The city of Ahmedabad topped all major eight cities in the country, recording the highest percentage growth of 172 percent for office space leased out to corporates and business establishments in the country between January-June 2014.
“The highest growth in net absorption was noted in Ahmedabad (172%) and Chennai (115%) in these markets with net absorption increased more than two times compared to January-June 2013,” stated a market report on office space by global real-estate consultants Cushman & Wakefield (C&W) released on Thursday.
In the first six months of 2013, only 2.7 lakh square feet of office space was absorbed in Ahmedabad. This increased to 7.35 lakh square feet during the same period in 2014, thus registering a 172 percent rise. Most of the demand for office space in Ahmedabad came from IT-ITeS, manufacturing and BFSI sectors, the report added.
“The office markets have reacted positively to the outcome of the general elections that has encouraged corporate to view the markets positively. The increase in office absorption has increased in the first half of the year and is expected to be higher in the second half of the year,” said Sanjay Dutt, executive managing director, South Asia, C&W.
The top three performing cities during the first six months of were Bangalore, Delhi-NCR and Hyderabad, representing 57% share in the total net absorption of 7.7 million square feet (msf). The total net absorption for the eight cities stood at 13.4 million square feet during this period.
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Hyderabad outperformed Mumbai, recording a net absorption of 2.3 msf during H1 2014 compared to 1.9 msf noted in Mumbai.