The paradigm of office space demand in India continues to evolve rapidly, and the pace has in fact become swifter in recent years. In the next few years, average annual space take-up by Engineering & Manufacturing and BFSI occupiers is expected to increase by 35% while tech demand is likely to stabilize.
GCC demand too is likely to be on the upswing. Interestingly, as GCCs reposition themselves as knowledge and innovation centers, they are likely to account for almost 40% of the Grade A office space demand in next few years.
At the same time, demand from domestic-origin occupiers will remain robust, with about 30% of the domestic-origin demand likely to come from flex operators. This broadening of demand base augurs well for major office markets across the country in the long-term.
