PUNE: CBRE South Asia Pvt Ltd, a real estate consulting firm, recently announced the findings of its latest India Office MarketView – Q3 2019 report.
The report suggests that the city witnessed a quarterly decrease in leasing activity. However, there are supply additions in SBD Kharadi, SBD East and SBD West and a quarterly increase in rental values in CBD.
As per the report, the supply addition almost doubled on a quarterly basis, as three new buildings became operational. These included two medium-sized IT developments in SBD East and SBD West along with a large-sized SEZ development in SBD Kharadi. Flexible space operators dominated space take-up, closely followed by tech and research, consulting & analytics firms.
According to the report small to medium-sized transactions (less than 50,000 sq ft) mainly drove the leasing activity. The city also witnessed the closure of a few large-sized deals (greater than 1,00,000 sq ft) in IT developments.
Commenting on the findings of the report, Ram Chandnani, Managing Director, Advisory & Transaction Services, India, CBRE South Asia Pvt Ltd, said, “Leasing activity was primarily driven by the culmination of pre-commitments in the newly completed developments in SBD East, SBD Kharadi and SBD West. Transaction activity was mainly concentrated in IT developments in SBD East and SEZ developments in SBD Kharadi. We expect that pre-leases in upcoming developments would occur in the coming quarters.”
