Industry experts say the emergence of new global capability centers (GCCs), the expanding presence of flexible workspace operators, the rise of unicorn startups, and the continued growth of big tech are driving demand for office space. is expected to continue to rise.
“A lot of space that was part of SEZs has now been de-designated, opening up newer areas for companies.Tata too has a large portfolio under SEZs and It’s hidden,” said the consultant, speaking on condition of anonymity.
Earlier, Ciena, an American networking systems, services and software company, leased 135,000 sq ft of office space at TRILTower in Gurgaon to Tata Realty. Other details of the rental or lease agreement are unknown.
IBM and TRIL did not respond to ET’s email queries. “The Gurgaon-NCR region is witnessing the emergence of a new development quadrant with a strong ‘flight to quality’ trend,” said Peshu Jain, Managing Director, Commercial Leasing Advisory. Ana rock. “Companies are prioritizing infrastructure improvements, organizational ownership, and first-class amenities as they align their workplace strategies with employee engagement and operational excellence.” Real estate consultancy Cushman & Office space leases are expected to reach a record 83 million to 85 million square feet this calendar year, an increase of 13% from the previous peak in 2023, Wakefield’s report said.
As the real estate sectors in the US and China face challenges, India has emerged as a bright spot in the global office rental market. Within Asia Pacific (APAC), India is expected to contribute close to 70% of the region’s total net absorption by the end of this year, underscoring India’s market dominance.
India’s growing attractiveness as a global capability center (GCC) hub is driving demand, with GCCs now accounting for 30% of gross leased volume (GLV), according to Cushman & Wakefield. This share is expected to increase further.
