According to the CBRE 2017 Asia Pacific Occupier Survey report released recently, multinational as well as Asia Pacific-based companies have aggressive expansion plans for India and China over the next three years.
• In the Asia Pacific region, more than 80% of Indian respondents plan to hire more people in the next three years.
• As per JLL India, India’s macroeconomic outlook has been resilient since 2014, leading to the entry of new foreign firms and expansion of existing firms. All of this has resulted in a demand for office space. While 30 million square feet were absorbed annually from 2012 to 2014, the figure rose to 35 million in 2015.
• The growth of the office spaces suggests that many companies are adopting an aggressive expansion strategy.
• Of all office leases, IT-ITES continues to be at the top with a 35-40% share.
The growth of commercial / office spaces, spurs the substantial demand for residential apartments. Commercial spaces gives much needed boost to residential market. Housing, combined with promising prospects in terms of planned infrastructure is expected to further attract both end-users and investors in any region.