Feb 1, 2015
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Promising hiring trends and now an increasing demand for office space, indicates a positive sentiment among business owners. Real estate consultant, DTZ in its report on office space market in India predicts the demand for office space to grow by 7% in 2014. The report revealed seven major cities in India – Delhi/NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata which will be the next trending hubs for office space.
From 27 million sft absorption in 2013, the figure in 2014 is expected to touch ~29 million sft. Barring Mumbai & Delhi/NCR, five of the seven cities also feature among the list of world’s least expensive office space markets. This can definitely put quality and service as the key competitive factors that leaves business with more options when it comes to choosing an office space.
IT/ITeS leads the race with over 40% demand followed by BFSI and manufacturing sectors. IT/ITeS will continue to retain its spot as the single-largest occupier, however with the recent FDI limit enhancement in insurance, the demand in this sector is expected to grow further. A part of the growth is drawn by the demand for office space by startups and newly-formed businesses, although, they are not deemed as a sector of their own. Bengaluru as a location retains its position as the largest contributor for office space demand.
Why this positive trend in renting office space?
One of the reasons for the positive trend is the pro-industry reforms that are undertaken by the newly formed Government in India, which, as expected, is taking big steps to focus on inclusive growth in all sectors creating more and more opportunities for all stakeholders involved. Amidst the setbacks as a result in bureaucratic hurdles, the Government is now focusing on removing it through single-window clearances. This means, faster clearances to businesses that are either looking to expand into new territories within the country or that are looking to enter it. A promising and encouraging move.
Fuelling further is India’s economic growth that has the attention of large entities which have been on the wait-and-watch mode for their plans of expansion. Should a company choose to test the waters in a relatively new location, it can do so by housing itself in a walk-in office space or serviced offices, instantly available across all major cities in India.
Startups can now take advantage of this trend and get the best deal out of it, coupled with top-notch benefits. Since the focus is more on building their business, the support solutions offered by office space providers would mark as the key differentiator in making the choice to hire an office space.
iKeva, with its centres listed in the top ten ‘least expensive office space markets’ – Hyderabad, Bengaluru and Chennai – provides professionally managed serviced office space solutions to its clients, matched with benefits like internet, phone, reception and IT support. iKeva has created a standard in establishing its centres in prime location, with cost-effectiveness and hassle-free terms.
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