Office space leasing in Delhi-NCR jumps twofold
NEWDELHI: Net leasing of office space jumped over twofold to record 10.82 million square feet (sq. ft) this year in the national capital region (NCR), driven by new supply and rising demand for quality workspace from corporates, according to property consultant JLL India.
Delhi-NCR had recorded a net office space leasing of 5.31 million sq. ft during 2018.
New supply of office space also surged more than two times this year in the DelhiNCR to 13.39 million sq. ft against 5.43 million sq. ft in 2018.
Delhi-NCR’s share in total net office space leasing and new supply across seven major cities stood at 23% and 26%, respectively.
Office rentals remained stable in the Delhi-NCR at nearly ₹78 per sq. ft per month.
“Delhi, which contributes to 20% of office stocks, witnessed a two-fold increase in net absorption with some prominent large office projects added to the stock.
“The net absorption, which touched 10.82 million sq. ft, was at an all-time high. The momentum was driven by IT/ ITeS, healthcare, research and consulting, manufacturing and flex spaces,” JLL India said in a report.
Co-working operators continued to expand their operations in the Delhi-NCR.
The consultant said supply of office space increased 2.5 times on the back of some large projects getting completed such as DLF Cyber Park. “Gurugram garnered a 67% share of the completion, while Noida accounted for 33% of the new supply,” JLL said.