Property News: Demand for office space on lease is likely to increase by 41-49 percent this year in seven major cities of the country due to improvement in demand after the Corona epidemic and lower base effect Is. This information has been received from the data of real estate consultant JLL India. Last year i.e. in 2021, 2.62 crore sq ft office space was given on lease.
Which seven cities is the report about
According to JLL, the demand for leased office space in seven major cities – Bengaluru, Delhi-NCR, Chennai, Hyderabad, Kolkata, Mumbai and Pune is likely to be in the range of 37-39 million sq ft this year. However, this figure is less than the record level of 4.79 crore sq ft in 2019 i.e. pre-covid year. JLL has assessed the demand for office space on the basis of newly built floors given on rent. Sites that have already been committed but have not received tenants are not included in this assessment.
The first 9 months of the year were more fast
In the first nine months (January-September) of this year, the demand for leased office space reached a three-year high of 30.3 million sq ft. This is close to the average of five years (2015-2019). JLL estimates the demand for office space in 2023 to be 37-40 million sq ft. The real estate consultant said that the residential segment has witnessed a strong demand.
Record growth in home sales
Annual home sales are expected to exceed two lakh units in 2022, which is the highest in a decade and is close to the 2010 sales figure of 2,16,762 units. Home sales have been more than 50,000 units in each of the first three quarters of this year. ‘‘The performance of the offices, residential and warehouse segments is expected to improve further in 2022.’’
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