Gross Commercial Leasing Across Top Indian Cities Up By 26% YoY: Colliers Research

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    Commercial leasing activity in the Indian real estate sector seems to be on the right track. As per a recent report, gross leasing activity across seven Indian cities stood for the first nine months of 2018 has shown an upward trend of 26 percent year-on-year.

    The commercial leasing activity stood at 36.4 million square feet (MSF) in the top seven cities. Recently published Colliers Research report “India Office Overview And Outlook Q3 2018” states that it is South Indian cities that are carrying the baton this time.

    Pic Credit: Colliers

    Below are the main highlights of Colliers Research report. Click here for the complete report:

    • Bengaluru saw the maximum commercial leasing activity at 3.7 MSF.
    • Hyderabad dethroned Mumbai to become the second most active market. The activity in Hyderabad doubled over Q2 to 2.1 MSF owing to large transactions by technology occupiers in the secondary business district (SBD).
    • Coming to north, leasing activity in Noida has gathered pace as technology occupiers and manufacturing companies have started leasing space on the expressway. This market recorded gross absorption of 0.78 MSF in Q3 CY18 showing a 30 percent increase from the same period last year.
    • On the contrary, Gurugram showed a decline of 60 percent in gross absorption in QoQ and 50 percent YoY, apparently owing to slower decision making on the part of the occupiers.
    • Pan India, demand for Grade A office space was largely driven by the technology sector (48 percent) in the Q3 CY18. This sector was followed by banking and insurance representing 19 percent of total leasing volume.
    • Flexible workspaces or co-working spaces also continue to enjoy the attention. This segment contributed close to 13 percent of office leasing in Q3 CY18, reporting a growth of two times from last year Q3 leasing. The report finding tends to hint that the coming times will be way more exciting for co-working workspace sector, which is fuelled by an increase in end-user demand from the IT industry and flexible needs.

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