Absorption of office spaces increased to 13.40 Mn sq ft in Q1 2024 from 11.85 Mn sq ft in Q1 2023, showcasing a 13% increase Y-O-Y, says a Vestian report. However, the absorption declined by 31% this quarter after peaking in Q4 2023. Southern cities (Bengaluru, Chennai, and Hyderabad) accounted for 61% of the Pan-India absorption in Q1 2024 its share increased from 54% a year earlier.
The residential sector is currently undergoing a bullish phase, characterised by a convergence of factors that foster an extremely favourable ecosystem. As we progress into 2024, we anticipate that both sales and new property launches will sustain the sector’s buoyancy. Despite the potential challenges posed by escalating land costs and limited funding options for early-stage projects, the robust underlying market fundamentals are expected to propel residential activity well above the average trend witnessed in the previous five years.
Should businesses continue to operate out of old jaded buildings at the heart of the city? Is it more convenient for the commercial activities to move to the upscale swanky offices on the periphery locations where the cost of doing business per square feet is much lesser? Is ‘Walk to Work’ only a city center reality across the urban pockets? These are the subjects of serious discussions across the built environment of commercial real estate world over, finds Track2Realty.
Real estate in general and its future growth in particular is defined by its demand drivers. It is relatively easier to forecast the demand drivers in the residential sector. Reason being that the economic activities indicate the migration of the workforce and hence inherent need for housing. However, to forecast the emerging economic activity, both sector wise and region wise, is more often than not guesstimate, finds Track2Realty.
Let’s Work is a modern co-working space built on the ethos of cooperation, collaboration, and community. Brought to fruition by Abhishek Kumar Gupta, enabler of Start-up Delhi and Kushagra Awasthi, founder of Furnish Your Dream, Let’s Work comes to Noida, to strengthen the start-up ecosystem, bringing together a network of different and like-minded people to share a common working infrastructure.