The demand for offices is at its peak...?
The demand for offices is at its peak...?After suffering greatly during the Corona outbreak, the office space market is already expanding once more. Employers are increasingly calling workers back to the office after prohibiting work from home policies. They therefore require greater workplace space. In eight major cities throughout the nation, 34.7 million square feet of office space were purchased and sold in the first half of 2024, according to a research. This is the most that has ever been produced in a half-year. The data indicates that over this time, transactions have increased by 33% annually. Transactions of 26.1 million square feet of space were completed in the first half of 2023.Deals were mostly made in Bengaluru.A thorough investigation of the performance of housing and office space in eight major cities from january to june 2024 has been conducted, according to the Knight Frank india report. With 8.4 million square feet of deals, Bangalore has the most. This represents 26% of all the transactions in the top 8 metro areas. In Mumbai, 5.8 million square feet of office space was traded, and in delhi NCR, 5.7 million square feet. With an annual gain of 218 percent over the previous year, ahmedabad has had the biggest development. The only city where the number of transactions involving office space has decreased is Chennai.Chennai experienced the most increase in rent.In the first half of 2024, construction of 25.1 million square feet of office space was finished. Strong rent rise was observed throughout the year in every market due to demand. Nearly every major city has seen an increase in office rent. chennai has experienced the most increase in rent, at 9%. This city has a low supply of office space and a strong demand for it. Bengaluru ranked second in terms of rent increases during the first half of the year, with an annual increase of 7%. The need for office space has expanded due to the robust nature of the indian economy.