Multi-national
firms have invested nearly Rs 2,500 crore in under three years to buy
office space in India as against leasing it, property consultant
Cushman & Wakefield said. "Multinational companies are
increasingly investing through purchasing offices in India... There
is a seismic shift in the traditional approach of leasing space that
such companies have had for years while considering overseas
investment," C&W said in a statement. With rising rents in
prime markets where MNCs operate, the consultant said that there is
cost benefit in the long term in buying office spaces rather taking
on lease. According to the report, "foreign MNCs contributed 43
per cent to the total sales value of commercial offices" during
January 2012 and March 2014. During this period, the total sales
value of office space was Rs 5,730 crore, of which MNCs contributed
Rs 2,470 crore, it said, adding that MNCs in the BFSI, ITES, FMCG &
Pharma sectors were among the lead commercial office buyers. Among
major office deals, the consultant said the Citibank India bought 0.3
million sq ft office space for Rs 1,110 crore in Mumbai and Bayer
group purchased 0.16 million sq ft for Rs 130 crore in Mumbai.
GlaxoSmithKline bought office space worth Rs 140 crore in Delhi-NCR
and Cognizant acquired office in Hyderabad for Rs 110 crore. C&W
Executive Managing Director, South Asia Sanjay Dutt said: "Companies
that have established operations in India and are confident of their
projections and potentials in the country are now tailoring their
real estate requirement so that they can be more cost-effective.
"Companies in specific sectors such as pharma and IT&ITes
are looking to consolidate their research and development divisions
with their front-end divisions in a single set-up and are looking for
assets to purchase as it proves to be a cost effective strategy for
companies." The consultant noted that buying office space proves
to be cost beneficial in long term as rents have been increasing
every year from 2011 to 2013 in most of the prime markets where MNCs
have typically leased office spaces. "Capital values have also
increased moderately during the period. Hence, companies stand to
gain financially if they decide to deploy capital to acquire the
spaces they occupy," C&W said.
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