· Office space to be leased out in 2023 is likely to cross 35-38 million sft
· 63% incline towards hybrid working model
· Reveals Colliers India report
If everything is normal from global perspective, the office space leasing in India is likely to be around 35-38 million sft. In case of adverse scenario, the total office space leasing in 2023 would drop to 30-33 million sft. Analyzing the current uncertainty in leasing of office space market, the real estate agency Colliers indicated that it will pick up soon. The leasing activity is likely to pickup in the second half year of the current year under the leadership of global capacity centers, BFSI companies and startups coming up with sound business models. Importantly, many persons are inclining towards Hybrid working culture.
According to a survey conducted by the Colliers, 63 per cent of the occupiers of the office space expressed their interest towards continuing the hybrid working culture. It is going to increase further. Since employees prefer to work from office space that is close to their homes, the employers have plans to split their offices. The hybrid working culture is a game changer and is likely to increase further in tune with the changing needs of the employees. Accordingly, the offices are likely to adopt the hybrid culture more. Moreover, it also benefits the employers. Major companies are likely to split their offices and locate the satellite offices close to living areas of the employees. At the same time, the demand for flex space is also likely to increase. In future, hybrid working culture will become crucial, remarks Colliers India senior director and research head Vimal Nadar.
