A government resolution, issued last month, has substantially broadened the definition of IT by including a whole new gamut of services that can now be allowed in an IT park such as back offices of “travel and tourism facilitation, TV entertainment channels and sports and travel channels”. The government has also increased the floor space… Read More »
In 2015, IT/ ITes contribution to office absorption was reported to be 57% for Bangalore, 64% for Gurgaon and 74% for Pune. In India, Bangalore, Pune and Gurgaon are the preferred locations among tech occupiers, primarily because of the ability to attract talent and the ability to access grade A buildings at affordable rents. Generally,… Read More »
The Chennai office space market, which has been seeing a stable demand of an average of 3.8 million to 4 million square feet a year, has seen a record demand of 5.2 million sq ft in 2015. With the demand expected to keep up the pace, lack of equivalent development in the supply side could… Read More »
Milestone Capital Advisors, a realty private equity fund is working on exits worth Rs 1,000 crore in the next one year in the backdrop of a recovering commercial property market. The fund is in advanced stage of talks to exit its investments in Electronic City Tower II in Bengaluru and two warehousing projects in Dharuhera in the… Read More »
Rents and capital values for prime offices are expected to grow more rapidly in 2016, according to the study by the Royal Institution of Chartered Surveyors (RICS), a standards setting body for the real estate and construction sectors. “Office demand for the last several quarters has been improving and is expected to continue in the… Read More »
While vacancy levels in commercial establishments are set to grow from current 8%, that for malls is at 30% despite an uptake in leasing activity led by IT, BFSI and consulting sector in Ahmedabad real estate market, a report by CIRIL Network says. The office space market in Ahmedabad had total absorption of around 0.75 million sq… Read More »
