Office rentals in key Indian CBDs see sharp quarterly surge
Prime central business districts (CBDs) in at least two cities--New Delhi and Bangalore--out of three Indian metros recorded steady rental growth during the September ending quarter. New Delhi’s Connaught Place has recorded the second highest sequential rental growth of 2.1% during July-September quarter among 20 Asian markets. According to Knight Frank Asia-Pacific Prime Office Rental Index Q3 2017, Connaught Place ranked second highest after Bangkok which topped the index with rental appreciation of 4.4% in the same period.
Bengaluru to have additional 26 million sq ft of office space by 2020
Bengaluru one of the largest contributor of office space absorption has 26 million sq ft of commercial space at various stage of construction, to be completed by 2020.
However, development of office assets without timely completion of infrastructure will leave the city in a chaotic state putting pressure on already crumbling infrastructure and may impact the office market adversely.
Retail space leasing in malls up 55% at 23 lakh sq ft
Leasing of retail space in malls rose by 55 per cent to nearly 23 lakh sq ft during January- September period this year in the eight major cities on better demand.
However, the supply of space in shopping malls fell by 63 per cent to 19.5 lakh sq ft during the first three quarters of 2017 calendar year. These eight cities are DelhiNCR, Mumbai, Kolkata, Pune, Chennai, Hyderabad, Bengaluru and Ahmedabad.
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