Mr. Dutt of Cushman & Wakefield expects front-office (non-IT) commercial demand to remain robust in Mumbai. He foresees shortage in grade A supply in non-IT commercial office space and expects rentals to appreciate in ready and upcoming quality non-IT projects. Oberoi Realty’s commerz II stands to benefit. Also, he opines annual office net absorption at country level has flattened at ~30-33mn sq ft (significant % still contributed by IT/ITeS sector). Bangalore will continue to attract a lion’s share of total IT office leasing especially in areas of ORR/Sarjapur Rd and Whitefield. Prestige Estates is developing projects in this area and stands to benefit.
