India Office MarketView Q3 2017
- Leasing activity remained strong during the quarter, with office space take-up rising marginally by 2% q-o-q to touch 10.4 million sq. ft.
- While Bangalore and Delhi NCR continued to remain the key drivers, Mumbai overtook Hyderabad in terms of office leasing during the present quarter.
- Office space take-up continued to be driven by IT/ITeS corporates, garnering about 34% share in the overall space leased, followed by engineering and manufacturing (17%) and BFSI (10%) firms. E-commerce (10%) and co-working/business centers (6%) emerged as other prominent sectors leasing space during the quarter.
- Quarterly supply addition of about 7.2 million sq. ft.; Mumbai followed by Bangalore and Delhi NCR led development completions
- Sustained occupier interest resulted in rental values rising by about 1 – 10% q-o-q across most micro-markets in the cities of Bangalore, Hyderabad and Pune.