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Demand for office space up 50% in 2021 led by startups, tech cos: Colliers
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SME Times News Bureau | 23 Jan, 2022
Demand for office space in Delhi NCR region has grown 50 per cent
year-on-year in 2021, majorly due to strong absorptions by startups and
technology firms, said global real estate consultancy firm Colliers.
In
2021, total absorption in the office space segment was 6.3 million
square feet, it said. Of the total, startups absorbed 1 million square
feet.
"Gurugram led the leasing activity accounting for 64 per
cent share in overall transactions. Flight to quality is driving
occupiers' real estate strategy and Noida Expressway, Golf Course
Extension Road and DLF Cybercity drove the bulk of leasing activity as
they looked for better-quality buildings," it added.
With more
than 25 years presence, Colliers, a Nasdaq-listed company, is a
professional consultancy firm which provides advice to real estate
occupiers, owners and investors with operations in 67 countries.
"For
north India, only the NCR can boast in terms of significant office
absorption as the other major cities have not chosen office markets.
Hub'n'spoke models have not been successful due to the mindset of the
workforce still choosing to move to major metros.
"Co-working
transactions have been the preference for most occupiers and will
continue to be the preference for Occupiers throughout 2022 until there
is an end to the uncertain environment created due to the pandemic,"
said Bhupindra Singh, Managing Director, Regional Tenant Representation
and Office Services, North India, Colliers.
"...The overall
absorption numbers indicate a strong desire for corporates to commit to
the office segment and thereby showcasing that the WFH is an interim
option only."
Besides, demand for flex spaces grew threefold during the calendar year.
Going
forward, rentals in key micro markets like Cyber City, Sector 16 A and
16B Noida, Golf Course Road and Sector 62 are expected to see a gradual
rise due to the limited availability of quality stock, Colliers said.
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