Adversity opens up opportunities. The adage is now ringing trye for the real estate sector. With lower rentals and lower costs of buying office space, many companies have shifted offices to take advantage of the lower costs and to gear up for future expansion.
Companies such as Swan Telecom-Etisalat and Tecpro Systems have leased and bought office space at much lower costs, in the range of 25-50%. A number of other examples too exist. According to industry sources in the know, Inox Cinemas in Mumbai has moved their corporate office from Tardeo to Andheri, Symphony Services in Chennai has moved from the central business district (CBD) to the Outer Ring Road and Standard Chartered Bank has consolidated its operations and moved to newer locations in Bangalore, Delhi and Mumbai.
Various locations in the country have seen a rental and capital value correction. Office space can be bought or rented for at least 25-30% lower value across the top 8 cities of India. According to a recent Cushman & Wakefield report some of the top micro markets in the country have seen a drastic rental correction. In Mumbai, Worli is down 38%, Lower Parel is down 39% and Andheri is down 33%; In the National Capital Region, Gurgaon is down 26%, Noida is down 20% and Jasola is down 24%.
More : economictimes.indiatimes.com
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