As per Colliers International, the overall absorption for H1 2018 now stands at ~ 24 million sq ft. Bengaluru (Bangalore) continued to account for the highest share of absorption at 34% in Q2, followed by the National Capital Region (NCR) at 28%, Mumbai at 14%, Hyderabad and Chennai at 8% each, Pune at 6%, and Kolkata at 2%.
The first quarter of 2018 has started on a positive note with a 23% YoY increase in the gross office take-up in India. As per Colliers International, approximately 11.4 million sq ft (1.02 million sq m) of gross absorption was recorded in Q1 2018.
With about 10 million sq ft (0.9 million sq m) of office leasing in Q3, gross absorption totalled around 28.9 million sq ft (2.7 million sq m) over the first nine months.
At about US$151 per sq. ft. per annum, Delhi’s Central Business District (CBD) of Connaught Place was ranked as the sixth most expensive prime office market in the world, according to CBRE Research’s semi-annual Global Prime Office Occupancy Costs survey.
Track2Realty: Bangalore has consistently remained the preferred destination for corporate real estate occupiers in the country over the last couple of years. More recently though, our IT City outperformed itself by catapulting into the league of the top performing office markets of the Asia Pacific region during 2014—in the company of Tokyo and Shanghai.
Track2Realty Exclusive: 2014 was an eventful year for the commercial real estate market in India. The economic outlook in the first half of the year was uninspiring. Coupled with political uncertainty this resulted in investors and occupiers stalled making any real estate decisions. Business confidence was at its lowest. The sentiment changed dramatically in the second half post the national elections as it became clear that there would a ‘new’ stable government.
Track2Realty: The key southern markets of Bangalore, Chennai and Hyderabad together clocked in about half of the total corporate real estate space take-up among India’s leading office markets during the first nine months of the year.
Track2Realty: India continued to feature on the list of the world’s most expensive office markets, with New Delhi (Connaught Place – CBD) ranking at the 7th position, according to CBRE Global Research and Consulting’s semi-annual Prime Office Occupancy Costs survey. Mumbai’s Bandra Kurla Complex (BKC) bagged the 15th position, while Nariman Point stood at the 32nd position. The latest CBRE survey provides data on office rents and occupancy costs as of September 2013.
Track2Realty: Less than 3 million sq.ft of office space entered India’s prime real estate market in the quarter ending September 2013—dropping by more than 75% q-o-q over last quarter’s 10 million sq.ft of fresh office space supply; and by nearly 50% over the same period last year.
Track2Realty: Office markets in India registered a downward trend in absorption in the first half of the year (Jan–June 2013), according to the latest report by Cushman & Wakefield. The total net absorption across top eight cities in H1 2013 was noted at 10.9 million square feet (msf) which denoted a decline of 15% compared to the same period last year.