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Deceleration Influences Office Space Occupation
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Cautious emotions of corporate due to sluggish financial growth had led to a fall in exhaustion of office space across Bangalore. However, there is an growing preference among associations to move to quality spaces.
In general, the exhaustion of office spaces across top eight cities in for the first three quarters of the present fiscal was at 16.2 million square feet (msf), a fall in 15% compared to same period previous year, published a newest report released by global real estate consultants Cushman and Wakefield.
Across leading cities, organizations are advancing from Grade B and C spaces to quality Grade A developments. Top IT companies are moving from one building to one more building within the same micro market owing to cost benefits. In addition, a lot of companies have merged their several offices, spread across the city, to a lone large office to make the most of operational efficiencies.
Most of these relocations are from central business district (CBD) and Off-CBD sites commanding elevated rentals to more reasonable suburban and peripheral sites.
“Many companies are relocating to such markets in a bid to cut costs, improve quality of workspaces and even reduce travel time for employees,” said Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield. Total absorption of Grade A spaces till Q3 2014 was at 15.2 msf, a fall of 7% year-on-year.
Conversely, striking trend is the increase in the involvement of Grade A spaces to the largely net absorption till Q3 that has risen to 93% as compared to 86% previous year. Likewise, new overall supply for the first three quarters of 2014 also fell by 16% and was put down at 24.3 msf.
Net leasing action across the eight prominent cities saw a comprehensive 9% boost for all grades till Q3 2014 with Bangalore, Chennai and Mumbai ruling the total volume of activity.
“By the end of the year, office space absorption is expected to be at approximately 24 to 26 msf with markets such as Bangalore, Pune and Mumbai leading the trend,” the real estate survey said.
Fortune Props, an expert writer in Property and Real Estate Articles and Press Release. Currently analyzes trends of Office Space in Bangalore and writes articles for Fortune Props Websites.
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