Office real estate looking up: Report

The findings of Knight FrankNaredco Real Estate Sentiment Index for this year’s first quarter reveal that with high vaccination coverage and improving business environment, the outlook towards the Indian office market has enhanced considerably. As pandemic restrictions scaled back nationally, 72 per cent respondents felt that office leasing will maintain a healthy growth curve in the next six months. In fact, in the first quarter stakeholders’ outlook for office rents also improved as compared to the last quarter of 2021. Moreover, 55 per cent respondents opined that office rentals should increase in the next six months, backed by strong demand trends. In terms of new office supply, 67 per cent of the survey respondents are of the opinion that new office supply will increase over the next six months.

Following higher prospects in commercial space, recently Rohan Lifescapes’ also closed a lucrative deal worth Rs 202 crore with Polycab India Ltd, for a commercial space nestled in the Ruby, the tallest commercial tower located in Dadar.

According to Rohan Lifescapes, as offices have resumed offline work, there is a lot of buzz in the commercial real estate market. The space in question is a 55,383.65 sq ft expanse, sprawling across the 23rd and 24th floors, on Tulsi Pipe Road. The office showcases envious sea views and cityscapes along with spacious parking slots.

Shishir Baijal, the chairman and managing director of Knight Frank India said, “The growth in the residential market has been impressive. As most companies start calling their staff back to work, office space demand has also been growing steadily. The buoyancy in stakeholders’ take on the sector reflects positively in both the current and future sentiment scores.”