What drove office leasing space in 2018?
Office leasing activity is expected to remain stable in the short term, backed by corporates looking to expand or consolidate their operations, property consultant CBRE said in a report. It highlighted the fact that co-working and tech firms drove office leasing space in 2018. Similar to last year, we expect that occupiers would put in greater efforts to build in flexibility in their portfolios, due to changes in the business environment", Anshuman Magazine, India head, South East Asia Middle East and Africa, CBRE.
Increase of leasing space in 2018
47.4 million square ft- increase in gross leasing of office space in 2018 across nine major cities (Reuters)
Pre-leasing activity
16 million square ft of pre-leasing activity recorded last year. (Pixabay)
Supply of office space
17% jump in supply of office space to 34.9 million square ft. (Reuters)
NCR leads, with most of the office space
80% office leasing space dominated by NCR, Hyderabad. (Reuters)
Tech sector
34% share of the tech sector in overall space absorption. (Reuters)
MMCS
MMCS accounted for almost 75% in overall space take up. (Reuters)
Tech sector in 2017
32% share of the tech sector in overall space absorption in 2017. (Reuters)