Despite WFH, Bengaluru Leads Office Market – The New Indian Express

By Express press service

BENGALURU: Bengaluru has led the way in office absorption and even completion of new office space, despite working from home due to the pandemic, followed by Hyderabad. The hybrid working model was considered a preferred way of working, coworking spaces initially used by startups and freelancers are now used by large companies.

In FY 2021, around 30 companies hired 3.6 lakh freshmen, of which India’s top 5 tech companies (TCS, Infosys, Cognizant, HCL Tech and Tech Mahindra) hired 2.3 lakh freshmen . This alone has resulted in the absorption of over 18.5 million square feet of office space in India.

From the worst contraction of 24.5% recorded in the history of the Indian economy in 2020, to GDP growth of 4.1% in the first quarter of 2022, to double-digit inflation and around 2.5 billion of institutional investments in real estate, the report highlighted all these trends. Vestian, in association with the Federation of Indian Chambers of Commerce and Industry (FICCI), released the report on Thursday. It is based on market trends seen in seven major cities including Bengaluru, Hyderabad, Chennai, Pune, Kolkata, Mumbai and NCR.

Dr Shrinivas Rao, FRICS, CEO of Vestian, said: “This report aims to provide insight into the different facets that have emerged during the pandemic. It has impacted occupant expectations and consequently brought about a change in market dynamics, it is imperative to understand the opportunities presented in the new environment. New cogs such as proptech, ESG implementation and policy shifts have emerged on the real estate scene and hold the potential to take the sector to the next level.

Jose C. Birney