Delhi-NCR seems to top in commercial real estate
Delhi-NCR- In terms of commercial real estate, Delhi-NCR is expected to beat other places with mounting real estate rates compared to other prime commercial destinations.
Connaught Place in New Delhi stands in the world’s fourth most expensive office location, revealed a recent report by Cushman & Wakefield, which ranks locations across 63 countries to compare the most expensive office destinations across the world.
The report states that, the rental rates at Connaught Place have increased by approximately 25 percent over the last year, to cost Rs 403 a square foot per month.
Delhi’s new master plan planned by the Delhi Development Authority has not led for any speedy growth of office space within the city but rather it limits the choice, said Executive Managing Director (South Asia) of Cushman & Wakefield. Even though the activities will be limited, the commercial properties in Connaught Place would not see any reduction, instead they will be kept controlled.
As per a report by DTZ, a global leader in property services, points out that Delhi is the most expensive market in the rankings; whilst Perth moves down to number four.
According to Knight Frank Research, Delhi-NCR being the biggest office market of the country with nearly 88 million sq ft office space, witnessed a 39 percent fall in third quarter of fiscal 2012-2013, compared to the equivalent quarter of the previous fiscal. Vacancy levels range between 20-25 percent across various micro-markets in the NCR.
Most of the office supply has come up in the peripheral business districts of Gurgaon, Noida, Greater Noida and secondary business districts of Saket and Jasola.
New office space in NCR region would touch 45 million sq ft over the next three years, state Knight Frank report. In the third quarter of the present fiscal, about 94 percent of the total office space transacted in the NCR was taken up in Gurgaon and Noida.
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