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29/11/2022 03:35pm

Startups lead office real estate rental in India

image Startups lead office real estate rental in India

New Delhi, Nov 29 (KNN) Startup companies have leased over 6.97 million sq ft of office space in India in the first half of 2022, said a report by Jones Lang LaSalle (JLL), a professional services firm that specializes in real estate and investment management.

As per the report titled “A startup’s guide to office space”, the industry is expected to be one of the topmost office occupiers in the coming years.

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Due to the huge growth potential in startups, the global and domestic investors have been aggressively investing money in them.

Growing from 17% in 2021 to 28% in the first half of 2022 the startup sector saw an expansion in gross leasing.

“India has emerged as the largest ecosystem for startups in the world with over two to three new startups being conceived each day. A greater emphasis on the sector by the Government and the availability of skilled and talented manpower with a panache for innovative thinking has propelled the nation into the third-largest incubator in the world,” said Rahul Arora, Head Office Leasing Advisory India and MD, Karnataka and Kerala at JLL India.

The top startup destinations in India include metro cities such as Bengaluru, Delhi National Capital Region and Mumbai, followed by Chennai, Pune, Hyderabad and Kolkata.

The IT capital Bengaluru leads space leased by startups with an increase from 1.75 million sq ft in 2021 to 2.19 million sq ft in the first half of 2022, JLL’s report said.

Co-working providers and the IT & ITeS segment are the biggest contributors towards space leased by startups since 2021 in Bengaluru.

Delhi itself has seen a more than twice jump in gross leasing from 0.80 million sq ft in 2021 to 1.96 million sq ft this year.  (KNN Bureau)

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