New Delhi: In the seven major cities of the country, the situation of renting office sites is expected to decline by 14 percent during 2020.
According to JLL, a global property advisory company, it could have a net area of 40 million square feet in the review period. In the year 2019, the growth rate of rent on office space was 40 percent and 4.65 crore square feet of office space was rented.
In the year 2018, it was just 3.32 crore square feet. Similarly, the supply of new office space increased by 45 percent to 5.16 crore sq ft in 2019 from 3.57 crore sq ft in 2018.
JLL India monitors the country’s seven largest property markets Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata. The report of JLL India is expected to take up around 4 crore square feet of office space on rent in 2020. While the supply of new office space in this area is estimated to be 4.75 crore sqft. JLL India Chief Executive Officer and Country Head Ramesh Nair said that the strength of the pre-committed activities is an intrinsic strength of the Indian office market.
