Commercial
real estate, which witnessed a long lull for almost a year, seems to be
reviving in cities like Chennai, Mumbai and Bangalore, while other cities
continue to witness slow growth due to oversupply situation.
According
to a Cushman & Wakefield (C
& W) report, total office space absorption in Mumbai was at 2.23
million square feet, an increase of more than 50% over the previous quarter.
Chennai saw the second highest absorption of 1.32 million square feet, followed
by Bangalore at 1.25 million square feet and NCR at 1.2 million square feet.
Mr. Sanjay Dutt, Executive MD, South Asia, Cushman and Wakefield
India,
said, “India’s office market conditions are favourable for corporate world at
this time when there is a sizable availability of ready or near-ready supply.
Also, double digit vacancy numbers is helping to keep prices at stable
levels"
Highlights
of C & W..!
*
Absorption in Mumbai was led by the BFSI (Banking financial services insurance)
sector, which accounted for about 30% of the total space uptake in
July-September. With many financial institutions undertaking consolidation,
there is an increase in uptake of large, contiguous spaces across the city. The
highest absorption was recorded in Bandra-Kurla Complex & Lower Parel on
account of availability ready for possession or / nearcompletion office spaces.
*
Most occupiers preferred to evaluate completed or / nearcompletion projects,
against under construction projects.
*
Total revival for the commercial sector across the country seems to be far off
because supply continues to be much higher than demand.
*
Indian office market is expected to remain stable in short to medium term and
we hope to see stable absorptions in the range of 28 to 30 million square feet
for 2012 by the end of the year.
*
Even while IT / ITeS remain the largest
in terms of volume of office space demand, the real drivers will be the sectors
like BFSI, telecom and consulting that will keep the momentum upbeat in the
next few months.
*
Pune saw a total absorption of 8,40,000 square feet, which was 38% higher than
the previous year.
*
Chennai witnessed highest absorption of 1.32 million square feet in July -
September among south Indian cities, followed by Bangalore (1.25 million square
feet) and Hyderabad (0.50 million square feet).
*
Chennai's office market also saw an increase of 35% in total absorption in
July-September over the previous quarter, marginally surpassing Bangalore in
terms of office absorption. In July - September, the absorption was recorded at
1.25 million square feet registering an improvement of 18% over the previous
quarter.
Contact:
Cushman and Wakefield India
Bangalore
4th Floor, Pine Valley
Embassy Golf Links Business Park
Intermediate Ring Road, Bangalore, India 560 071
Tel: 91 80 4046 5555 Fax: 91 80 4046 5566
Branch Manager: Naveen Nandwani
Media Contact:
Sitara Achreja, Director, Corporate Communications
Email: Sitara.Achreja@ap.cushwake.com
Chennai
Paramount Plaza, 5th Floor
No. 7A/ 22 Nungambakkam High Road
Chennai, India 600034
Tel: 91 44 4299 5555 Fax: 91 44 4299 5566
Branch Manager: N. Hariharan
Delhi [HQ]
14th Floor, Tower C, Building 8
DLF Cyber City
City/Country: Gurgaon, India Haryana-122002
Tel: 91 124 4695555, Fax: 91 124 4695566
Branch Manager: Sanjay Dutt
Hyderabad
Unit #111, 1st Floor, Maximus 2B,
Mindspace IT Park
Hi Tec City, Madhapur, India Hyderabad 500081
Tel: 91 40 4040 5555
Fax: 91 40 4040 5566
Location Map
Branch Manager: Naveen Nandwani
Kolkata
Apeejay House, Block A, 8th Floor
15 Park Street, Kolkata, India 700 016
Tel: 91 33 3984 5216 / 5239 / 5235
Fax: 91 33 3984 5221
Branch Manager: Kaustuv Roy
Mumbai
Mafatlal House, First Floor
Padmabhushan HT Parekh Marg
Churchgate- 400 020
Tel: +91 22 6657 5555, Fax: 9122 2202 5165
Branch Manager: Kaustuv Roy
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