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Top Cities in India Saw a Record Office Space Lease in 2015 Business Articles | February 7, 2016

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56% of the office space was leased by IT firms Authentic L.J. Collier Jersey , other sectors like financial services, banking, engineering, and manufacturing and ecommerce companies contributed about 29% to the leased spaces in 2015.


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According to CBRE Authentic Michael Dickson Jersey , a property advisory firm, top seven cities in India have seen a record office space leasing?of 38 million square feet in the year 2015, and this showed a great improvement in the sentiment among the domestic and foreign companies. The figure of 38 million sq. ft. represented about 18% increase over that in 2014.


CBRE said in a report that, the demand for office space in 2015 was led by Bengaluru with the share of about 32% Authentic Shaquem Griffin Jersey , out of total absorption. This was followed by Delhi – NCR, with the share of 23%. But the demand in the last quarter of the year grew by 26% over that in the previous quarter. The suburban and peripheral districts of the major cities attracted a steady occupier demand between October-December 2015.


Year-on-year Increase in Occupier Demand


While most of the cities in India witnessed year-on-year increase in occupier demand, Kolkata was not a part of it. This was because of the delayed project completions which made corporate firms postpone their decisions of occupying the space.



According to India office Market View, a CBRE’s report for the fourth quarter of 2015 Authentic Chris Carson Jersey , the absorption of Grade A office spaces in top seven cities witnessed a growth of about 26% in the period of October- December (over 12 million square feet). The seven top cities include Bengaluru, Mumbai, Hyderabad, Chennai Authentic Russell Wilson Jersey , Kolkata, Delhi and Pune.



The report also mentioned that, prominent micro-markets are Gurgaon in Delhi NCR; Vikhroli, Powai Cheap Ugo Amadi Jersey , Thane and Kanjurmarg in Mumbai; Outer Ring Road in Bengaluru; Old Mahabalipuram stretch in Chennai, IT Corridor in Hyderabad and Salt Lake Sector V in Kolkata.



Anshuman Magazine, the managing director of CBRE says that India has become a favourite outsourcing destination for multinationals that outsource their operations to major cities in India. He also says that this is also a reason for a sustained spurt in office transaction activity.


This demand along with the positive market sentiment and macroeconomic climate has encouraged the corporate office occupiers in 2015. While 56% of the office space was leased by IT firms, other sectors like financial services Cheap Phil Haynes Jersey , banking, engineering, and manufacturing and ecommerce companies contributed about 29% to the leased spaces in 2015.


This amazing performance of 2015 might be followed by relatively lower absorption in 2016, where the country is expected to witness the absorption of about 31 million square feet. However Cheap Gary Jennings Jr. Jersey , 2016 will not see much of a drop off because of the strong economic fundamentals.


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