The office space market of India experiencing up to an 8 percent Y-o-Y rise in the rentals revenue in the period of January – March period with Delhi-NCR leading the rank, says the real estate consultancy Colliers.
A massive demand along with the integration of high-end quality supply directed to the upsurge in the office space market.
Consumers across the Asia-Pacific is eager to put higher capital for rentals on a greater quality offices, especially in the places which simplifies the process of talent acquisition. The growth of 8.8 percent is the highest among the six cities —Mumbai, Bengaluru, Hyderabad, Chennai, Pune and Delhi-NCR.
Also the report stated that WAQ (weighted average quoted) rents in the Delhi-NCR region are up surged to Rs. 101.5 per square feet a month in the very first quarter of the year 2024 from Rs. 93.3 in the previous year. The total growth rate of office space 8.8 percent is observed greater among the six key cities including Bengaluru, Mumbai, Hyderabad, Pune, and Chennai & Delhi-NCR.
Followed by Delhi, Chennai backs with average monthly office rentals increased 4.2 percent while Bengaluru & Mumbai were recorded 4 percent each, Hyderabad accounted 2.2 percent witnessed with the lowest increased rate among other key cities.
Regarding this, the Managing director, office services- India at Colliers, Arpit Mehrotra says, “Flex spaces are gaining prominence, too. At 8.7 million square feet of leasing in 2023 and highest ever space take-up by flex office spaces, the segment witnessed remarkable expansion in recent years”.
Further he added, “Flex spaces are likely to continue the momentum in 2024 and is expected to constitute 15-20 percent of total office leasing across the top 6 cities”.
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