Office space leasing record 10. 82 mn sq feet in Delhi-NCR in 2019: Report

Web leasing of office area jumped over two-fold to document 10. 82 million sq feet this season at the national capital area, driven by fresh supply and increasing demand for quality workspace from corporates, according to property consultant JLL India.

Delhi-NCR had listed a web office space leasing . 31 million sq feet during 2018.

New source of office area also surged over two occasions this year at the Delhi-NCR to 13. 39 million sq feet against 5. 43 million sq feet in 2018.

Delhi-NCR’s share in total internet office space renting and fresh supply across seven big cities stood in 23 percent and 26 percent, respectively.

Office rentals stayed steady at the Delhi-NCR at almost Rs 78 per sq ft per month.

“Delhi, that leads to 20 percent of stocks, seen a two-fold growth in net absorption using a few notable large office jobs added to the inventory.

“The internet absorption, which touched 10. 82 million sq feet, was in an all-time large. The momentum has been driven by IT/ITeS, health care, consulting and research, production and flex distances,” JLL India stated in a report.

Co-working operators chose to expand their operations at the Delhi-NCR.

The adviser said that supply of office space rose 2.5 days on the back of several big jobs getting finished for example DLF Cyber Park.

“Gurugram gained a 67 percent share of this conclusion, although Noida accounted for 33 percent of this new source,” JLL explained.

Around seven big cities, the internet office space leasing climbed by 40 percent annually to an all-time large 46.5 million square feet as against 33.2 million sq feet in 2018. New distribution rose 45 percent to 51.6 million sq feet from 35.7 million sq ft.

Aside from the Delhi-NCR, JLL monitors office leasing of Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata.

About the author

Sarah Lacy

Sarah Lacy

Sarah Lacy is a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.
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