By: Ravi Sinha
Track2Realty Exclusive: The Knight Frank Research finds overall fall in office absorption when compared to the corresponding quarter last. Approximately 1.35mn.sq.ft was transacted in Q3 FY 13, showing a 39% fall compared to the same quarter last year and 4% compared to the preceding quarter.
During the first three quarters of FY 13 around 4.7mn. Sq.ft. of office space absorption was observed in the NCR market. As per our estimates, total absorption for the present financial year is likely to be in the range of 5.7-6.3 mn.sq.ft.
Another consultancy firm Cushman & Wakefield earlier reported Delhi’s Connaught Place fourth costliest office location in the world. It ranked Delhi 4th in the list of most expensive office locations in the world. In 2011 ranking, Connaught Place was at fifth position.
“New Delhi’s Connaught Place has emerged as world’s 4th most expensive office location gaining one position over last year,” Cushman and Wakefield said in a statement.
Connaught place has an occupancy cost of $162 per sq ft annually, according to C&W’s annual survey that has ranked locations across 63 countries to compare the most expensive office destination across the world.
The debate as to whether Delhi-NCR is emerging as the new financial capital of the country or Mumbai still holds an edge depends over the given stake holders’ facts in hands, perception and stake in the given market.
However, what can be vouchsafed is the fact that from office occupier’s perspective Delhi-NCR in general and Gurgaon in particular holds an edge due to better connectivity, infrastructure & fresh supply. Whether that takes it to the financial capital or not, is something which is subjective at this point of time.
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