Your Weekly Dose of News from the Commercial Real Estate Industry

Goa's Ambitious Plan to Become a Digital Nomad Hub

Goa is renowned for its beaches and vibrant nightlife, but Tourism Minister Rohan Khaunte envisions it as a top destination for digital nomads. With over 10,000 digital nomads residing in Goa, the state aims to attract more by enhancing its remote work infrastructure. Plans include rolling out high-speed internet across rural areas and creating coworking spaces along its picturesque beaches.

These initiatives align with a broader goal to promote Goa as an immersive, long-term stay destination. Reliable internet in remote areas encourages tourists to explore beyond the coast. By next year, Goa hopes to have the necessary infrastructure to support digital nomads, boosting the local economy significantly.

Goa's push for a digital nomad visa aims to enhance its appeal further. This visa would allow remote workers to stay for up to a year, aligning Goa with other popular digital nomad destinations in Asia and positioning India as a competitive option for long-term stays.

• Source - Skift
• Explore More - Goa to Launch First Innovative Floating Coworking Space

MNCs Lease 8.7 Lakh Square Feet in Hyderabad's IT Sector

Hyderabad's IT sector is witnessing a surge in demand for office space, with four major multinational companies leasing a combined 8.7 lakh square feet recently. Qualcomm, LTIMindtree, IBM India, and S&P Capital IQ India have secured prime locations in the city's top business districts. Qualcomm leased the most significant space, 4.14 lakh sq. ft., in Hitech City's Skyview building. At the same time, IBM India, S&P Capital IQ, and LTIMindtree secured significant spaces in Divyasree Orion and The Skyview building.

This increased demand underscores Hyderabad's growing real estate market, bolstered by its strong IT sector, ongoing infrastructure development, and vibrant business ecosystem. The city's residential market reflects this growth, with substantial increases in new unit launches and sales.

Hyderabad's focus on infrastructure and technology positions it as a key business hub, ensuring continued expansion.

• Source - Prop News Time
• Explore More - Hyderabad's Office Space Market Soars with 50% Growth

Global Firms Opt for Flexi-Space Operators in Chennai

Chennai is witnessing a substantial surge in demand for flexible office spaces, a trend primarily propelled by global corporations' strategic cost-cutting measures. With Tamil Nadu setting its sights on a one trillion-dollar economy, a staggering 0.7 million square feet of office space was leased to flexi-space operators from April to June 2024, as reported by CBRE, underscoring the significance of this trend.

Flexi-space operators benefit from this trend, with companies like Table Space expanding their presence in Chennai. They now focus on key micro markets like OMR, which IT firms prefer, and Guindy. This shift from traditional CAPEX to OPEX allows global firms to set up offices quickly and economically.

As Chennai attracts more global investments, the demand for flexible office solutions continues to grow, positioning the city as a hub for international business operations.

• Source - The New Indian Express
• Explore More - Chennai Stuns with a 100% Increase in Office Space Uptake

Most In-Demand Locations This Week-

Metro City : Delhi

Micro-market : Dwarka

Non-Metro City : Ahmedabad

Micro-market : Sanand