Office Space in high demand in Ahmedabad
In Q1 2013, a net absorption of 189,600 sq ft was recorded in Ahmedabad, whereas in Q1 2014, the city posted 607,500 sq ft absorption. The figures are quoted from a study by Cushman & Wakefield. The absorption was concentrated in of Gandhinagar (66 per cent), Prahladnagar (25 per cent) and Sarkhej-Gandhinagar Highway (10 per cent) with transaction activity driven by Banking Financial Services and Insurance (BFSI) (49 per cent), IT-ITeS (33 per cent) and Pharmaceutical sectors (6 per cent).But the supply was mainly there in Gandhinagar, Prahladnagar and S.G. Highway with 80 per cent of it in Grade A developments. The rental values continue to remain stable.
Sanjay Dutt, executive managing director of Cushman & Wakefield observes that despite no improvements in the economic conditions, there has been a good demand of office space in Ahmedabad. Some of the deals in 2014 are spillovers from the last year as they could not be completed last year. However, in coming weeks the demand is expected to be little less due to elections and its results.
Source: Business Standard
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