Buy commercial spaces for IT offices in Delhi NCR which prime locations are Noida, Greater Noida, Gurugram, Ghaziabad, Delhi, Faridabad etc. In spite of apprehensions of having a rough ride, IT Companies continued to be the biggest occupiers of office space in India in 2023. Tata Consultancy Services, the biggest software exporter of India occupied the space of about 1.8 million square feet in Mumbai overtaking Deloitte which was earlier the largest office space occupier occupying 1.3 million square feet in 2020. Big Transactions in 2023, Some of the big office space transactions in 2023 include Accenture alone taking up a whopping 4 lakh square feet space in Hyderabad and 3.5 lakh square feet in Chennai. Following it, Qualcomm took about 3.8 lakh square feet in Mumbai. Gaur City Noida Extension / Gaur Siddhartham Resale / Gaur City Resale Apartments / Gaur city 12th avenue Resale
According to CBRE, a property advisory firm, the IT companies accounted for the demand of about 56% of office spaces, whereas the other sectors like banking, engineering, financial services, manufacturing and e commerce companies contributed about 29% to the total leased space in 2023. This was the case even though the major IT Companies like Infosys, TCS, Wipro and HCL were struggling to reach the double digit growth. The Demand Continues, Real agency contestant, the national director of office spaces at Saya South X said that, the demand for office space form IT Companies continue to grow and they are looking out to set their office up closer to the mass transport system, so that they can reduce the commuting time. Real agency consultant also said that Saya South X managed to find the takers for an entire 8.5 lakh square feet at One Horizon Centre in Greater Noida West. The company has also leased almost 40% of 5 lakh square feet office space in Chennai.
Other notable transactions include Oracle taking 4 lakh square feet in Bengaluru and Siemens taking 3.5 lakh square feet space in Pune. Mike Holland, the CEO of Embassy Office Parks said that the Companies continue to integrate into a quality property, which seems to be true if you look at the strong business since 2011. Adding to it, he also said that the company had pre-leased about 2 million square feet by the end of 2023. On the whole, the office space absorption in 2023 stands as a second highest figure since 2011. Real agency consultant, the demand for office space in 2011 was the result of companies taking advantage of low rents because of global financial crisis. But in 2023, it purely seems to be the result of companies implementing their growth plans. Looking at the office space absorption in 2023, it’s expected that the demand for built-to-suit properties will be high in 2016.
