The number of large office space transactions with companies across various sectors is on a rise across top Indian cities, and this has revived the hopes of the
In the last fiscal, India's top six property markets have reported 236 transactions for large office spaces, ranging from 25,000 square feet and up to over one lakh square feet, which was nearly 30% higher than the number of deals registered in the year before that.
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"It is apparent from the increased number of transactions that business confidence is gaining momentum. Consequently, corporates across the spectrum are willing to look at India positively in the long term and are willing to commit to large spaces," said Raja Seetharaman, director at commercial data information and analytics firm Propstack.
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Specifically, it was the IT hub Bengaluru that recorded the highest number of big property lease and sale deals last year, out of which 76 transactions involved 16 million square feet of area. This was closely followed by Pune, having registered 46 deals for a total of 12 million sq ft.
This demand for huge property spaces is rising because companies are expanding as well as merging their operations. This rise, being good for the realty sector, also marks a development in the Indian economy, while contributing to job creation in the future.
According to industry insiders, while the usual BFSI (banking, financial services and insurance) companies and IT/ITeS sectors are increasingly looking forward to buying these properties, start-ups and ecommerce players are not too far behind either.
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