Commercial realty gets a boost as companies eye growth
With the new government promising stability at the centre, many companies in the IT, e-commerce, and consultancy sectors are making quick investments. They have begun to lease and buy office spaces expecting to cash in on a sudden economic boom.
Property consultancy firms like Cushman & Wakefield, JLL, DTZ, CBRE, and Knight Frank have received mandates from different companies to lease over 40-million sq-ft of space across seven Indian cities this year. This is a silver lining for the unemployed, considering this move is supposed to create approximately 3,50,000 jobs in this process of expansion of the firms.
Viral Desai, director-office at Knight Frank says there is a sense of urgency among clients now, though the business hasn’t changed so far. But with the formation of the new government, everyone is preparing for the growth and no one wants to miss any opportunity that might arise soon, he adds. This development is expected to boost the job market, which has been experiencing a slowdown due to the subdued economic growth that adversely affected the production and consumption pattern.
Source: The Economic Times
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