Absorption of upcoming office space in major cities across the country in the next two-years is likely to generate as many as 4-5 lakh job opportunities in the same period, global property consulting firm CBRE said on Monday.
Bangalore and the National Capital Region are expected to be the growth drivers and are likely to contribute more than half of this total expected employment opportunity by the end of 2015.
“Employment opportunities to the tune of approximately 4-5 lakh are expected to be generated within the next two years across the country’s leading cities. In case India’s economic growth accelerates to above 6 per cent in 2015, more such opportunities may be expected, “CBRE South Asia Chairman and Managing Director Anshuman Magazine said.
Quoting Magazine, the CBRE Research report said “over 70-80 million sq ft of new office space is anticipated to be ready for possession by 2015 in the top seven cities -- Delhi-NCR, Mumbai, Bangalore, Hyderabad, Chennai, Pune and Kolkata.
“Assuming about 60-65 per cent absorption levels for this upcoming office space, approximately four to five lakh employment opportunities may be realistically anticipated within the next two years,” Magazine said.
IT/ITeS and allied services sectors are likely to account for a substantial chunk of this opportunity, followed by the banking, financial, services and insurance (BFSI) sectors; and distantly followed by research and consulting, pharmaceutical, engineering and manufacturing, and telecommunications.
Bangalore, Delhi-NCR and the Mumbai Metropolitan Region (MMR) are slated to account for nearly 75 per cent of this planned office space supply.
“With major corporate decision makers across Europe having indicated an increased appetite for global expansion into Indian markets, this expansion of modern, investment-grade office stock in the main cities of India will go a long way in meeting upcoming opportunities,” Magazine said.