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Commercial Property Has Strong Demand over the last few quarters

Comments(3) Sub Category:Realty News,Uncategorized Posted On: Jul 21, 2011

In the April-June quarter of 2011, commercial office space market in the country seen strong demand and witnesses over 33 per cent increase in office space. Delhi NCR, Mumbai, Bangalore and Chennai were the leading cities accounting for almost 80% of the entire space that was absorbed in the country.

According to a latest survey, about eight million sq ft of office spaces were absorbed during the second quarter of this year as against six million sq ft in the January-March period.

“The steady pace of space take up is primarily fueled by sustained economic development and increase in outsourcing business, resulting in robust corporate expansion plans,” says Anshuman Magazine, chairman and managing director of CB Richards Ellis South Asia.

While demand remains strong for commercial office space, most micro markets are staring at an oversupply situation with additional space being added in the future especially in IT/SEZ space. “Rental values in certain micro markets are expected to remain flat,” he added.

The second quarter of 2011 witnessed the addition of almost 10 million sq ft of new supply in all leading cities of the country. This was largely dominated by Mumbai, Pune and Kolkata, comprising almost 80% of the total stock that came on stream in this quarter. While demand levels have remained buoyant in the last few months, the large supply pipeline, might alter the demand curve in the coming few quarters.

Economic Times

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