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A Report Suggests In Q1 2018, Top 10 Office Markets In India Witnessed 11-26% Rental Growth

Rajbir Achoriwala

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Top 10 Office Markets In India

A 23% year-on-year increase in office space demand and 11.4 million sq ft of absorption pan India has been recorded in the first quarter of 2018. The rental values have also increased with the rising demand in many active micro-markets across India. A Colliers International report showed six out of the 10 most active micro-markets are in Bengaluru with 11-26% rise.

The primary reason for the rental rise is the limited availability of Grade A office space in preferred micro-markets of Delhi NCR, Kolkata and Hyderabad as well.

Ritesh Sachdev, senior executive director, Occupier Services at Colliers International India said, “The commercial real estate market is likely to remain robust with increased investor activity, sustained demand from technology companies and growing interest from various industry occupiers like manufacturing, flexible workspace, logistics and warehousing. The demand will be well supported by Grade A new office supply of about 117.0 million sq ft, which is scheduled for completion over 2018-2020.”

Bengaluru areas like Bannerghatta Road got 26% on-year rise in rentals, Central Business District got 25%, Electronic City with 17.6% growth and Secondary Business District saw rentals appreciating with 14.3%.

During the period Kolkata’s Sector V micro-market recorded a 14% on-year escalation in Bengaluru’s Outer Ring Road and Whitefield witnessed 12.7% and 11.1% rise respectively.

The report added that the Central Business District area of Delhi NCR, Connaught Place saw an increase of 10.8%, while rentals in Delhi Aerocity rose 10.8%.

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