October 15, 2019
The property consultant noted that the IT
During the quarter, healthcare and pharmaceutical sector overtook the BFSI
sector to emerge as the second highest lessor of office space, trailing behind
the IT-BPM sector.According to it, IT firms leased smaller offices at an average
of 23,000sqf in Q1, from an average of 35,000sqf in Q1 2017.According to
property consultant Cushman & Wakefield, companies from the IT-BPM sector
leased lower space at approximately 2.Bengaluru accounted for the highest share
in the sector’s leasing, followed by Hyderabad and Mumbai.
The property
consultant noted that the IT-BPM sector is grappling with challenges on several
fronts ranging from protectionist policies in countries such as US, advent of
robotics and AI, and lower IT spending. Bengaluru accounted for the highest
share in the sector’s leasing, followed by Hyderabad and Mumbai.Healthcare and
pharmaceutical sector’s leasing increased seven-fold from Q1 2017 to
approximately 1 msf, with both international and national developers taking up
larger offices during the quarter.
However, in subsequent quarters, we expect
IT-BPM companies to step up hiring for new skills required for enabling newer
technology.7 million square feet across the top eight cities in Q1 2018
following which its share in total leasing declined to 37 per cent in Q1 2018
from 46 per cent in Q1 2017.According to it, IT firms leased smaller offices at
an average of 23,000sqf in Q1, from an average of 35,000sqf in Q1
2017.
Bengaluru, which has the numero-uno position in the technology space,
recorded 36 per cent lower leasing by Cube
vacuum space bags Factory IT-BPM companies, while their leasing declined by
16 per cent in Hyderabad. Some big-ticket deals continue to take place in this
IT-BPM space, and we expect that to continue in subsequent quarters,†said
Anshul Jain, country head & MD, Cushman & Wakefield, India.
Currently,
the IT-BPM industry is going through a new phase of growth wherein hiring is
restrained in the face of newer technologies like robotics, AI. Mumbai: The
IT-BPM sector, which has a higher share in office lease activities in top cities
recorded 30 per cent lower uptake of office space in Q1 2018 as compared to the
same period last year on account of slowdown in fresh hiring amidst multiple
headwinds faced by the sector
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