Bengaluru preponderate office space seeking, Chennai surprises with 2x growth: Colliers India Report

The division of 2023 has pushed the country’s office vending market to unequaled reach, coming to head in a data-shattering 58.5 million square feet of whole immersion, conducted by the peninsular India and Delhi NCR’s office space stipulation. Where the division of share, Bengaluru overbear office space immersion, whereas Chennai astonished all of the one with over double multiplied increments and set down 10.6 million sq ft retention, placing it in the high level of 3 for the initial steps, according to the report by Colliers India.

Also, Bengaluru, Chennai, and Hyderabad were considered to the best execution rated from the COVID-19 pandemic times.

“Indian business running platform over the real estate and office sectors zone will remain in the zone to observe healthy interest from local also with international-origin residents. Greater the partiality for the merger of core and blend real estate segment, intensifying performance in tier II markets, and upcoming generations offices with more sustainable productivity was known to be enhanced the key phrase for office segments in 2024.” Added by, Arpit Mehrotra, Administrative officers, Head of Office Services, Colliers India.

Although the desire from Flex operators continued to be relentless; at 8.7 mn sq ft, the comfortable spaces uplifted in 2023 were 26 percent greater than in the past year 2022. Flex perforation in the Indian office segments is looking forward to increasing more in the upcoming year, although builders are known to stick to the core plus flex plan for existing.

A tank-loaded knowledge, cost-effective leased, plentiful Grade A construction project, and commendatory office segments infrastructure will remain further to support India’s standpoint ranking from its ability to the core points of view. Therefore, steady demand from the local company around technology, BFSI, manufacturing, education, healthcare, and flexibility spaces will outcomes in similarly healthy demand for office spaces in the upcoming year,” added, Vimal Nadar, Administrator and Head of Research, at Colliers India.