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The demand for office spaces during the first quarter of 2024 has been strong, registering total leasing of 13.6 million square feet across the top six cities. It is a remarkable 35 per cent increase compared to the same period last year, according to professional services and investment management company Colliers. Although this is a significant drop from the record office space take-up in the last quarter of 2023, the remarkable annual increase is indicative of upbeat occupier sentiment, given the fact that the first quarter is typically slower, Colliers said in a report. Bengaluru and <keyword id="19900176" type="General" weightage="20" keywordseo="hyderabad" source="keywords">Hyderabad</keyword> emerged as frontrunners for demand of Grade A office space in the first quarter of 2024, cumulatively accounting for more than half of the <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> leasing activity. The office market of Hyderabad saw 2.2x space uptake in Q1 2024 as compared to the corresponding quarter last year. This demand was driven by healthcare and pharma and technology sectors. Amongst other major office markets, Mumbai too experienced a notable surge in leasing activity, an impressive 90 per cent yearly rise in Q1 2024. "Hyderabad continues to strengthen its role as a prominent commercial office market in the country. The city offers occupiers including <keyword id="20942407" type="General" weightage="20" keywordseo="global-capability-centers" source="keywords">Global Capability Centers</keyword> considerable price arbitrage compared to other markets. Furthermore, proactive government policies, continuous infrastructure upgrades and a favorable business ecosystem makes Hyderabad a compelling destination for investors, occupiers, and leading developers of commercial real estate in India," said Arpit Mehrotra, Managing Director, <keyword id="21062240" type="General" weightage="20" keywordseo="office-services" source="keywords">Office services</keyword>, India, Colliers. "Within Hyderabad, the trifecta of Hi-Tec City, Gachibowli and <keyword id="19948349" type="General" weightage="20" keywordseo="madhapur" source="keywords">Madhapur</keyword> continued to drive leasing activity in Q1 2024. Of the 2.9 million square feet of Grade A space uptake in the first quarter, over 80 per cent of the demand was concentrated in these three localities," said Mehrotra. During Q1 2024, new supply across top six cities remained steady, at 9.8 million square feet, almost at par with the level seen in Q1 2023. According to Colliers, Bengaluru witnessed significant new project completions, contributing to 45 per cent of the total new supply, followed by Hyderabad at 27 per cent share. With demand outpacing supply, average rentals saw up to 8 per cent uptick on a yearly basis across most of the major markets. "As business sentiments and economic outlook remains positive, domestic occupiers, especially will continue to drive the office market of the country," said Vimal Nadar, Senior Director and Head of Research, Colliers India. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank">OnePlus 12 review: A feature-packed device with promising battery back-up</a><a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank">JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months</a><a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank">Asus ROG Strix Scar 16 review – powerful gaming laptop with a cool design</a>

