Over 2.5 Fold Jump in Office Leasing For Delhi-NCR During The First Quarter: Report

In the January-March quarter of the previous year, office leasing totaled 7,00,000 square feet. The fresh supply for office space declined 10% to 1 million sq ft from 1.1 million - square - feet. At the end of the previous month, the Delhi-NCR region had an amount of inventory of office buildings of 118.7 million - square - feet.

Share on facebook
Share on twitter
Share on linkedin
Office For Lease in Delhi NCR Region

According to research, office space rent in the Delhi-NCR area increased more than threefold to roughly 1.5 million sq ft during the January-March period, owing mostly to increased absorption by IT businesses in Gurgaon.

Net absorption in the first quarter of the current calendar year increased dramatically to 1.48 million square feet, up from 4,63,900 square feet in the same period last year. Net absorption was 1.48 million square feet, up substantially from the same period last year, with IT-ITeS occupiers leading the way, followed by consultancy and engineering. Leasing renewal and relocations to similar-sized office premises are not included in net absorption.

The greatest net absorption was found in Gurgaon submarkets, followed by Delhi. In addition, almost 1 million square feet of space was which was before in Gurgaon by IT-ITeS and BFSI (bank, financial services, and insurance) tenants in the first quarters of 2014. However, the availability of office space inside the NCR region fell by 22% to 1.72 million square feet.

Read Also: Indian Real estate Market- a 2022 outlook!

1.8 Million Square Feet of Office Space Was Leased in Delhi-NCR During January-March, Representing a More Than 2.5-Fold Increase: Report

New Delhi, Apr 7 (PTI) – The net leasing of office buildings in the Delhi-NCR market increased and over 2.5 times to 1.8 million – square – feet between January and March, owing to the increasing demand from corporate entities and co-working operators. In the January-March quarter of last year, office leasing totaled 7,00,000 square feet. New office space supply declined 10% to 1 million sq. ft from 1.1 million – square – feet.

At the end of the previous month, the Delhi-NCR had an amount of inventory of office buildings of 118.7 million – square – feet. Gurugram topped office leasing activity in Q1 2022, accounting for about 72% of the market; DLF Cybercity ranked as the most desired micro-market. Vacancy remained constant, owing to consistent leasing in the face of limited supply.

Also Read: Will the Hybrid work culture impact the Indian office space market in 2022?

NH-48, Golf Extension Road, and Noida Expressway are projected to be the focus of future supplies in Q1 2022. During the first quarters of the 2022 calendar year, the vacancy rate for office space was 23.5%. The monthly rent was Rs 91.6 per square foot on average.

DLF, Brookfield, Bharti Realty, and Max group business Max Estates are among the prominent developers in Delhi-NCR that provide office space for leasing. DLF Cyber City Builders Ltd, a joint project between DLF and Singapore’s sovereign wealth GIC, owns and operates various office buildings in Gurugram. Brookfield, a worldwide investment group, has purchased a 51% share in Bharti Enterprises’ four commercial buildings, notably Worldmark in Aerocity in the country’s capital, for Rs 5,000 crore.

Max Estates has two commercial works: ‘Max Towers’ in Noida and ‘Max House’ in Okhla, Delhi. Max Estates has formed a joint venture the New York Life Insurance because of its third commercial project, Max Square, in Delhi-NCR.

According to a Collier’s analysis, gross office space leasing in the top six cities increased dramatically to 13 million – square – feet in January-March 2022 from 4.7 million square feet the previous year, while supply more than doubled to 14.3 million – square – feet from 7 million square feet. Colliers India monitors six cities: Bangalore, Chennai, Delhi-NCR, Pune, Hyderabad, and Pune. These six cities have a combined office space stock of 601 million – square – feet.

Also Read: High Rental Income Properties In India For You To Invest in 2022

Occupiers’ confidence has returned this quarter, with significant large-sized agreements accounting for a staggering 55% of leasing throughout the quarter. This demonstrates that office occupiers are combining offices to prepare for workplace-led cooperation and technology. This high leasing comes amid when Indian occupiers are reopening their offices to employees after just a two-year sabbatical.

Assetmonk is India’s most trusted platform to invest in fractional ownership properties. Assetmonk provides smart real estate investment alternatives such as Growth, Growth Plus, and Yield models to help you increase your investment with an estimated IRR of 21% each year. Visit our site today to set up in the right way with real estate investment!

Office Space Lease FAQ'S

The primary distinction between a lease and a rent agreement is the length of time they cover. A rental agreement is often for a short amount of time (usually 30 days), but a lease contract is for a longer period of time (generally 12 months, though 6 and 18-month leases are also popular).

Titles of the lessor and lessee, as well as their agents The property’s description Rent amount and due dates, waiting period, and late fees. Rent payment method, Among the most typical and crucial terms in a lease contract, include methods to cancel the produced similar results to the expiry date and any costs, etc.

In most cases, “commercial space” refers to office space. There may not be as many people strolling in and out of business space, but “retail space” is heavily dependent on foot traffic. Commercial space is often utilised for businesses with little foot traffic.

