Office Workplace Demand: Technology and banking, financial services and insurance (BFSI) companies accounted for 51 per cent of the demand for office space during the first (January-March) quarter of the current calendar year across eight major cities in the country. This information has been given in a report by property consultant CBRE.
Improvement in the first quarter in the office sector
The report said that the office sector in India continued to see strong recovery in the first quarter of 2022 and lease activities grew 97 per cent year-on-year to 114 million sq ft. CBRE said, “Technology sector companies accounted for 34 per cent of the demand for office space, followed by BFSI companies with 17 per cent share.
Hope to maintain momentum in 2022 as well
The report further noted that flexible site operators accounted for 13 per cent, engineering and manufacturing 12 per cent and research, consulting and analysis firms at 11 per cent.” Leasing activities during the quarter were dominated by Bengaluru, Chennai and Delhi-NCR. They accounted for two-thirds of the total office space demand.
Anshuman Magazine, Chairman and Chief Executive Officer (CEO) of CBRE India, South-East Asia, West Asia and Africa, said, “We are expected to see the same momentum in 2022 as well, due to the government’s COVID-19 protocol and improving demand for office spaces in 2021. Hope it continues.”
Increased demand in Delhi-NCR and other places
According to the data, the leasing demand of office spaces in Delhi-NCR grew by 87 per cent to 1.9 million sq ft during the January-March quarter of 2022. In Mumbai, it stood at eight lakh square feet, which is 70 per cent more than the same period a year ago. In Bengaluru, the demand for office space increased by 43 per cent to 3.5 million sq ft. In Chennai, it multiplied to reach 23 lakh square feet. The demand for office space in Hyderabad increased by 75 per cent to 1.4 million sq ft. In Pune it increased to 11 lakh square feet.