Bengaluru, 19 June (IANL). High-activity micro office markets in India are expected to have an average annual demand and supply of at least 1 million square feet and will contribute 80 percent to the demand and new supply of office space in the next few years. This information was given in a report released on Thursday.
According to colliers’ data, high-an activity micro office has been observed in the top seven cities of the country since 2020 has seen high demand and supply. Four of these high-activity micro markets are in Bengaluru, three each in Delhi-NCR and Pune, two each in Chennai and Hyderabad and one in Mumbai.
The report said, these micro markets are spread over the secondary and peripheral business districts and will continue to operate India’s office market over the next few years amidst the expansion of the city, development of ongoing infrastructure and developing work models.
Arpit Mehrotra, managing director of the office services of Colliers in India, said, “India’s office market is ready for a stable strong growth under the leadership of 15-20 high-activity micro markets. Although some of these micro markets are already large commercial real estate centers, but emerging micro markets can potentially proceed.”
Since 2020, 59 percent of the total 38 million sq flex space leasing in the top seven Indian cities are related to the top 10 micro markets. Of these, SBD-Hyderabad, ORR-Bangalore and Baneer-Balewadi, Pune have acquired about one-third in the total consumption of Flex Space in India.
According to the report, although most of India’s micro markets have seen an increase in fare compared to the pre-epidemic levels, the select micro markets of Mumbai and Delhi-NCR are leading in terms of average fare. In India, 56 percent of the REIT qualified 488 million sq ft office stocks are in the top 10 micro market.
— IANS
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