Bengaluru Continues To Have Lowest Office Vacancy Pan-India
Among the seven major office markets in India, Bengaluru continues to have the lowest vacancy levels at slightly less than 4%. In a trend led by the IT capital of India, how can other IT cities be far behind? Pune and Hyderabad too have vacancy levels at over 5% and 9% respectively.
Other cities follow these three: Chennai has around 11% vacancy levels; Mumbai has around 18%; Kolkata has more than 27% and Delhi-NCR has almost 31%. At a pan-India level, the average vacancy in commercial real estate stands at 15%, as of 4Q16.
From these figures, it is clear that IT hubs continue to see a good supply-demand equilibrium compared to other markets in the country. Developers in these IT hubs, especially Bengaluru and Pune, need to look into addressing the existing space crunch before the situation forces occupiers to consider some other cities. A few developers in Bengaluru have started advancing completion of their commercial projects in the city.
For a city that emerged at the top of 30 most dynamic cities globally in JLL’s City Momentum Index 2017, this data also demonstrates how occupier demand continues to remain strong and how there is need for commercial developers operating in Bengaluru to scale-up supply of quality office assets.
Tags : EXPERT ZONE