A report by Cushman & Wakefield said that in 2022 and 2023, commercial office space leasing volumes can probably touch 60 million sq. ft. because of the aggressive hiring plans in the IT, ITeS.
Data showed that the gross leasing of commercial space in eight major cities has increased to 52.57 million sq. ft. in 2021. It was 49.42 million sq. ft. in the previous year.
Badal Yagnik, MD, Tenant Representative India said “India’s journey towards a sizable $5 trillion economy holds within itself a plethora of opportunities for growth of commercial office market,”
“India’s journey towards a sizable $5 trillion economy holds within itself a plethora of opportunities for growth of the commercial office market,” he added.
Reports explained that demand for six-feet offices would result in almost 25-30% more demand for commercial space occupied by the same number of companies.
Another major reason behind the increasing demand and growth is the continuous institutionalisation and influence of PropTech.
In 2021, $5.6 billion worth of private investment was received by the real state sector. Reports said one-fourth of investment was alone for the office sector.
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