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Mumbai accounted for 18 per cent of office space absorption — the second highest in the country— in the first quarter of 2017, said a report from real estate consultancy CBRE.
While this was on a par with Bengaluru, the National Capital Region (NCR) ranked first, accounting for 19 per cent of all transactions.
According to the report, January to March this year was one of the strongest quarters observed in the recent years for the office market, with close to 8 million square feet of space taken up across key cities.
In line with the recent trend, this absorption was mostly from small and medium-sized deals, but the share of large transactions also rose. Bengaluru, Hyderabad, Mumbai and Chennai dominated the large-sized deal closures, said the report, mostly from information technology, banking, financial services, insurance, and engineering and manufacturing sectors.
Additionally, co-working operators continued to remain active, leasing entire recently completed developments in Mumbai and Bengaluru, it said.
At the same time, approximately 3.1 million square feet of new supply was completed during the quarter, although it was a drop of 60 per cent from a year ago, the report said. It added that Hyderabad and Mumbai’s share was more than 60 per cent; followed by Pune at 19 per cent.
“Delays in regulatory clearances were reported in cities such as Delhi NCR, Bangalore and Chennai, resulting in large supply slippages in mostly the peripheral locations of these cities,” the report said.
New supply came into Airoli, Goregaon,Kurla and Andheri in Mumbai, the report said.