Bengaluru, the tech-city of India secured number one position in office leasing space in the year 2018.
CBRE South Asia reported that the maximum number of office lease space is acquired by technology companies while the engineering, manufacturing and telecommunications firms ranked second, third and fourth respectively.
In Bengaluru, the office lease agreement deals covering large size i.e. greater than 200,000 sq. ft. were finalized in ORR while the same lease deals in medium-sized of 100,000 to 200,000 sq. ft. were carried out ORR, NBD and CBD.
Ram Chandnani, managing director, Advisory & Transaction Services, India, CBRE South Asia said that the technology sector boosted the Bengaluru city to witnessed huge leasing activity in the year 2018. We expect a substantial share of SEZ projects in this hi-tech city of Southern India.
After Bengaluru, NCR, Hyderabad and Mumbai secure the next few positions when dealing in office lease space in India on the yearly basis.
The CBRE predicts office leasing activity to stay static and stable in the near future as many corporate firms are backing this kind of commercial space to expand their business. The creation of such business locations are expected to decentralize many cities in India in the coming future.
According to the report, Hyderabad another hitech city of Southern India is likely to be the preferred choice of developers and corporates while considering escalation in construction activities.