There is a significant rise in the demand for premium office spaces across the country. As a result, the construction of premium offices is rapidly increasing nationwide. Currently, 25 million square feet of such office spaces are under construction in major cities across India, as revealed by real estate consultant Anarock. Piyush Jain, MD of Anarock Commercial Leasing & Advisory, stated that 2024 looks very favourable for the Indian office market. He mentioned that office leasing transactions have reached record levels, and the vacancy rate has decreased. He also expressed the view that strong demand for office spaces will continue in 2025.
The office market has recovered strongly after the pandemic, he noted. With the increasing number of Global Capability Centres (GCCs) being set up in India, there is a continued strong demand for office spaces in major cities. The demand is particularly high from IT/ITES, financial services (including banks), and engineering & manufacturing companies. The report indicates that the demand for office spaces is likely to remain strong in 2025 as well. Currently, 25 million square feet of office space are being constructed across the country.
India is becoming a hub for GCCs in sectors such as BFSI, healthcare, technology, and R&D due to its low costs, skilled human resources, and operational efficiencies. However, the report also highlighted that rising raw material prices and supply-side challenges are major obstacles causing delays in construction.
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