Related Articles

istockphoto 155700839 612x612 1

Rental housing demand will increase in crucial micro markets

The real estate market has exploded in the post-pandemic era. The corporate market is increasing, increasing demand for commercial space and rental residences. According to industry statistics, in the second quarter of this year, Indian rental home searches climbed 84.4% year on year and 29.4% sequentially. Furthermore, total combined rental housing listings rose 3% quarter on quarter and 28.1% year on year throughout the 13 Indian cities covered. Do not miss The 18% GST on rent gets anticipated to harm the rental housing industry. But, what are the variables that will lead to the rental housing demand boom? Accessibility and cost-effectiveness: When it comes to renting a property, people primarily examine three factors: infrastructure, connection, and price. The property’s location, with ready infrastructure and decent connection, takes precedence over the size and price of the unit. Customers want a home in a prominent location that allows them to maintain a good work-life balance, with less commuting time, easier access to…

Read more
istockphoto 1393356971 612x612 1

REITs, New Age Instrument: Investing in Properties Without Actually Investing in One

Real estate investing always meant purchasing, owning, and managing an actual property. But, did you know that it can still be done without actually owning the property? Thanks to REITs, investors need only put their money into corporations that possess substantial portfolios of self-appreciating real estate assets in some of the world’s most desired locales. Welcome to the world of REITs where you can buy real estate without the inconvenience of owning the property altogether. Easy peasy lemon squeezy right? Real estate investment trusts are popular among investors who wish to buy real estate without the inconvenience of owning the property altogether. These investments, known as REITs, allow investors to deposit money into income-producing real estate. A REIT is best described as a simple way to own real estate without actually purchasing any property. Investors can acquire individual shares of a real estate investment trust, similar to stocks, which gives them little chunks of several properties. This protects them from…

Read more
istockphoto 1394977436 612x612 1

Commercial Real Estate Leases: Different Types and Which Is the Best?

Leasing commercial space is a significant financial commitment and requires commercial real estate leases. These leases can be intimidating, especially because they are a huge commitment that can be costly. However, they are not as difficult as many people believe. A commercial real estate lease, like most other legal transactions, should not be taken lightly. As a result, when renting commercial space for the first time, it is critical not only to thoroughly study the industry but also to have a good understanding of the many forms of commercial leases accessible in India. Also, read Commercial Real Estate Is Booming In 2022: Explore How You Can Also Profit Via This Alternative Investment. Here’s an explanation of the many forms of commercial real estate leases and what they imply for renters and landlords: Firstly, what are commercial real estate leases? Commercial leases, as opposed to residential leases, are an arrangement between a renter (company) and landlord that specifies the property only…

Read more
istockphoto 817688664 612x612 1

The Indian real estate market would be worth $1 billion by 2030: RBSA Advisors

According to RBSA Advisors, the real estate business gets expected to grow by 15% by 2030, reaching $1,000 billion. According to RBSA Advisors, the Indian real estate sector would grow at a 15% CAGR from $60 billion in 2010 to $1,000 billion by 2030, contributing 13% of the country’s GDP by 2025. The organized retail real estate industry get expected to rise by 28% to 82 million square feet by 2023. Per “The Outlook of the Real Estate Sector in India,” the Indian real estate sector is showing strong indications of recovery as the economy recovers from the pandemic. Also, read JLL reports Indian real estate garnered $943 million in investments worth in Q1 2022. Despite a little increase in prices and a slight increase in home loan interest rates, the real estate industry has thrived on good buyer enthusiasm. According to the poll, there is substantial demand for property in Delhi-NCR across all price levels. The entire increase in…

Read more
istockphoto 1394786542 612x612 1

Aspire to be A Top Commercial Real Estate Agent? Here are Some Critical Steps To Becoming One

Do you want to be a successful commercial real estate agent? The Indian real estate market is diversified but vibrant and competitive, particularly for commercial real estate agents. To build a successful niche, they must comprehend the shifting promotional circumstances of developers as well as customer preferences. Staying current and afloat in the market requires innovation and openness to new marketing concepts. Follow the steps below to be a top agent. Do you want to be a successful commercial real estate agent? If this is the case, the first question you must answer is whether you want to work in commercial or residential real estate. To be sure, because individuals are more likely to buy or lease a place to live rather than a location to operate a company, it is simpler to get into residential real estate – where there will always be more prospective clients and transactions. Commercial real estate, on the other hand, may attract a large…

Read more
istockphoto 1263914795 612x612 1

Real Estate Investments: The Hottest Alternative Investments You Do Not Want To Miss Out

One of the best ways to grow your money in the modern era is by making investments. Whether small or large, every investment has got the potential to be a profitable one. It wasn’t long ago that people only knew about the stock market as a primary investment method. But, this has changed pretty much with the arrival of better technologies for making investments and making profits out of them. The hottest topic in the domain of investments is the growing popularity of alternative investments such as real estate. The real estate industry has been in existence for a long time, but it has changed a lot from its original form. Better alternative investments are emerging in real estate, mostly due to innovations introduced by technical firms. There’s still much to learn about this, so don’t worry. We have explained everything about this trending topic in this blog post. Do not miss Aspire financial freedom. Find Out How Real Estate Investment…

Read more