Global property consultants like DTZ, JLL, Cushman & Wakefield, CBRE, etc. are coming up with contrasting reports regarding the office space demand.
Office space demand rises or falls, experts vary.
BANGALORE: A recent report of CB Richard Ellis, a US based property consultant, stated that the office space absorption in India rose by 37%. The rise is on a year-to year basis. In the opinion of CBRE, January 2013 witnessed higher demand.
Meanwhile another American property consultant stated that the office space demand is down by 37%. This report of Cushman & Wakefield was absolutely on the opposite of what the CBRE report.
The reports of Jones Lang Lasalle and DTZ India are also not complementing each other. While JLL speaks of a moderate demand, DTZ speaks of a fall in the demand.
As per the report of JLL, office space demand is more or same. Compared to the first quarter of 2012 the demand is moderate this year. The report of JLL stated that in most of the cities the demand for office space remained moderate.
As per DTZ India the office space absorption is down by 20%. Anshul Jain, CEO at DTZ India, said that only 4.8 million of office space was absorbed this year. This is 20% lower than the 6 million sq. ft. absorption of 2012. Continue reading →
Oracle India Pvt Ltd will lease large office space in the Bandra Kurla Complex. The IT majorhas already signed the agreement.
Oracle India will lease office space in BKC.
MUMBAI: Oracle has signed a lease agreement for its Indian arm Oracle India Pvt Ltd. The IT major has leased large sized office space in the Bandra Kurla Complex in Mumbai. The group will lease 50,000 sq. ft. of office space.
Oracle India will have to pay Rs.340 per sq. ft. for gaining office in the BKC which is one of the most costly office spaces across India and Asia Pacific Region. The lease agreement will be for a term of nine years.
One floor will be fully leased by Oracle India. The transaction worth Rs.183.6 Cr is the largest lease transaction in FIFC. First International Financial Centre (FIFC) is a Grade-A commercial development in BKC.