In a research study, Cushman & Wakefield, a real estate services firm confirms that Pune is among the top 10 markets across Asia Pacific for office space setup.
Pune, rightly touted as the hottest real estate investment destinations in the country has also banged the 8th position as a ‘core investment’ stop in the Asia Pacific region. The firm says most of the global investments for this year will be made in commercial office assets as markets in Pune, Bengaluru, Chennai, Delhi NCR, Hyderabad and Mumbai are well placed to outperform other cities from emerging economies in Asia Pacific.
The demand in Pune real estate market has been on a rise as many multinational IT companies have set up their base in the last few years, making the city one of the hottest real estate investment destinations in the country. In search of jobs, skilled workforce is moving to Pune and creating more and more demand.
Under the smart city project, the city is moving towards being more and more developed. A new airport is proposed, metro work has started and the roads are being upgraded. The whopping amount of Rs. 194 crore has been sanctioned for the city’s Smart Project .
A lot of demand for office space has been created because IT and BPO companies are on a boom and it has many financial firms. Moreover, the expansion of the manufacturing and the services segments has contributed a lot to the demand for office space in the city.
“Compared to other cities, Pune has a huge advantage in terms of availability of talent not just in the field of IT but across sectors. One of the reasons why global companies prefer Pune is because of the cost efficiency in setting up an office,“ says Siddhart Goel, senior director, research services, Cushman & Wakefield.