Mumbai, May 23 (IANS). India was 47 percent of all the office leasing volumes of Asia-Pacific (APAC) in 2024 last year, which was only 36 percent in 2015. Changes in business, supply chain diversification and macroeconomic challenges showing the growing strategy in India’s office leasing volume shows the country’s strategic relevance.
According to a report by Knight Frank, due to the strong demand from global capacity centers (GCC), multinational occupiers and third party service providers, the amount of India’s office transactions in 2024 reached a record 6.68 million square meters (7.19 million sq ft).
The report introduces India as a long -term and stable center for occupants seeking cost efficiency, talent and infrastructure.
Shishir Baijal, chairman and managing director of Knight Frank India, said, “India’s stake in the office leasing volume of Asia-Pacific has increased to 47 percent, which is a proof of the country’s strong infrastructure and a growing appeal as a strategic center for global corporation.”
He said, “Global Corporation wants to strengthen operations amidst currently running trade restructuring, so India’s real estate sector is in good condition to play an important role in regional development.”
Whereas, many APAC markets (Shanghai, Beijing) are facing more supply challenges. Indian industrial centers such as Mumbai, Delhi-NCR and Bengaluru have maintained a balanced vacancies level from the Sustained Leasing Activity.
Build-to-suit formats and flex lease are becoming increasingly popular in India.
India reflects relatively low external trade dependence and strong ability to absorb global shocks.
The report stated that unlike export-heey economy like South Korea or Singapore, India’s large domestic consumption base, prudent fiscal management and diverse service sectors protect it from external instability.
The basis of India’s frequent performance is an increase in domestic demand, digital changes and grade A commercial assets of supply side.
The report states that as business re-prepares the real estate portfolio to face instability and exploit new markets, the emerging real estate landscape of India provides both both the scale and stability.
-IANS
SKT/ABM
