Office space demand in India to grow by 7 per cent in 2014: report:
Office area absorption is probably going to rise seven per cent this year to twenty nine million sq. feet in India's seven major cities as corporates inspect increasing businesses, in step with a report by international realty adviser DTZ.
Absorption was twenty seven million sq. feet last year within the seven cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and urban center.
In its report, on Asian nation workplace Demand and Trends, DTZ additionally projected that workplace rentals would stay stable in most markets within the half of 2014 and also the rents would begin rising from the half.
"Most corporates square measure expected to fix up plans for growth within the next few months with the take-up forecast to grow in 2014, particularly within the half of the year," DTZ aforesaid in its report.
"...economy is projected to grow at a loosely higher rate in 2014 than 2013. This successively can eventually feed through to get higher demand for the important estate sector. Consequently, workplace area take-up is projected to achieve twenty eight.9 million area unit in 2014, a growth of seven per cent y-oy," it added.
Highlighting the findings of the survey-based report, DTZ Asian nation analysis head Rohit Kumar aforesaid that forty one per cent of the respondents aforesaid they might add workplace area.
Demand would be LED by the IT/ITeS sector (40 per cent), followed by producing and BFSI sectors. city would still be the most important contributor in workplace area demand.
There was general optimism amongst occupiers concerning increase in growth momentum in close to the long run.
"Occupiers expect economic process to recover following parliamentary elections," the report aforesaid.
On rent, the survey aforesaid concerning half the respondents expect rents
to stay stable within the half of 2014.
"But the bulk of respondents agree that rents can record a moderate increase over the course of ensuing twelve months."
Mr Kumar additionally aforesaid that a growing range of occupiers insisted on strict adherence to legal, safety and surroundings norms of workplace buildings.
"Consequently, this can be possible to own a positive influence on the standard of edifice in future," he added.
Office area absorption is probably going to rise seven per cent this year to twenty nine million sq. feet in India's seven major cities as corporates inspect increasing businesses, in step with a report by international realty adviser DTZ.
Absorption was twenty seven million sq. feet last year within the seven cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and urban center.
In its report, on Asian nation workplace Demand and Trends, DTZ additionally projected that workplace rentals would stay stable in most markets within the half of 2014 and also the rents would begin rising from the half.
"Most corporates square measure expected to fix up plans for growth within the next few months with the take-up forecast to grow in 2014, particularly within the half of the year," DTZ aforesaid in its report.
"...economy is projected to grow at a loosely higher rate in 2014 than 2013. This successively can eventually feed through to get higher demand for the important estate sector. Consequently, workplace area take-up is projected to achieve twenty eight.9 million area unit in 2014, a growth of seven per cent y-oy," it added.
Highlighting the findings of the survey-based report, DTZ Asian nation analysis head Rohit Kumar aforesaid that forty one per cent of the respondents aforesaid they might add workplace area.
Demand would be LED by the IT/ITeS sector (40 per cent), followed by producing and BFSI sectors. city would still be the most important contributor in workplace area demand.
There was general optimism amongst occupiers concerning increase in growth momentum in close to the long run.
"Occupiers expect economic process to recover following parliamentary elections," the report aforesaid.
On rent, the survey aforesaid concerning half the respondents expect rents
"But the bulk of respondents agree that rents can record a moderate increase over the course of ensuing twelve months."
Mr Kumar additionally aforesaid that a growing range of occupiers insisted on strict adherence to legal, safety and surroundings norms of workplace buildings.
"Consequently, this can be possible to own a positive influence on the standard of edifice in future," he added.
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