Development in India’s office space thriving | 26 March 2013
India’s commercial real estate market is set to get a boost, as developers turn their attentions to the area’s office space.
According to Livemint.com, after a ‘prolonged slump’ within the region, development in office space is thriving – with many companies launching big plans for property creation in 2013.
One local developer, RMZ, is set to develop some six million square feet of office space in India over the coming years. It also intends to buy an additional five million square feet of commercial real estate, according to its managing director, Raj Menda. Last year alone, over one million square feet of office space was erected and sold by RMZ.
What’s more, India’s Godrej Properties Ltd is expecting its office space revenue to rise in the future – with chief executive Pirojsha Godrej confirming: “We are seeing interest from corporate end-users.”
The comments contradict recent reports from Cushman & Wakefield and DTZ, which claimed that the drop in demand for office space from IT firms in India had led to a respective slump in the commercial real estate market.
Indiatimes.com revealed that both property consultants said office space absorption dropped in 2012. Despite this though, it seems things are looking up for the area’s office space market.
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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