New office leases to create over 2.7 lakh jobs: CBRE

New office leases to create over 2.7 lakh jobs: CBRE

Office space leasing of around 23 million sq ft in the country’s seven major cities in the first nine months this year has a potential to generate over 2.7 lakh job opportunities, property consultant CBRE said today.
Based on space leased during January-September, Bangalore tops the cities with most opportunities, CBRE said.
“Consequent to corporate real estate transaction closures during the first nine months of the year across the leading seven cities in the country, CBRE notices the potential generation of office employment opportunities of over 2,70,000,” CBRE South Asia CMD Anshuman Magazine said.
About 23 million sq ft of office space has been leased in seven cities — Delhi-NCR, Mumbai, Kolkata, Chennai, Bangalore, Pune and Hyderabad.
“The major demand driver for corporate real estate during the first three quarters of 2014 was predictably the IT/ITeS sector which absorbed about 8 million sq ft of office space across the key commercial districts — accounting for nearly 32 per cent of this overall potential employment opportunity,” CBRE said.
It witnessed a steady demand growth for office space from other sectors like Banking, Financial Services and Insurance (BFSI) – almost 16 per cent, manufacturing and engineering (about 10 per cent) and consulting and research (10 per cent), among others.
“Commercial leasing in the first nine months of 2014 indicate Bangalore to be the top city in India to offer potential office employment opportunities, with about 30 per cent share of the overall opportunity generated across sectors in the leading seven cities,” CBRE said.
The Garden City is followed by Mumbai and Delhi-NCR. “The key reasons behind Bangalore being the centre of such real estate activity could be attributed to more rational commercial property values and abundant quality investment- grade office space at a fraction of the cost of the other major metropolitan cities of Mumbai and the NCR,” Magazine said.

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