According to a report released by Jones Lang LaSalle, office space leasing in India was recorded at the highest in the entire Asia-Pacific region. These figures are reflective of the office space leasing in the quarter ended September, 2015. Office space leasing in India touched a whopping $ 1 billion for the very first time, making up for more than 50 per cent of Asia’s total gross rentals for office space.
While Bengaluru and Mumbai witnessed a considerable leasing of office space, it was the National Capital of Delhi that experienced the most activity in its office property market. As a result, office space leasing measures in Asia-Pacific increased by a full 25 per cent in 2015 as compared to the figures recorded in 2014. Shanghai and Indian showed the most leasing of office space and the report suggests that these regions will continue to record higher leasing activity.
Anuj Puri, Chairman and Country Head, JLL India is of the view that this increase in office space leasing in the country is reflective of the increasing confidence on part of global companies in India. India seems to be transforming in one of the most dynamic and happening office markets when it comes to creation of jobs. As a result, developed countries are turning their eyes to commercial investment in Indian which will have a positive impact on the economy in the long run feels Puri.
“Demand for office space has been on the rise. Vacancy levels at grade-A complexes have eased out. Out of our total 2 million square feet of office space in Mumbai, we have only 1 per cent left to be leased out,” claimed MD of Wadhwa Group, Navin Makhija.
In key markets such as Mumbai, Bengaluru and Delhi more than a dozen financial services occupiers are looking for 5 lakh square feet of space or more of back middle office space. This has resulted in the doubling of office space lease volume to $ 1 billion from the second to the third quarter.