Tuesday, June 18, 2019
News
NEWS HOME
»
PRN INDIA
Global In-house Centers Leasing to be in the Range of 30-35 Million sq Feet Between 2019-2021, Across the Top Six Cities: Colliers International India
  SocialTwist Tell-a-Friend  
   

GURUGRAM, India, May 21, 2019 /PRNewswire/ --

As per Colliers International, while Bengaluru will likely remain the first choice for GICs, occupiers may consider Hyderabad, led by its ease of doing business, talent pool and quality upcoming supply. As of 2019, India is the undisputed leader in the GIC market led by a change in strategy among multi-national companies (MNCs), further aided by competitively affordable rents in certain markets (that offer sub-dollar rentals), a strong IT infrastructure, tax breaks and a highly skilled, English-speaking talent pool.

"With technology investments imperative to future growth,  we  expect occupiers will continue to invest in GICs, especially to develop Centers of Excellence (CoE), as Research & Development (R&D) hubs, and innovation centers.  We foresee GIC leasing to be in the range of 30-35 million sq ft, between 2019-2021, across the top six cities of Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune," said Ritesh Sachdev, Senior Executive Director, Occupier Services at Colliers International India.  

As per Colliers Research, energy and chemical companies are considering Mumbai, and tech and consumer electronics companies are looking for options in Delhi-NCR for GICs.  It is suggested that  suggest pharmaceutical companies especially consider Hyderabad, where the government is developing a Pharma City to create a healthcare ecosystem of companies. Pune is also a top pick for GICs for financial companies led by its proximity to Mumbai, competitive cost and diverse talent pool.  Colliers urges companies to pre-commit to space in Pune, as the vacancy rate is only 5.2% as of Q1 2019.

"Over the next 3 years, we estimate GIC leasing to drive overall leasing activity, especially led by the sheer number of large deals that such centers require. In the last five years, leasing by GICs touched 53.0 million sq ft, cementing India's leading position as the world's global center", says Megha Maan, Senior Associate Director, Research at Colliers International India.  

Companies scouting for space for GICs, especially in the innovation, CoEs and R&D fields, typically align their workplaces to global corporate benchmarks in terms of environment, health and safety standards. Since GICs typically lease large spaces, above 100,000 sq feet, and must adhere to these standards, it is  recommended that  they set up and/or expand their operations in the suburban and peripheral areas of major cities, as seen in the table at right.  Colliers also foresees companies building campuses in peripheral locations in major cities, and in Tier II cities like Vadodara in Gujarat,Thiruvanathapuram in Kerala, Coimbatore in Tamil Nadu, and Visakhapatnam in Andhra Pradesh. It is expected that availability of talent will be at low attrition rates , cost arbitrage, and a conducive policy environment enabled by certain state governments to drive demand by the IT industry in Tier II cities.

About Colliers International Group Inc.  

Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

For the latest news from Colliers India, visit http://www.colliers.com/en-gb/india. To follow us on twitter, simply click on this twitter handle @Colliersintlind and to follow us on LinkedIn, simply click here.

Media Contact :
Sukanya Dasgupta
sukanya.dasgupta@colliers.com
+91-88-2637-7335
General Manager
Marketing & Communications
Colliers International India


More News by PR Newswire India

Artprice (New York) - Thierry Ehrmann: Patrick Drahi's Acquisition of Sotheby's Confirms the Art Market's Entry Into the Digital Era of the 21st Century

Citi, Societe Generale, DNB and other leading international banks promote greener global shipping through new principles

Bitdefender Expands APAC Presence With New Strategic Hire

IGP (Israel Growth Partners) Together With Its Major LPs Invest $110M in Cellebrite

The HONOR 20 Color Report: 'Positivity' in Vogue in Fashion Capitals London and Milan

LONGi ranked the most financially stable PV manufacturer by Bloomberg NEF

GCL System Integration Among First Companies Awarded LeTID test Certificate from TÜV Rheinland

Canopy Growth provides update on international operations and activities

Polygoons, Inc Enhances its Augmented and Virtual Reality Technology

Coursmy Launches Global Live and Video E-learning Marketplace Platform

6th Anniversary of BTC Futures Trading, OKEx Enhanced Risk Management System for a Better "Future"

DLF CYBERHUB and AMPM Café Celebrated Father's Day With Harley-Davidson Riders

Thailand's surge in IMD competitiveness list reflects dynamic economy, says BOI

TB Joshua to Host Meeting in Nazareth, Israel

OPPO Roars for Team India; Released Song ‘Jeet Pe Apna Haq Hai’ Created With Fans’ Heartbeats

From Black Hole Imaging to NASA Climate Research - Supermicro High-Performance Systems Support Major Scientific Discovery & Exploration Even to Distant Galaxies

Seamless Air Alliance showcases technologies enabling the future of inflight connectivity at Paris Air Show 2019

Sino-Russian (Harbin) economic and trade index launched to serve as barometer of bilateral trade

Danone and Migros CEOs Elected New Co-Chairs of The Consumer Goods Forum Board

Anant National University Welcomes its New Provost, Dr Anunaya Chaubey

One Man's Dream - India's Digital Awakening

Snehal Nagarsheth Joins Anant National University as Dean, School of Architecture

Systech and Toppan Sign Partnership Agreement to Deliver Brand Protection Solutions Worldwide

Top 10 Disruptive Digital Media Houses to Watch Out for in 2019-20

The 2019 China and South Asia Aviation Trends Forum Promotes Common Development through Interconnection and Cooperation

edelkrone Introduces Their First ORTAK Product

Health Horizons' Original Recipes Transform the Hemp Industry

FE CREDIT, Focussed on First Time Card Users in Vietnam, Crosses the One Million Cards Milestone and Gets the "Best in Card Acquisition" Award from Mastercard.

SALT Announces Its Signature Global Thought Leadership Conference In Abu Dhabi, UAE

The Cost of Anti-Money Laundering Compliance in Asia Pacific Region Increased 10% in Past 24 Months, Finds Study by LexisNexis Risk Solutions

Kemin Launches New Vision and Logo for the Future

Rove At The Park Opens Doors to a Thrilling Lifestyle Experience in Dubai Parks and Resorts

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Hyderabad police bust cricket betting ra...
BJP, casino lobby trying to oust Goa Con...
Rahul forgets to sign Parliament registe...
Lok Sabha members take oath in different...
Low-profile Nadda rose from ABVP ranks (...
Days after Pakistan alert, 9 soldiers in...
More...    
 
 Top Stories
6 killed, 75 injured in China earth... 
Egypt's ousted President dies durin... 
Circular economy can generate 1.4 c... 
India will overtake China as world'... 
Goa's three M's are priority of gov... 
UP: 6 dead, several injured in Sita... 
Six ministers of Kamal Nath cabinet... 
New police commissioner for Bengalu...