Occupants from information technology sector dominated the office space leasing in 2016 across the country with over 51% of total deals concluded by them, said commercial realty data information and analytic firm Propstack.
These deals for grade A office spaces also include transactions of IT-enabled services companies too.
“IT companies continued to drive home the advantage of lower costs of real estate as well as quality talent. While we expect to see lower absorption due to recent policies announced by the new US government, we believe that the sector will continue to dominate space take up across the country,” said Raja Seetharaman, Director, Propstack.
Among the cities, Bengaluru dominated with nearly 37% of deals, while Pune and Hyderabad recorded 19% and 18% of total transactions, respectively during the year. Chennai and Mumbai witnessed 10.9% and 7.2% deals respectively.
Banking, financial services and insurance sector stood as the second highest contributor with 17.6% of total deals. Other major contributors include sectors such as consumer goods and services with 7.1%, consulting services with 4.5%, engineering and manufacturing with 4.2% of total transacted space.