Jones Lang LaSalle India has reported that office space absorption will grow by 68% this year.
Jones Lang LaSalle’s recent survey has reported that in the suburbs the office space absorption will be more this year. The growth of absorption is expected to be by 68%.
In 2012, the office space absorption grew by 60%. This rate is expected to be outperformed. The JLL survey has stated that the companies which plan of expansion will be more concentrating on the suburbs. This will boost office space absorption in the suburbs.
The existing commercial centers are losing its prominence. This will be more visible in the coming five years during which the companies will expand to the suburbs. The expansion is believed to take place within next four to five years.
The survey stated that suburban locations will determine the performance of office market. The companies aim to reduce their cost by shifting to suburban locations. Moreover they will be able to enjoy better facilities and amenities in these areas, however at lower costs. Continue reading