
Property consultancy, Cushman and Wakefield has predicted trends for office space in 2014 across the Asia-Pacific area and compiled a list of the top 30 ‘most demanding’ cities. In India, Bangalore is expected to assume more space than any other city, due to the exponential rate at which international firms are expanding into the renowned IT hub.
India’s third biggest city is forecast to absorb 6.3 million square feet of space this year – a growth of some 16 per cent on 2013. By comparison, Hyderabad and Chennai were ranked with a market absorption of 2.5 and 1.2 million square feet respectively.
Favourable exchange rates and the increased need for IT services from India have seen Bangalore grow considerably in recent times, indianexpress.com reports – something that will probably continue in the coming years.
Across the 30 biggest Asia Pacific cities, demand for office space is expected to reach 60 million square feet, the report claims. In this regional list, Toyko was named the city that would experience the highest office space demand, at 7.6 million square feet, with Bangalore in second.
In third place was Philippines capital city, Manila with a predicted demand of six million square feet.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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