Secondary business districts in Delhi, Mumbai and Bangalore have witnessed a marked decrease in vacancy levels, according to an Indian property market monitor brought out by real estate consultancy Jones Lang LaSalle.
In February this year, a total of 225,000 square feet was transacted in the Delhi suburban and secondary micro-markets. While around 72 per cent of the total transaction volume was recorded in Gurgaon, the remaining 28 per cent was recorded in the SBD of Nehru Place and other South Delhi micro-markets, resulting in a fall in vacancy levels in these areas. Gurgaon recorded a total absorption of 159,000 square feet.
Several major transactions were recorded in Gurgaon and Nehru Place. HCL Technologies, World Zen and Hughes Software Systems leased out a total of 150,000 square feet in February.
| Spaced out |
| A total of 225,000 square feet was transacted in the Delhi suburban and secondary micro-markets in February
The total transaction volume in Mumbai exceeded 144,000 square feet, as SBDs recorded a total absorption of 69,000 square feet The Bangalore office space market saw a total absorption of 320,000 square feet, with SBDs accounting for almost 80 per cent of the transaction volume |
The GESCO Centre in Nehru Place recorded a major transaction, with Ryder leasing out 52,000 square feet, the report said. The south Delhi micro-market of Vasant Kunj saw Eagle Global Logistics lease out 5,000 square feet in the Presidential Business Park.
The total transaction volume in Mumbai exceeded 144,000 square feet, with the suburban and SBDs leading the absorption. The SBDs recorded a total absorption of 69,000 square feet in February, with major companies like Tata Teleservices, CNBC and Dodsal Group taking up huge office spaces.
Over 46 per cent of the transaction volume comprised pre-completion deals, indicating that there is strong occupier interest in upcoming office projects.
However, the Bangalore office space market continues to outperform its peers with respect to absorption levels as well as high-grade supply. The total absorption in the infotech hub of the country stood at 320,000 square feet, with SBDs accounting for almost 80 per cent of the transaction volume.
