Quality office space requirements are increasing in Delhi
The Grade A commercial office market which is in the Delhi has attracted an increase in the demand for office space along with rental values rising across some select established micro-markets during the quarter that ended in June 2014. Delhi NCR is a huge leasing market that has seen sustained demand for the quality of space in the prime office locations of Connaught Place, parts of South Delhi, and Gurgaon.
In the last few quarters, barring Noida office market, a key challenge has come up in the region which is a lack of quality options in key office districts, especially in the Gurgaon belt. The region has seen a two percent increase in q-o-q investment-grade office space absorption rates in the second quarter over Q1 2014. The peripheral micro-market of Gurgaon has also experienced a strong demand for Grade A office space during the second quarter.
Though the region saw supply addition in the commercial segment the demand for Grade A office space in prime locations remained unsolved. This owes to increased occupier interest, rentals of select IT developments which are appreciated in the range of 3-5 percent over the previous quarter.
Source: The Tribune
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