Indian office market sees steady demand uptrend; key cities’ rentals remain stable
economictimes.indiatimes.comGlobal Capability Centers (GCC), is driving the performance of commercial real estate across India’s key property markets.
The resilience exhibited by the Indian economy despite the global headwinds and availability of talent continues to help the office property markets in key cities sustain the growth trend.
Demand for office space in India’s largest occupier markets remained strong with over 16.1 million sq ft office space leases during the period. Robust occupiers' demand for setting up Global Capability Centres (GCC) constituted most of the leasing.
Prime office rentals in the country’s key property markets Delhi-NCR, Mumbai, and Bengaluru remained strong in year-on-year terms.
Mumbai and Delhi-NCR are among the top 10 markets across the Asia-Pacific region and the rentals for the next 12 months are also expected to stay stable at current rates, showed data from Knight Frank.
Delhi-NCR and Mumbai are the sixth and ninth most expensive office space rental market in the Asia-Pacific region, respectively even as Bengaluru stood at 19th spot during the September quarter.
«The Indian economy's relative strength remains a magnet for global corporate interest, evident in the resurgence of demand in the Indian office space market. Transaction volumes have increased, and rental rates have stayed steady in the three major occupier markets.
