Press Release Summary: The rental gap between IT and ITes office space and others is widening as per the latest report by real estate consultant Jones Lang La Salle, leading to a severe supply crunch for the non-IT segment.
Press Release Body: The rental gap between IT and ITes office space and others is widening as per the latest report by real estate consultant Jones Lang La Salle, leading to a severe supply crunch for the non-IT segment.
The rental gap, the report says, between the two space types in the same or similar locations, was widening due to the relatively lower development of non-IT office stock, that has led to a severe demand-supply mismatch, increasing the rentals for non- IT office space, both grades A and B, to unprecedented levels in a record timeframe.
IT and non-IT space across India's major cities ranges from a low of Rs 10 to 20 per sq feet respectively per month in the tier II cities of Pune and Hyderabad to a high of Rs 40-60 in tier I cities of Delhi and Mumbai.
Over the last six years rentals have been growing at a differential rate of 9.4% and 16.5% for non-IT space respectively, resulting in a widening gap between the two.
The trend is present in all the major cities across the country. Around 47 million square feet of space in the IT/ITES sector would be added in the next two and a half years, while the non-IT space addition is pegged at only 12 million for the same period, thus further increasing the already wide gap between the two rentals............
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