Demand for office space rising: 5 mln sq ft expected by 2030
While the real estate sector is booming rapidly with numerous high rise buildings coming up round the corner, especially within the Colombo city, there is lack of office space, says Aasim Mukthar, CEO of Lanka Exhibitions and Conference Services (LECS).
The demand for office space is increasing in Sri Lanka by many foreign and local tech as well as startups to set up businesses. Statistics show that three million square feet of office space is expected to be set up by 2020Â while five million square feet is expected by 2030, he added.
Mr. Mukthar made these comments to the Business Times on the sidelines of the launch and media briefiang of ‘Office 2017 Exhibition for Complete Workplace Solutions’ at the Ramada Hotel in Colombo on Tuesday.
He said, “Foreigners are looking for small office spaces in Sri Lanka to commence business for a short period. Not many property developers have invested in this segment in Sri Lanka.” This is a new culture for the 21st century where everything is becoming digital and online. Not much space is required to set up a business especially for start-ups which is the current trend, stated Mr. Mukthar.
Secretary to the Minister of Telecommunication and Digital Infrastructure, Wasantha Deshappriya who was the chief guest at the event, mentioned that not only the private sector, but all government institutions are now moving into fully furnished buildings. “We are expecting all business entities to adapt and grow with new innovations, technology and creativity,” he said.
‘Office 2017 – Smart Working to Smart Office’, an exhibition for complete workplace solutions will be held from September 29 to October 1 at the BMICH in Colombo. The exhibition is organised by LECS together with the Ministry of Telecommunication and Digital Infrastructure.
The exhibition showcases the best in IT sector, commercial real estate, office management, furniture, printing solutions, office lighting, telecommunication, storage solutions, IT vendors, training solutions, office stationaries, signage board, security systems, office automations and many more. The 3-day exhibition brings together manufacturers and suppliers from Sri Lanka and overseas. There will be 150 exhibitors showcasing the widest product range at the venue where visitors can gain insight of new innovations in the market.