27th March 2023
Ah! This "The Indian office space market" is one topic, which has been discussed the most since outbreak of COVID-19 in early 2020, across various forums (occupiers, investors, developers, owners, and others) and in media across the globe. However, now it is getting predictable after 3 long years.
Let's look at few stats, before heading to analysis.
This is almost 40% short. So, where has this 40% office space demand gone in Indian Office Market?
The answer is Hybrid workplace has led to more hiring on a SqFt basis.
To understand if this is the permanent shift for Indian Office Market, and what are the other key relevant trends, our team has observed the following on the fields:
Suggestions to property owners and developers of office space in India:
On the brighter note, Indian economy is doing well and is poised to be next manufacturing hub for electronics, automobile (including EVs), defense, aero industry. Therefore, demand for overall real estate space will remain high, however, this workplace behavior change will negatively impact the overall office take-up.
As per our research, average annual office space demand in India will be in the range of 30 mn sqft to 35 mn sqft in coming years in comparison to 48 mn sqft in 2019. Therefore, demand base for office space is expected to reduce by almost 1/3 rd (33%) to the peak of 2019 numbers.
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