Tech, Media and Telecom Sectors Emerging as Major Occupier of Prime Office Space

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Tech, Media, Telecom Sectors Accounts for 19 Per Cent of Grade A office space in Mumbai and 48 Per cent in Bengaluru, as per Colliers Research

The patterns of space occupation are changing in Asian urban markets as technology, media and telecoms (TMT) and flexible workspace sectors drive new demand in many cities, according to Colliers Research.

Moneycontrol first cited the Colliers Research report, which said that TMT groups now occupy about 18 per cent of prime office space in the central business districts (CBDs) of major Asian cities and flexible workspaces about 5 per cent.

In India too, technology and media have emerged as a major occupier sector. As per the report, the TMT sector accounted for about 19 per cent of Grade A office space in Mumbai and 48 per cent in Bengaluru at the end of 2018.

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Meanwhile, flexible workspace sector accounts for 15 per cent of total Grade A office space in prime areas of Bengaluru, and 12 percent in the NCR agglomeration.

Finance sector remains dominant occupier in some areas

However, the report noted that finance sector alone still represents 30 to 50 per cent of total occupation of prime office space in most Asian CBD areas, outside India and the Philippines.

It is not just the occupier profiles that is changing, but also are patterns of workplace organisation and design.

Offices are increasingly laid out on open-plan activity-based or agile working principles, the report said.

Further it stated that occupiers, in general, are demanding flexibility, the efficiency of space use and enhanced ambient experience as tools to staff retention for a more mobile and typically younger workforce.

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