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Demand for office space on the rise

Nitin Namdeo
 


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There is no doubt that the year 2011 would be marked as a year in Indian real estate which witnessed one of the most difficult periods for the industry in recent times. A lot of upcoming projects were cancelled, business investment was sluggish and as a result the demand for the office space slowed down considerably. However, the dawn of new normal has witnessed resurgence in the demand for office space fueled by business expansion of corporate India in the backdrop of economic recovery. With signs in the global economy picking up pace, commercial office space in India has begun to consolidate, focusing on affordability, diversification and delivery.

The increase in demand for office space is clearly evident in the major Indian cities which are recording a rapid increase in the purchase rates and rentals in past few quarters. The country’s top seven cities absorbed 76.4 per cent of the total office space that came into their markets in 2010, according to the latest report. As per the report more than 60 per cent of the upcoming supply is concentrated in the three big markets of NCR, Mumbai and Bangalore.

Considering Delhi in particular, various reports suggest that rentals for Grade A office space across all central business districts (CBDs) like Connaught Place, and secondary business districts (SBDs) like Nehru Place, Rajendra Place, Bhikaji Kama Place, witnessed an increase of 2-3% during April-June 2010, as against the same period last year. Serviced Offices in Statesman House, continue to drive demand to new levels. Connaught Place continues to remain one of the most sought-after business addresses in New Delhi and its fully-equipped business centre at Statesman House provides some of the finest office space and facilities in the city. In view of the edge that Connaught Place offers over many other locations in Delhi, like better connectivity, infrastructure and easier accessibility of related institutions, every company desires to have an office space at Connaught place. Due to its various inherent advantages Connaught place has witnessed a 25% percentage increase in demand for office space.

Avanta rises up to the demand

Avanta too echoes a similar rise in the demand for office space. The number of inquires for its office space in the Statesman House at Connaught place has shown a sharp increase. This demand for the office space has come from across diverse industries that included IT/IES, Pharmaceuticals, Healthcare and others. These enquiries are bound to grow in successive quarters as the business climate continues to get better.

Coupled with the rise in enquiries, the occupancy rates too have shown a surge in Avanta’s Connaught place business centre. The facility is running occupancies of over 90% for more than 3 months now.

The upturn in the economy has certainly triggered a rapid demand for office space. To help meet this growing demand Avanta offers an attractive office space choice. Avanta offers you the right blend of premier location and state-of-the-art technology that adorns the offices. Avanta’s serviced office centre at Statesman House places you in the heart of New Delhi’s premier commercial and financial district, on Connaught Place. No expense has been spared in developing this top quality business centre. It provides secure, self-contained serviced offices in a choice of sizes, as well as highly equipped meeting and training rooms. Many of India’s, and the worlds, leading corporations are close neighbors, making this the ideal address at which to position your business. Statesman House is one of the district’s landmark buildings: a comfortable, spacious edifice amidst the elegant façades of Connaught Place’s outer circle. Avanta has comprehensively refitted the interior to provide ultra-modern office space arranged over 4 floors of the building. This includes Wi-Fi equipped communal areas and tea points (which clients can use free of charge) and a spacious, secure reception area. Avanta is certainly geared up to cater the needs of the growing demand.

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