New Delhi, April 19 (IANS) Bengaluru is the most preferred city for office expansion in the Asia Pacific region, followed by Shanghai and Singapore, a report by commercial real estate services firm CBRE said here on Thursday.
The CBRE Asia Pacific Occupier Survey 2018 said: “Although Shanghai has a large volume of new office supply, strong expansionary demand is expected to limit downward pressure on rents.
“In contrast, large scale pre-commitments to space in new projects in core areas of Bengaluru is tightening space availability.”
It added that the marketwide supply shortage in Singapore could also pose a challenge for occupiers seeking space there.
“In India, multinationals are focusing on expanding in Bengaluru and smaller cities across the country, but have limited growth plans in the Delhi-NCR (National Capital Region) and Mumbai,” the report observed.
The demand-supply mismatch exists in New Delhi and smaller markets in the country, along with China’s Tier-1 cities, which are facing “considerable oversupply”, according to the report.
The survey was done among 50 corporate real estate executives from multinationals and large Asian corporates from October to December 2017, it said.