With foreign retailers expected to open stores in India, demand for office space is also likely to go up. However, a lot will depend on how the economy behaves.
In 2012, the office space take-up stood at 27 million sq ft, a sharp 24 per cent drop from last year's 35.6 million sq ft, according to DTZ. Consultants see a slight uptick in the office space offtake in 2013. "We expect the office space take-up in 2013 to be higher than 2012, but lower than 2011 - at 32 million sq ft," says an analyst.
According to Anshuman Magazine, chairman and managing director of CB Richard Ellis South Asia, big deals in 2013 would be lower than last year as economic woes would continue to loom. "The global economy is uncertain, and India's GDP has fallen to 5.5-6 per cent this fiscal, which will affect big office space transactions," he notes.