Owing to the demands from manufacturing, logistics and consumer goods besides IT and outsourcing sectors, the outlook for commercial real estate for 2017 is likely to be robust. A market study by JLL India pegs the following:
- A paradigm shift in commercial space leasing is likely to boost demand, as firms that historically bought space prefer leasing to accommodate changing needs.
- Increased requirement from eCommerce/ start-ups and consulting firms rose, as these sectors are expected to continue with headcount, in addition, to accommodate their business growth in the years to come.
- Real estate analysts also expect a rise in lease rentals.
- Unlike earlier times, IT firms prefer to lease a commercial property rather than constructing one. For many companies, especially in non-technology sectors, money saved through leasing is reinvested in the business.
- The demand for office space is evolving, and more corporates across industries will adopt innovative workplaces in the near future.
- Offices which are tech-enhanced, with a focus on sustainability and energy-efficiency, will command higher rents.
Sources: JLL / Live Mint