The Hindu Business Line : `IT sector takes big pie of new office space'

New Delhi March 29 IT and ITES companies accounted for the largest consumption of new commercial space in the last quarter of 2006 in the major cities in the country, according to real estate consultancy DTZ Debenham Tie Leung.

The sector took up 75 per cent of the total new office space in Pune and 70 per cent in Bangalore, according to DTZ's study for Pune, Bangalore, Chennai, Delhi-NCR, Mumbai and Hyderabad.

In Pune, a total of around 1.2 million sq. ft. of commercial space was absorbed in the last quarter that took the total absorption in 2006 to 4.6 million sq.ft.

In Chennai, the last quarter saw absorption of 5.2 million sq ft.

Hyderabad emerged as a preferred IT and ITES destination in the South. Total absorption of commercial space was around 3.8 million sq.ft.

Requirement in Mumbai for office space continues to be driven by IT, financial services, insurance and telecom sectors, together accounting for approximately 80-90 per cent of absorption. Total absorption in Mumbai in 2006 was 6.4 million sq.ft.

Delhi has witnessed an absorption of 2.9 million sq. ft. of commercial Grade A office space in the last quarter and around 10.6 million sq. ft. in 2006. The total absorption for the year has been the highest ever for Delhi NCR.

In Bangalore, the total office space absorption reached a new high of 14.2 million and is the highest among all the cities in India.

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