MUMBAI, India, Dec. 3, 2014 /PRNewswire/ -- In recent years, India has become the 2nd largest serviced office market in Asia and the country's emerging economy is projected to sustain the industry's growth. Propelled by continued investment from global investors, growing domestic companies, increasing R&D investment and IT industries, all stimulated by favourable government policies, the demand for premium serviced office space in the key cities is expected to remain robust in 2015.
According to The Executive Centre's recent annual survey on Asia Pacific Business Outlook 2015, which acts as barometer for what's current in the market, over 90% of 600 survey respondents were confident or very confident in the region's prospects for the coming year. The level of confidence in the outlook for India has remained strong for the coming year, and India was perceived as one of the top five countries favourable for business expansion, leveraging its flourishing mining, manufacturing and services sectors, and the strong market sentiments underpinned by constructive economic reform.
Based on the World Bank's forecast, India's economy, which currently accounts for 80 per cent of South Asia's output, is set to grow by 6.4 per cent in 2015-16. India's long-term growth potential remains high due to favourable demographics, relatively high savings and policies and efforts to improve skills and education, facilitate domestic market integration and incentivise manufacturing activities.
With market sentiment looking so favourably on India, demand for office space is expected to remain buoyant. "The Indian economy is projected to grow at a broadly higher rate in 2015 than it did in 2014. Most corporates are expected to firm up plans for expansion in 2015 and this in turn will eventually feed through to generate higher demand for office space," said Nidhi Marwah, Regional Director for India, The Executive Centre.
The Indian market has witnessed a growing number of companies choosing to set up in a serviced office rather than taking the conventional office option of fixed lease terms and sourcing expensive furnishings. "The demand for serviced offices in India has been on the rise in particular in Gurgaon, Mumbai and Bangalore, by the increasing need of companies for ever-greater flexibility and speed to market. Serviced offices are now increasingly perceived as the mainstream occupancy option by companies of all sizes and from different sectors, ranging from banking and finance, consultancy, IT/ITeS, to BFSI," she continued.
Renowned for its premium fit-outs, exceptional client-oriented services and state-of-the-art infrastructure, The Executive Centre is the leading premium serviced office provider in Asia Pacific, with 68 centres in 21 countries. Its centres are home to several Fortune 500 companies, including Apple, Cisco Siemens, HSBC, Lenovo and Microsoft, among others.
With a network of 8 centres located in prestigious buildings across Gurgaon, Mumbai, Chennai, Bangalore and Pune, The Executive Centre is dedicated to providing on-demand office accommodation, virtual office representation services, company incorporation, meeting and video conferencing facilities, and a broad range of business support services. Each centre features contemporary office suites with ergonomic Herman Miller modular furniture, highly secure IT infrastructure, comprehensive meeting and conference facilities, stylish breakout areas and professional office support services. Office space and layout can be customised to suit the customer's specific needs, and lease terms can be as short as one month.
Firms and entrepreneurs looking to have an immediate presence in India can benefit from The Executive Centre's fully furnished, prestigiously located and well-equipped serviced offices in a professional business environment.
Commenting on The Executive Centre's business growth in India, Nidhi Marwah said, "The serviced office take-up in India is forecast to grow next year. In response to the rising demand for premium serviced office space, over the past three months, we have opened new premier office facilities in Chennai and Bangalore, and next year, we will further expand our centre network in Gurgaon, Bangalore and Pune. Overall, we anticipate a strong performance in our India business in 2015 with a growth rate of 10-15%."
About The Executive Centre
The Executive Centre is the leading premium serviced office provider in Asia Pacific with 68 offices in 21 cities. Founded in 1994, it operates in Hong Kong, Beijing, Chengdu, Guangzhou, Shanghai, Shenzhen, Tianjin, Macau, Bangalore, Chennai, Gurgaon, Mumbai, Pune, Jakarta, Tokyo, Seoul, Singapore, Taipei, Brisbane, Perth and Sydney. The Executive Centre provides local, regional, and international serviced offices, virtual office representation services, meeting and conference facilities, and business concierge services to multinational corporations, small- and medium-sized enterprises, and start-ups. Please visit our web site at www.executivecentre.com.
CONTACT:
Gigi Liu
Corporate Director - Marketing & Communications
The Executive Centre
T: +852-2297-2483
E: gigi_liu@executivecentre.com
