{"id":27790,"date":"2022-04-06T14:17:08","date_gmt":"2022-04-06T07:17:08","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=27790"},"modified":"2022-04-06T14:17:08","modified_gmt":"2022-04-06T07:17:08","slug":"indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/","title":{"rendered":"India\u2019s office market recovers as office absorption and occupier confidence go back up"},"content":{"rendered":"

Office supply nearly doubled to 14.3 million sq ft<\/span><\/p>\n

\"\"
Office absorption was dominated by the fast-growing tech sector with a 32 percent share in Q1. Joydeep Mitra\/Shutterstock<\/figcaption><\/figure>\n

The commercial office sector shows signs of recovery as office absorption across Indian cities is at a two-year high. Gross office absorption has increased almost three times year-on-year (YOY) in Q1 2022 at 13 million square feet.<\/span><\/p>\n

It started picking up during the second half of 2021 and continues to do so in 2022.\u00a0<\/span><\/p>\n

In a report by <\/span>BusinessToday<\/span><\/a>, Bengaluru, India’s IT capital, accounted for 31 percent of office absorption in Q1 2022, followed by Pune and Hyderabad, which both accounted for 17 percent of the market.<\/span><\/p>\n

Office supply, on the other hand, nearly doubled to 14.3 million sq ft. Bengaluru dominated with a share of 29 percent. Chennai and Pune came in second and third, with 22 percent of the total supply respectively.<\/span><\/p>\n

\u201cThis quarter has seen occupier confidence swinging back with considerable large-sized deals that accounted for a whopping 55 percent of the leasing during the quarter. This clearly shows that occupiers are consolidating offices as they prepare for workplace-led innovation and collaboration,\u201d said Ramesh Nair, CEO, India and managing director, Market Development, Asia, Colliers.<\/span><\/p>\n

The Economic Times<\/span><\/a> reported that India has one of the Asia Pacific region\u2019s largest office markets. Among the top operators in the country are Awfis, CoWrks, Smartworks, Tablespace, and WeWork.<\/span><\/p>\n

More: The redemption of India\u2019s residential and commercial real estate<\/strong><\/a><\/p>\n

Naveen Nandwani, MD, Commercial Advisory & Transactions, Savills India and head of Workthere India shared that there has been an influx in the country\u2019s flexible workspaces segment. Moreover, to gain more investments, operators of co-working spaces are constantly improving their strategies<\/span><\/p>\n

\u201cThe flexible market is now dominated by high-quality spaces because occupiers are focussed on cultivating an updated office strategy around a space employees want to be in, and in an environment that enhances their desired culture,\u201d said Griffin Foley, Northeast Lead, Workthere Americas.<\/span><\/p>\n

Office absorption was dominated by the fast-growing tech sector with a 32 percent share in Q1; flexible workspaces with 15 percent; and consulting and occupiers in the engineering and manufacturing sectors with 12 percent each.<\/span><\/p>\n

Corporations continue to occupy managed offices, which resulted in flex spaces opening in cities inside and outside the metro.<\/span><\/p>\n

