The sale of office space in Hyderabad grows by 84% till September
According to a survey done by Cushman & Wakefield, the net office space taken between January and September 2014 has seen a significant rise of 36 per cent as compared to the same period last year
Mumbai: The improvement in business sentiment and corporate India’s expansion activities has resulted in higher occupancy of office spaces during the first three quarters of this calendar year. According to a survey done by Cushman & Wakefield, the net office space taken between January and September 2014 has seen a significant rise of 36 per cent as compared to the same period last year.
The total net absorption of office space during the above period stood at 24 million square feet (msf) as against 17.7 msf recorded during the same period last year. During the period Ahmedabad, Bengaluru and Hyderabad witnessed the highest increase in the absorption of office space. While the absorption levels in Ahmedabad increased 219 per cent, Bengaluru and Hyderabad witnessed a growth of 92 per cent and 84 per cent respectively.
On the other hand, in cities like Pune and Kolkata, the office absorption levels saw a decline of 26 per cent and 19 per cent respectively. “The office markets ha-ve seen a positive trend as the economic growth improved and business confidence got strengthened. Companies have started to expand their operations and new leases.
Expansion now constitutes 75 per cent of the leasing activity in the country with relocations and consolidations witnessing a decline over last year. We will continue to see this positive momentum in the next 2 to 3 years with net absorption likely to outstrip new supply from the year 2016,” said Sanjay Dutt, executive managing director, south Asia, C&W.
While the growth in the occupancy levels in Ahmedabad was led by sectors like information technology, banking and financial services and manufacturing, the office market occupancy in Bengaluru was primarily driven by IT, financial services and pharmaceutical sector.
( Source : dc correspondent )
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