Occupants from information technology sector dominated the office space leasing in 2016 across the country with over 51% of total deals concluded by them, said commercial realty data information and analytic firm Propstack. These deals for grade A office spaces also include transactions of IT-enabled services companies too. “IT companies continued to drive home the… Read More »
Falling footfalls in Bhandup’s Magnet Mall, one of Mumbai’s biggest, has forced its developer to shut down and revamp the 10 lakh sq ft premises into an office-cum-retail complex. Over the past few years, several malls across the country, including Mumbai, have been converted into commercial or residential complexes because of poor business. But market… Read More »
India’s digital payment giant Paytm opened its third office in Bengaluru renting a 150-seat space in a flexible office in Bengaluru as it seeks to expand up presence in the startup capital of India. Paytm is on a head count expansion spree to bring on board 2,000 executives in South India alone to widen its… Read More »
Mumbai accounted for 18 per cent of office space absorption — the second highest in the country— in the first quarter of 2017, said a report from real estate consultancy CBRE. While this was on a par with Bengaluru, the National Capital Region (NCR) ranked first, accounting for 19 per cent of all transactions. According… Read More »
The pan-India office space vacancy in 2016 at 15 per cent was the lowest in eight years. The sharpest decline in pan-India office vacancy was seen between 2013 and 2016 when it went down from 18.5 per cent to 15 per cent. “On the back of positive office space demand from sectors such as manufacturing,… Read More »
SoftBank-backed ecommerce firm Snapdeal is planning to give up about half of the space in its main corporate office in Gurugram as part of a cost-cutting drive. After layoffs, the online marketplace is planning to leave ASF Tower, where it occupies about 1.5 lakh sq ft, and some part of ASF Center, which covers about… Read More »
Real estate requirements from software firms—the biggest occupiers of commercial office buildings in emerging markets like India— slowed down in 2016 and may further get impacted this year due to global uncertainty and growing technological disruptions, said the top executive of global consultant JLL Inc. In an interview with Mint, Christian Ulbrich, global chief executive… Read More »
In 2017, nearly 11.1 million sq. ft. of office supply will be completed in Bangalore, 50% of which will be concentrated in the ORR belt with the remainder of the supply to be spread across Whitefield, North Bengaluru and Electronic City, said a recent report by Colliers international. Although the future supply pipeline looks substantial… Read More »
Noida and Greater Noida continue to see expansion in office space absorption, despite issues of connectivity and uninterrupted power supply. Many IT companies find value in expanding back-end operations in the twin cities as rentals are still much lower than Gurgaon. Analysts say despite a slight increase in rates over the past two years, office… Read More »
With limited availability and high demand for high-quality office spaces in the city bringing about the lowest vacancy rates in three years and steadily increasing rents, Pune is facing a commercial real estate supply crunch. The market is opting for solutions ranging from converting the non-performing retail and hospitality space into offices, refurbishing of failed… Read More »
