In the first nine months of the year 2014, the unheralded IT/ITeS sector has emerged as the front-runner in occupying office space in Ahmedabad, a city where traditionally the Banking, Financial Services and Insurance (BFSI) have ruled the roost. Ahmedabad has emerged on top among eight major cities taking up over 200 percent more office space than what the city did during the same period between January-September 2013, stated a report released by global consultants Cushman & Wakefield (C&W) on Thursday. In the first nine months of 2013, over 3.56 lakh square feet of office space was absorbed in the city. However, this year, the quantum has risen to 11.39 lakh square feet, half of which has been taken up by firms operating in the IT/ITeS sector. "Transaction activity in 2014 was primarily driven by IT/ITeS (49%), BFSI (28%) and manufacturing (13%) sectors. Although the average transaction size remained similar to last year at 12,000-15,000 square feet, the increase in number of deals in the IT/ITeS and manufacturing sector led to the jump in net absorption," stated C&W about the rise in transactions for office space in the city. Interestinly, this jump in take-up of office space has happened in a year when the Gujarat government has declared new polices for electronics sector, IT/ITeS and e-governance. The other sectors that added to the increase in absorption of office space in Ahmedabad are media and pharmaceuticals. Apart from Ahmedabad, the other cities that have registered a growth in absorption of office space include Bengaluru (92%), Hyderabad (84%) Chennai (45%), NCR (36%) and Mumbai (1%). Others cities like Pune (-26%) and Kolkata (-19%) saw their respective office markets decline.
