As per the recent report by Colliers International, Delhi’s commercial real estate has doubled in the second quarter this year. The office space market in Delhi has shown growth of up to 0.21 million sq. ft., while Mumbai witnessed growth of up to 2.93 million sq. ft.
The report states that banking, financial services, & insurance (BFSI) has contributed over 44% of total absorption in Delhi, followed by media & entertainment at 15%, and approximately 13% by the manufacturing sector.
Delhi’s Connaught Place, Aerocity, Okhla, and Saket were some of the most preferred locations among office space occupiers, as close to 80% deals were concluded here. Amarchand Mangaldas topped the list, taking around 45,000 sq. ft. office space in Religare House at Saket. The next in line were BTMU and BBC, who signed deals for 40,000 sq. ft. each in Bharti Realty’s Worldmark at Aerocity.
Director of Operations at Avanta Business Centre, Nakul Mathur said, “We are excited about opening a classy business centre in Aerocity at Worldmark 2 next month, offering best-in-class services, and amenities. It’s great to know that the office space in Delhi has shown recent growth, as we’re expecting to serve some elite clientele in coming days. Aerocity is one of the fast growing commercial hub in Delhi, and we’re expecting a quick absorption once our facility is operational.”
Although office space absorption has increased in Delhi, yet the average rents have gone down by 2% as compared to the last quarter, barring only Nehru Place, which witnessed an increase of around 4%. Similar to last quarter, no new commercial A- Grade office space was launched in Delhi in the second quarter this year.
Gurgaon witnessed a growth of about 60% as compared to the last quarter in 2015. Around 1.8 million sq. ft. office space was absorbed in Gurgaon, with IT/ITes sharing 88% of total office space absorption at 2.9 million sq. ft. BSFI absorbed around 10% of total office space and rest stayed at 8%.
Top companies such as Zomato, Snapdeal, NTT Data, SAP, Arvato, and BCG Group together absorbed over 1.17 million sq. ft. of office space in Gurgaon. Udyog Vihar was one of the most preferred office space locations in Gurgaon with deals registered for 0.79 million sq. ft. In addition to this, companies preferred office spaces on Golf Course Extension Road, Sohna Road, and Golf Course Road with approximately 0.72 million sq. ft.