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Office Space Absorption In Top 6 Cities Up 22%: Report
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Office Space Absorption In Top 6 Cities Up 22%: Report
Publish on : 2020-01-18 12:30:50
New Delhi: Despite Slowdown In Economic Growth, The Absorption Of Commercial Office Space In The Top Six Cities Of The Country Grew 22% To A Record 57.7 Million Sqft In 2019 Compared To 47.3 Million Sqft In 2018, According To A Report. While Increased Lease-Out Of Office Space Should Mean Creation Of New Jobs And Fresh Investments In The Country, Various Data Released By The Government And Other Sources Establishes A Totally Opposite Scenario. According To Consultancy Firm Savills India’S Report, The Year 2020 Is Also Expected To Witness Strong Demand For Quality Office Space, Driven By Expansion, Consolidation And Upgrades To Employee-Centric Workspace. It Estimated That In 2020, The Six Cities — Ncr Delhi, Mmr Mumbai, Bengaluru, Pune, Hyderabad And Chennai — Would Absorb 61.2 Million Sqft Of Office Space, Showing A Growth Of Around 6%. According To The Report, Hyderabad Witnessed The Highest Year-On-Year Increase In Office Space Absorption At 9.5 Million Sqft In 2019, Showing A Growth Of 53.2%. The Office Space Absorption In Ncr Delhi Has Crossed The 10 Million Mark In 2019 To Close At 10.9 Million Sq Ft, Clocking A Growth Of 13.7%. With The Development Of Infrastructure In Noida And Greater Noida, The Office Space Absorption In This Market Went Up By 26%, While Gurgaon Witnessed Increase Of 15%. With Absorption Of 6.9 Million Sqft Of Office Space, Mumbai Witnessed An Annual Increase Of 11.3% In 2019. However, Pune, Which Had Recorded A High Growth In The Previous Year, Was The Only Market To Register Almost Flat Off-Take In 2019

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