Ongoing Office Space Trends in India

August 25, 2007	(Be the first to rate this story!)  Loading ...
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Demand for commercial properties in India has got a major push by a large growth in IT and ITes companies. In case, you come across a productive land which does not have any hoarding announcing the imminent arrival of any retail or residential project, then you may self assume it to be reserved for a commercial project.

Over the years, the IT sector in India has reached to a new high and so have multinationals which now look out for bigger spaces to enlarge their operations into a single large building. Such a growing trend among companies of national and international repute in India is leading to the growth of built to suit commercial space in India.

According to the property data showcased by DTZ, in 2006, 10.6 million sq ft commercial space came up in the NCR. Of the total, 4.6 million sq ft was pre-committed.

Initially, Indian conglomerates used to have their own buildings. Contrary to this, MNCs nowadays prefer to take the space on lease. The buildings of Nestle and Ericsson were the early built to suit offices in the NCR region completed by DLF in Gurgaon.

Today, developers are developing more and more office space, even without having any pre-commitments because they are confident of the market to get them business with time.

Many builders customize buildings for their clients. For example: they will construct an external façade or large open floor plate with a few columns etc. And, the clients who lease office spaces have the liberty to customize the space as per their own requirements.

However, pre-commitments are increasing day by day, a factor motivating the developers to come up with more and more space. Most DLF buildings in Gurgaon which are on the completion stage have all been pre-committed.

News Published Under:   Real Estate India |

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