500-2000 sqft office space in demand in Delhi-NCR
The Delhi-NCR commercial realty market is currently driven by small office spaces measuring an area of 500-2000 sq ft. Reports show that there has been a gradual increase in the office spaces measuring about 10,000 sq ft in the last few years followed by a maximum demand for commercial properties measuring about 500-2000 sq ft.
According to Rajat Gupta, Executive Director, CBRE, there has been a great demand of smaller spaces as the occupiers are increasingly focusing upon cost controls and looking forward to utilising their existing portfolios more effectively. Furthermore, in the last quarter, Delhi-NCR has been a hotspot for office transaction activities for areas measuring less than 10,000 sq ft. The transactions in Delhi are mainly functional for sectors like telecommunications, IT/ITeS, banking, KPO, manufacturing, insurance and consulting.
The rental values of the office space measuring 500-2000 sq ft in Delhi costs up to Rs 100-350 per sq ft a month. There have been new commercial projects in the area to cater to the demand. CBD continues to be the most demanded area for commercial spaces.
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