The Property Report editors wrote this article. For more information, email: propertyreport@propertyguru.com.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Office supply nearly doubled to 14.3 million sq ft<\/p>\n","protected":false},"author":12,"featured_media":27791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[388,1154,1278],"class_list":["post-27790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-commercial-real-estate","tag-office-market","tag-office-spaces","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"\nIndia\u2019s office market recovers as office absorption and occupier confidence go back up | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India\u2019s office market recovers as office absorption and occupier confidence go back up | Asia Property Awards\" \/>\n<meta property=\"og:description\" content=\"Office supply nearly doubled to 14.3 million sq ft\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/\" \/>\n<meta property=\"og:site_name\" content=\"Asia Property Awards\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/asiapropertyawards\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-06T07:17:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/04\/shutterstock_1120220684.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Contributing Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AsiaPropAwards\" \/>\n<meta name=\"twitter:site\" content=\"@AsiaPropAwards\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Contributing Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/\"},\"author\":{\"name\":\"Contributing Writer\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#\\\/schema\\\/person\\\/60e0732a149bc2fbe99629e45c8be3c2\"},\"headline\":\"India\u2019s office market recovers as office absorption and occupier confidence go back up\",\"datePublished\":\"2022-04-06T07:17:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/\"},\"wordCount\":406,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/shutterstock_1120220684.jpg\",\"keywords\":[\"commercial real estate\",\"office market\",\"office spaces\"],\"articleSection\":[\"News\",\"Property Report\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/\",\"name\":\"India\u2019s office market recovers as office absorption and occupier confidence go back up | Asia Property Awards\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/shutterstock_1120220684.jpg\",\"datePublished\":\"2022-04-06T07:17:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/shutterstock_1120220684.jpg\",\"contentUrl\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/shutterstock_1120220684.jpg\",\"width\":1000,\"height\":563,\"caption\":\"Office absorption was dominated by the fast-growing tech sector with a 32 percent share in Q1. Joydeep Mitra\\\/Shutterstock\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"India\u2019s office market recovers as office absorption and occupier confidence go back up\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/\",\"name\":\"Asia Property Awards\",\"description\":\"PropertyGuru Asia Property Awards\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#organization\",\"name\":\"Asia Property Awards\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Trophy_2.png\",\"contentUrl\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Trophy_2.png\",\"width\":1920,\"height\":1080,\"caption\":\"Asia Property Awards\"},\"image\":{\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/asiapropertyawards\",\"https:\\\/\\\/x.com\\\/AsiaPropAwards\",\"https:\\\/\\\/www.instagram.com\\\/asiapropertyawards\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/showcase\\\/asia-property-awards\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCCMEFMU-KW5dEKfb5dPTL9Q\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/#\\\/schema\\\/person\\\/60e0732a149bc2fbe99629e45c8be3c2\",\"name\":\"Contributing Writer\",\"url\":\"https:\\\/\\\/www.asiapropertyawards.com\\\/en\\\/author\\\/intern\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"India\u2019s office market recovers as office absorption and occupier confidence go back up | Asia Property Awards","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/","og_locale":"en_US","og_type":"article","og_title":"India\u2019s office market recovers as office absorption and occupier confidence go back up | Asia Property Awards","og_description":"Office supply nearly doubled to 14.3 million sq ft","og_url":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/","og_site_name":"Asia Property Awards","article_publisher":"https:\/\/www.facebook.com\/asiapropertyawards","article_published_time":"2022-04-06T07:17:08+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/04\/shutterstock_1120220684.jpg","type":"image\/jpeg"}],"author":"Contributing Writer","twitter_card":"summary_large_image","twitter_creator":"@AsiaPropAwards","twitter_site":"@AsiaPropAwards","twitter_misc":{"Written by":"Contributing Writer","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/#article","isPartOf":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/"},"author":{"name":"Contributing Writer","@id":"https:\/\/www.asiapropertyawards.com\/en\/#\/schema\/person\/60e0732a149bc2fbe99629e45c8be3c2"},"headline":"India\u2019s office market recovers as office absorption and occupier confidence go back up","datePublished":"2022-04-06T07:17:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/"},"wordCount":406,"commentCount":0,"publisher":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/#organization"},"image":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/#primaryimage"},"thumbnailUrl":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/04\/shutterstock_1120220684.jpg","keywords":["commercial real estate","office market","office spaces"],"articleSection":["News","Property Report"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/","url":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/","name":"India\u2019s office market recovers as office absorption and occupier confidence go back up | Asia Property Awards","isPartOf":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/#primaryimage"},"image":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/#primaryimage"},"thumbnailUrl":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/04\/shutterstock_1120220684.jpg","datePublished":"2022-04-06T07:17:08+00:00","breadcrumb":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/#primaryimage","url":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/04\/shutterstock_1120220684.jpg","contentUrl":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/04\/shutterstock_1120220684.jpg","width":1000,"height":563,"caption":"Office absorption was dominated by the fast-growing tech sector with a 32 percent share in Q1. Joydeep Mitra\/Shutterstock"},{"@type":"BreadcrumbList","@id":"https:\/\/www.asiapropertyawards.com\/en\/indias-office-market-recovers-as-office-absorption-and-occupier-confidence-go-back-up\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.asiapropertyawards.com\/en\/"},{"@type":"ListItem","position":2,"name":"India\u2019s office market recovers as office absorption and occupier confidence go back up"}]},{"@type":"WebSite","@id":"https:\/\/www.asiapropertyawards.com\/en\/#website","url":"https:\/\/www.asiapropertyawards.com\/en\/","name":"Asia Property Awards","description":"PropertyGuru Asia Property Awards","publisher":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.asiapropertyawards.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.asiapropertyawards.com\/en\/#organization","name":"Asia Property Awards","url":"https:\/\/www.asiapropertyawards.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.asiapropertyawards.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/12\/Trophy_2.png","contentUrl":"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/12\/Trophy_2.png","width":1920,"height":1080,"caption":"Asia Property Awards"},"image":{"@id":"https:\/\/www.asiapropertyawards.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/asiapropertyawards","https:\/\/x.com\/AsiaPropAwards","https:\/\/www.instagram.com\/asiapropertyawards\/","https:\/\/www.linkedin.com\/showcase\/asia-property-awards","https:\/\/www.youtube.com\/channel\/UCCMEFMU-KW5dEKfb5dPTL9Q"]},{"@type":"Person","@id":"https:\/\/www.asiapropertyawards.com\/en\/#\/schema\/person\/60e0732a149bc2fbe99629e45c8be3c2","name":"Contributing Writer","url":"https:\/\/www.asiapropertyawards.com\/en\/author\/intern\/"}]}},"_links":{"self":[{"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/posts\/27790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/comments?post=27790"}],"version-history":[{"count":0,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/posts\/27790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/media\/27791"}],"wp:attachment":[{"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/media?parent=27790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/categories?post=27790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asiapropertyawards.com\/en\/wp-json\/wp\/v2\/tags?post=27790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}