Your Weekly Dose of News from the Commercial Real Estate Industry
Office Space Demand Sets New Benchmark in India's 6 Major Cities
In an eye-opening revelation by FICCI-Colliers, India's major urban centers are on track to witness robust demand for office spaces, projecting leases between 50 and 55 msf in 2024. This report, 'India Office: Repurposed to scale-up,' outlines a promising outlook for Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune as both domestic and international companies eye expansion.
This year's office space leasing is expected to be around 50-55 million square feet in the cities. In an optimistic scenario, it could peak at 55-60 million square feet and have a minimum of 45-50 million square feet in an unfavourable outcome. This trend marks a new era in commercial real estate.
Arpit Mehrotra , the Managing Director of @Colliers India, reports that domestic firms now occupy nearly 50% of India's Grade A office spaces, up from 34% in 2019. This reflects the dynamic nature of the office market and the growing presence of local businesses in premium office spaces.
India's Leap Towards Sustainable & Innovative Workspace Design
Indian workplaces are changing to become more sustainable, innovative, and collaborative to attract and retain top talent. Companies are adapting their office spaces to suit the hybrid work model, introducing green-rated buildings and biophilic designs. Over half of the office stock now features sustainable features, creating healthier and more vibrant work environments.
Key elements like innovative design, advanced technology, and collaborative spaces are at the forefront of this evolution. Incorporating natural elements into office design has boosted employee productivity and well-being, making workplaces more appealing. Technology integration enhances communication and efficiency, while flexible and collaborative spaces encourage creativity and teamwork. Moreover, the rapid growth of managed and flex spaces, tripling to 53 million sq ft since 2018, underscores the rising demand for such dynamic work environments.
This movement towards modern, sustainable workplaces signifies a significant shift in corporate India's approach to designing workspaces. As this trend continues to evolve, it's clear that the future of office design lies in creating spaces that are not only environmentally responsible but also conducive to innovation and collaboration.
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Virat Kohli Expands Business Horizons with Major Office Space Lease in Gurugram
Indian cricket star Virat Kohli has leased an 18,430 sq. ft. office space in Gurugram's Reach Comercia tower. The monthly rent is INR 8.85 lakhs. This move, made with the help of his brother Vikas Kohli, marks a significant step for Virat towards diversifying his portfolio beyond cricket.
The lease agreement for the property includes 37 parking slots and requires a substantial security deposit of INR 57.19 lakh. The annual rent for the property is INR 1.27 crores, subject to a 5% increase every year. This move is seen as a part of Kohli's broader strategy to build a sustainable business empire, indicating his preparation for life after cricket. At 35, Kohli's foray into the commercial sector reflects his foresight and ambition, demonstrating his commitment to a robust post-retirement plan.
Cricket stars are investing in long-term ventures. Kohli's latest business move shows his prowess on and off the field.
Most In-Demand Locations This Week-
Metro City : Delhi
Micro-market : Connaught Place
Non-Metro City : Kochi
Micro-market : Kakkanad