The gross office space take-up in India amounted to 9.3 million sq ft in the first quarter ended in March, up 8% from a year ago. The market also recorded about 2.5 million sq ft of pre-commitments signifying healthy demand, showed a Colliers Research report.
Five months on from demonetisation, occupiers’ markets across India’s major cities have seen no discernible adverse impact. On the back of recovering economy, the India office market is likely to remain firm in the coming quarters, the report added.
“The macro-economic scenario indicates revival in consumption base demand and the recent government push for digitisation of money transactions should continue to drive demand from fintech sector. However, concern of skill gap in technology sector is on the rise. Increased demand for high skilled work such as automation, Internet of Things (IoT), big data and analytics instead of process-based work may lead to a short-term skill gap in the tech sector and disrupt expansion plan of technology companies in the next 2-3 years. In our opinion, this may lead to more demand coming from consolidation”, Surabhi Arora, Senior Associate Director, Research, Colliers International India.
Read more: The Economic Times