Positive Vibes – Sharp Rise in Office Space Leasing in India

PNI1 Positive Vibes   Sharp Rise in Office Space Leasing in India

 

Positive Vibes – Sharp Rise in Office Space Leasing in India :

Signaling a positive atmosphere for growth, prosperity and wealth creation, the office space absorption in India rose 31 per cent in the country’s seven major cities during the July-September 2014 period at about 8 million sq ft, primarily fanned by greater level of demand from corporate segment who are looking for expansion, as per the property consultant CBRE.

Driving positive sentiments in the market, as part of the details given, the absorption of office space stood at around 6 million sq ft, during the same period last year in the seven major cities of India including – NCR (Delhi), Kolkata, Mumbai, Bangalore, Chennai, Hyderabad and Pune.

The consultant also informed that the third quarter of 2014 witnessed significant demand for corporate spaces on a quarter-on-quarter basis across the leading urban centres of the country, registering a total absorption of about 8 million sq ft.

According to real estate experts in the country, as India is on its way expecting an increase in GDP growth, the commercial real estate market is set to further witness an accelerated growth driven activity in the forthcoming months. This will further drive the wave of positive sentiment as far as the real estate segment is concerned.

Additionally, the rental values for commercial office space remained stable for most of the part across cities such as Delhi NCR, Kolkata, Bangalore and Pune, on the other hand, there was appreciation in select micro-markets of Chennai and Hyderabad.