NCR leads in cor­po­rate realty do­main

Takes up 31% of to­tal trans­acted space in the lead­ing cities, fol­lowed by Mum­bai

HT Estates - - HTESTATES - HT Estates Cor­re­spon­dent

Ap­prox­i­mately 5 mil­lion sq ft of prime of­fice space was ab­sorbed dur­ing the first quar­ter of this year - a drop of ap­prox­i­mately 26% year-onyear, ac­cord­ing to CBRE’s In­dia Of­fice Mar­ketView – Q1, 2016 re­port.

Fol­low­ing a par­tic­u­larly strong fourth quar­ter of 2015, the first quar­ter of 2016 was com­par­a­tively slug­gish as most cor­po­rate space oc­cu­piers were still strate­gis­ing their real es­tate plans for the year, with limited trans­ac­tion de­ci­sions be­ing im­ple­mented in the first quar­ter.

Ac­cord­ing to the re­port, cor­po­rate real es­tate space take-up dur­ing the quar­ter was led by Delhi Na­tional Cap­i­tal Re­gion (NCR) with a share of 31% of to­tal trans­acted space in the l ead­ing cities, fol­lowed by Mum­bai (23%) and Ben­galuru (17%).

Cor­po­rate oc­cu­pier in­ter­est re­mained con­cen­trated to­wards prom­i­nent mi­cro-mar­kets such as Gur­gaon i n Delhi NCR; Thane, Navi Mum­bai, Vikhroli, Gore­gaon and And­heri i n Mum­bai; Ko­ra­mangla, White­field and Elec­tronic City in Ben­galuru; IT Cor­ri­dor in Hy­der­abad; and Vi­man Na­gar in Pune. Oc­cu­piers were also seen pre-com­mit­ting space in un­der- con­struc­tion de­vel­op­ments, pri­mar­ily in Mum­bai and Gur­gaon, largely led by the lack of avail­able space in in­vest­ment-grade de­vel­op­ments at prime lo­ca­tions.

Com­ment­ing on the find­ings of the re­port, Anshuman Mag­a­zine, chair­man and man­ag­ing di­rec­tor of CBRE, South Asia Pvt. Ltd. says, “While the first quar­ter of the year tra­di­tion­ally wit­nesses muted trans­ac­tion ac­tiv­ity, the over­all sen­ti­ment among In­dia’s cor­po­rate space oc­cu­piers is op­ti­mistic. Be­sides, In­dia con­tin­ues to re­main one of the global key out­sourc­ing des­ti­na­tions which will im­prove the mo­men­tum go­ing for­ward.”

Al­most 47% of the leas­ing ac­tiv­ity in the quar­ter was con­cen­trated in IT de­vel­op­ments. Lead­ing SEZ prop­er­ties i n Chen­nai, Ben­galuru, Gur­gaon and Noida also wit­nessed con­sid­er­able trac­tion, ac­count­ing for about 14% of to­tal trans­ac­tion ac­tiv­ity.

Most SEZ trans­ac­tions were the cul­mi­na­tion of pre-com­mit­ments made by cor­po­rate oc­cu­piers in pre­vi­ous quar­ters for their of­fice re­quire­ments.

In terms of sup­ply, ap­prox­i­mately 7 mil­lion sq ft of new of­fice space was com­pleted in the quar­ter. Ra­jeev Tal­war has taken over as the chair­man of the Na­tional Real Es­tate De­vel­op­ment Coun­cil (Naredco). Tal­war has di­ver­si­fied ex­pe­ri­ence of over 35 years, both as a bu­reau­crat as well as in a lead­er­ship role in the pri­vate sec­tor. Presently, he is a mem­ber of the board of di­rec­tors and CEO of DLF Limited. Wel­com­ing his ap­point­ment, Parveen Jain, pres­i­dent, Naredco, said, “Tal­war’s vast ex­pe­ri­ence will help Naredco play a cru­cial role in the growth and de­vel­op­ment of real es­tate in the country. His pro­fes­sional acu­men would help the sec­tor and the govern­ment to achieve com­mon goals, es­pe­cially the govern­ment’s vi­sion of Hous­ing for All by 2022.”

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.