Office space leasing in India off to a strong start in Q1-2024

Hyderabad, Despite the economic slowdown caused by the Covid-19 pandemic, <keyword id="68884" type="PERSON" weightage="20" keywordseo="Telangana">Telangana</keyword> is focusing on the expansion of the <keyword id="617811" type="PERSON" weightage="20" keywordseo="information-technology-sector">information technology sector</keyword> to further strengthen its standing as a leading global technology destination. It is not only setting up <keyword id="763883" type="PERSON" weightage="20" keywordseo="IT-parks">IT parks</keyword> in tier-II cities but within Hyderabad, it is taking up initiatives to ensure the expansion of the sector in all corners of the city. For over two decades, the IT presence in Hyderabad was confined to Madhapur and Gachibowli clusters in the western part of the city and it is only in recent years that few companies started their operations in the east. The state government has now drawn up ambitious plans to take the IT growth to all corners of the city. Under the GRID (Growth in Dispersion) policy of the state government, as many as 11 industrial parks within Outer Ring Road (ORR) limits will soon be converted into IT parks. This week, the authorities issued detailed guidelines pertaining to the zones, incentives, and <keyword id="1088961" type="PERSON" weightage="20" keywordseo="government-support">government support</keyword> for the conversion. The IT towers will come up in industrial parks at Balanagar, Kukatpally, Moula Ali, Mallapur, Patancheru, Katedan, and Sanatnagar, covering all corners of the city excluding the west. This followed the government's order to all polluting industries within the ORR to shift outside it. Non-polluting industries were also given the option to shift. Officials say the conversion of industrial parks into IT Parks will improve the elevation and the quality of living in the city. Home to 1,500 IT/ITES companies including global majors Microsoft, Google, Facebook, Apple, <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>, and nearly six lakh employees, Hyderabad is recognized as one of the leading Information Technology hubs globally. The new initiatives including GRID are expected to help achieve the state government's vision to increase the IT exports to $25 billion (₹1,87,000 crore) by 2025. The officials said the government embarked on dispersion as there is a resurgence of interest among the global investor's community, due to the state's investor-friendly and proactive policy measures. It is estimated that about 30% of the IT talent pool resides in the eastern part of the city and commutes to western IT Corridor on a daily basis. Similarly, a large part of the IT workforce resides in the northern parts of the city including Kompally, Bahadurpally, Bachupally, and Dundigal. This has led to overall city congestion and an increase in commuting time for IT employees. Dispersing the IT sector will not only decongest the western corridor and reduce the infrastructural burden but also makes it convenient for the IT workforce to commute to work and reduce the transportation burden on the IT companies. This is part of the objective to make Hyderabad the most preferred technology investment destination in the country and to attract niche segments that are fast emerging and evolving new verticals in technology sectors. The IT, Electronics and Communications Department has announced various incentives for units, anchors, developers, infrastructure development and institutional measures, and branding and promotional activities. The IT and ITeS units coming up in the industrial parks would be eligible for GRID benefits like an additional power subsidy of ₹2 per unit on the industrial power tariff on a reimbursement basis for a period of five years, with the total incentive for the unit not exceeding ₹5 lakh per year. According to the Government Order, the units will also get a lease rental subsidy of 30% for a period of five years with the total subsidy for the unit not exceeding Rs 10 lakh per year. The department announced concessions on land conversion for industrial lands under the Telangana State <keyword id="418609" type="DOMAIN" weightage="20" keywordseo="Industrial-Infrastructure">Industrial Infrastructure</keyword> Corporation (TSIIC) or industrial area local authorities that are converted to IT or ITES use. The developer has to utilize a minimum of 50 of the total built-up area for IT purposes. The remaining 50% can be utilized for non-IT use including commercial and residential use. In addition to converting industrial parks into IT parks, the government will also build an IT park at Kompally in the northern part of the city and another facility at Kollur or Osmannagar in the north-western part of the city. The government chose the areas for creating IT parks based on representations from various players. The eastern part of the city already has NSL IT Park, Genpact, Infosys, and others. Minister for Information Technology and Industry K. T. Rama Rao in July announced that the government permitted the conversion of five industrial parks into IT parks in east Hyderabad. In these five parks, IT firms will be set in about 25 lakh square feet which will create employment opportunities to 30,000 employees. He handed over conversion letters to the five companies. Hyderabad Distilleries and Wineries Limited's IT park will come up at IDA-Uppal over 12.40 acres. Minacto Chem will set up another park in the same area over 2.66 acres. Swamy Soaps and Oils Pvt Limited's park will also come up in IDA-Uppal over 2 acres. Gokuldas Exports Ltd's Mini Textile Park will set up an IT park in Nacharam over 8.93 acres while Bakelite Hylam Limited's facility will come up at IDA, Nacharam over 8 acres. The minister says that Hyderabad has no geographical hurdles and has the scope to develop in all the corners. Telangana clocked over Rs 1.28 lakh crore of IT exports during 2019-20, a growth of nearly 18% over the previous year. The growth rate was more than double the national average of 8.09% and more than two-and-a-half times the rest of the nation's average of 6.92%. The share of Telangana in overall IT exports from India went up from 10.61% to 11.58%. The number of jobs in the IT sector in the state went up from 5,43,033 to 5,82,126, a growth of 7.20% compared to the national average of 4.93%. This growth was registered despite the onset of the Covid-19 during the last quarter of 2019-2020. The Compounded Annual Growth Rate (CAGR) for IT exports for the last six years is 14.46%. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/dos-and-donts-during-solar-eclipse-surya-grahan/articleshow/76436997.cms">The do’s and don’ts of a Solar Eclipse — here what you need to know to protect yourself</a> <a href="https://www.businessinsider.in/science/space/news/solar-eclipse-december-2020-time-date-everything-you-need-to-know/articleshow/79697355.cms">The total solar eclipse and its 'diamond rings' won't be visible in India on December 14</a>

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Office space leasing in India off to a strong start in Q1-2024

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Industrial parks conversion into IT parks to further boost Hyderabad

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