Commercial Property Sales Surge As Demand Shoots Up

April 10, 2007	(Be the first to rate this story!)  Loading ...
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Although, the residential property segment may not performing well but the commercial property is certainly hitting the sky, says a report complied by real estate adviser DTZ India. Due to the corporate demand, the rentals have witnessed a rise of another 20% in the last three months, reports add further.

Getting a good commercial space has more become an illusion than dream in a city’s CBD.  Indeed, the report claims the rentals to see a jump of 10-20% in very near future. This is because of the ongoing demand that continues to outstrip supply. Last year, the India’s IT hub, Bangalore added over 14 million sq ft of grade A commercial space last year. Staying in step is the NCR witnessing office space supply of 10 million sq ft. Surprisingly, corporates are still searching for more space.

The rentals are likely to increase further in the CBDs of most cities. This is because of limited or no new supply being added, and the demand is going through the roof. There will be an increase in the demand for office space by 30-35% this year, but a multitude of corporate requires settling for space in the city’s suburbs, as space in the CBDs is exhausted.

Bangalore’s outskirts may witness a supply infusion of near about 13 million sq ft, whereas Chennai and NCR will add between 15 to 17 million sq ft of office space. Interestingly, 25% of this expected supply has already been booked.

News Published Under:   Real Estate India |

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