Double demand in Hyderabad
The Colliers India report revealed
The demand for office space in the country continues to remain the same. In its report, Colliers India estimated that the demand for office space in Bengaluru, Delhi, Mumbai, Chennai, Hyderabad, and Pune could grow by 35 percent on an annual basis in the first three months of this year. Office space leasing in these cities is likely to touch 1.36 crore square feet. In the first three months of last year, a total of 1.01 crore square feet of office space lease agreements were signed in these cities, it said. According to the report, the demand for office space in Hyderabad is very high and may increase to 29 lakh square feet for these three months. This is more than double the leasing of 13 lakh square feet recorded during the same period last year.
According to the report, demand for office space in Chennai may decline by six percent to 5 lakh square feet. It said that 8 lakh square feet can be registered in Pune at the same level as last year. In Mumbai, it is expected to grow by 90% from 10 lakh sq ft to 19 lakh sq ft, in Bengaluru by 25 percent to 40 lakh sq ft, and in Delhi by 14 percent to 25 lakh sq ft. Vimal Nadar, Senior Director, Head of Research, Colliers India, stated that there is a high demand for new office spaces from national and international companies. In the first quarter of this year, factors such as the revival of economic activities, the availability of places for rent at affordable prices, and the increased availability of professionals have contributed to the growth of office space demand.
