Demand in commercial realty observed: JLL

HYDERABAD: Office space absorption witnessed an increase across major metros owing to strong leasing activity and limited supply in key markets in February, said a report by property consultant JLL.

While cities like Bengaluru, Delhi-NCR, Hyderabad, Mumbai saw robust space acquisition by tech giants like Accenture and Genpact, the demand remained stable in Pune, Amhedabad, Chennai and Kolkata.

Also, as the market in major metros saw shortage of quality supply in office space, rentals witnessed an upward trend.

In terms of transactions, Bengaluru remained on top with seven deals involving HP and NTT Data acquiring space at Electronic City and ORR, it was followed by Delhi-NCR which saw five transactions, mostly driven by expansions and completion of projects, involving players like BAE Systems and Thai Airways.

Other cities namely Amhedabad, Chennai, Hyderabad, Mumbai and Pune witnessed mere one or two transactions. Kolkata was the only exception with no transactions in the month of February.

In the retail segment, space acquisition was led by apparel players in Mumbai, Delhi-NCR and Hyderabad followed by F&B players acquiring space in Chennai and Amhedabad. Kolkata and Pune remained exception to this with no transactions in February.

Similarly, the residential market in major metros saw an improvement in demand and supply. Led by Delhi-NCR, Bengaluru, Pune and Chennai, the market saw addition of units and an improvement in sales. However, the demand in Mumbai saw a fall compared with January due to the poor market segment, said JLL.

Credits ET Realty

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