GCCs gobble up 29% office leases this year
The first quarter of 2024 has seen global capability centres take up nearly 30% of all office space across metros in India.
The first quarter of 2024 has seen global capability centres take up nearly 30% of all office space across metros in India.
Marquee global names rush to invest in commercial real estate as economy picks up.
The leasing activity will be driven by technology, BFSI, engineering and manufacturing sectors.
Total cumulative office space taken up by life sciences firms stood at 8.6 million sq. ft between 2019-22 and is largely concentrated in Bangalore, Delhi-NCR and Hyderabad
The funds will be used for future growth and potential consolidation opportunities.
Pune currently has the lowest office space vacancy at 8.5%, with significant demand coming from the information technology sector.
PhonePe is planning to considerably expand its office spaces across cities as it will more than double its employee base to around 5,500 by the end of the year, says a company spokesperson.
Hybrid work model has also allowed companies to save up on real estate costs and even onboard talent from tier two and three cities at cheaper rates.
In India there are many factors at play which makes the office critical for companies and employees. That said, Covid-19 has irreversibly changed the way companies and people view the office.
Canada's Brookfield Asset Management, with real estate assets under management worth $6.6 billion in India, is expecting to shore up ₹3,800 crore from the public market by listing the Brookfield REIT.