80% office space occupiers plan expansion of real estate portfolio: Report

New Delhi: Around 80 per cent of office-space occupiers in the country are likely to expand their corporate real estate or office space portfolio in the next two years, a CBRE report said on Thursday.

More than half of the respondents of the survey identified expansion as their top real estate strategy over the next two years, said the report.

The intention to expand the office portfolio in India is higher than that in the whole of Asia Pacific region where only 45 per cent of the space occupiers plan to increase their corporate real estate porfolio, according to the report.

Further, 70 per cent of the occupiers in the country plan to include “proptech” (property technology) and innovation in their workplace strategies.

Commenting on the findings, Anshuman Magazine, Chairman, India and South East Asia region for CBRE, said: “Corporate real estate in India is transforming, with focus on strategic models, technology and workplace innovation. Occupier intention of expanding office portfolios highlights the changing landscape in the operating business environment.”

The report noted that the changing nature of jobs, whereby jobs are becoming more digitised, along with lack of readily-available space and high occupancy cost, parking and disaster readiness of buildings, among others, are the major challenges faced by the office space occupiers in the country.