Another trend that has been gathering momentum during 2007 and is likely to accelerate in 2008 is of corporates and IT-IteS occupiers moving to tier II and tier III cities in a bid to reduce their real estate (and manpower) cost. Said Anshuman Magazine, chairman and managing director, CBRE South Asia: “Occupiers have been looking closely at non-metro markets that offer lower costs.” Developers have latched on to this trend and are busy acquiring land banks across smaller cities.
The rising rupee and the consequent compression in margins of IT-ITeS players, who account for nearly 75 per cent of office space demand, is driving this trend.
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