Demand for Commercial Office Space in India - Harsh Binani

Demand for commercial office space in India - Harsh Binani Harsh Binani Said, that the demand for commercial office space in India was predominantly driven by the IT/ITeS sector, but today, non-IT/ITeS companies have also become major occupiers in urban centers.

Moreover, in recent years, the BFSI sector and manufacturing/industrial companies have been leading the way for office space absorption in major Indian cities. Furthermore, the co-working space industry is gaining ground as more office occupiers are opting for shared spaces.

The year 2018 surged with changes and development in the workplace sector, there were a number of major deals in the office sector. About a third of these deals were for a one lakh square feet and above space.

However, many multinationals also occupied space in the 50,000 to a hundred thousand square feet range. Resulting in a surge in demand for Grade A buildings in India. Corporates are also increasingly focusing on employee wellness.

According to the report, the demand for commercial office space in India was expected to increase by about 20% by 2021. As a result, it is predicted that the industry will see high growth in the financial year 2022-23. The main sectors driving demand for office space in Delhi-NCR are BFSI, technology, manufacturing, and consulting.

Additionally, the pipeline of new supply in Delhi-NCR is strong, with about 85% of it expected to be in Gurugram and the remaining in Noida. Harsh Binani Said this is a good opportunity for our company to make a market leader in the real estate industry.

The largest office property leasers in India include American companies, which occupy 45 percent of grade 'A' space. US companies are using India's low-cost structure and skilled resource base to grow their business.

Domestic companies account for around 35 percent of office real estate absorption. They include domestic and foreign multinationals. The most prominent examples of such companies are Accenture, Google Inc, and HSBC Holdings plc.