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Office space looking popular in India | 3 December 2012

India’s office space absorption is set to increase next year, by 21 per cent, according to a report cited by indiatimes.com.

India’s office space absorption is set to increase next year, by 21 per cent, according to a report cited by indiatimes.com.

The report was undertaken by consultancy DTZ, which believes that office absorption will increase to around 38 million square feet. This growth has been attributed to the domestic and global economies improving.

It seems that the financial services and information technology industries will drive the boost; accounting for some 70 per cent of the new take-up. In fact, demand for office space from the IT industry alone will grow by 34 per cent next year, as the entire sector itself grows by 13 per cent.

Demand from the financial services sector for vacant office space will increase by five per cent, too, to accommodate its workforce – which will grow by 100,000. As such, 10.4 million square feet of extra space will be required.

Jackbastien Nazareth, a real estate developer from India, shared his thoughts on the findings: “In the past two years, developers held back their projects due to slackening demand. However, now companies are back to hiring employees and their order books have also increased.

“With companies looking at expanding, real estate demand will be boosted,” he added, after speaking to mydigitalfc.com.

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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