Your Weekly Dose of News from the Commercial Real Estate Industry
Microsoft Acquires Prime Land for Data Centre in Hyderabad
微软 Corporation has purchased 48 acres of land in Hyderabad for nearly Rs 267 crore to build a new data centre. This move is part of Microsoft's significant expansion plans for its data centre business in India.
Located about 40 km from Hyderabad's city centre , the new facility will be one of the largest in the region. This reflects Microsoft's commitment to enhancing India's infrastructure. The tech giant is investing heavily to meet the growing demand for cloud services and data storage.
APAC Occupiers Opt for Premium Office Spaces Despite Higher Costs
In a shift towards quality over cost, occupiers across the Asia Pacific region are now prioritising superior office spaces, particularly those that facilitate talent acquisition, according to Colliers ' latest report, "Expert Insights | Asia Pacific Office Markets April 2024 ." The report highlights a significant trend among APAC business leaders focusing on optimising resources, maximising savings, and driving growth in a dynamic business environment.
India's prime office markets have seen a notable 4-8% year-over-year rent increase due to strong demand and the infusion of high-end supply. Post-pandemic recovery has led to a surge in rental prices, with some markets experiencing a 20% rise. Critical areas like MG Road in Delhi NCR and SBD1 in Bengaluru are leading this trend, reflecting a growing preference for premium buildings with modern amenities and green certifications.
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Office Leasing Set for Strong Growth in 2024
Office space leasing will gain momentum in FY 2024, especially in technology. Companies are expanding their office spaces across various locations, boosting the demand for commercial spaces. This trend marks a positive shift, with many firms moving from co-working spaces to leased offices.
Last year, office leasing reached a four-year high with a gross absorption of 61.6 million sq ft across nine key cities, driven primarily by the BFSI and technology sectors. Prime cities like Bengaluru , Delhi-NCR , Hyderabad , Chennai , and Pune will continue leading this growth. The Global Capability Centres (GCCs) of large multinational corporations are emerging as major players in the office leasing market.
India's offshoring market saw significant activity, with 46% of office space leased in 2023. The total leasing volume reached 27.3 million sq ft, with GCCs and third-party IT services contributing significantly. The growing interest from enterprises, particularly in Bengaluru and Hyderabad, paints a promising picture for office leasing, indicating a robust year ahead.
Most In-Demand Locations This Week-
Metro City : Delhi
Micro-market : Connaught Place
Non-Metro City : Jaipur
Micro-market : C Scheme