New Delhi, July 19 (IANS) With economic activities slowing down and firms and establishments finding ways to renegotiate rentals or shift to business areas with lower rentals, office space demand is likely to grow in the peripheral areas of the national capital, a report by 360 Realtors said.
According to the report, high rental properties would be considered for renegotiation or rent deferment in a few months.
“In case the tenants further deliberate on their rental with a discount of 30-40 per cent, the office market will burgeon demand growth trend in the peripheries, such as Mohan Co-operative Industrial Estate, Rohini Sec-10, Mayur Vihar District Centre and Badarpur Border, as these micro-markets offer great campuses at competitive rentals,” it said.
The report said that the central business district (CBD) markets like Bhikaji Cama Place, Nehru Place, Jasola, Saket and others, will see the rental corrections in the larger formats ranging between 10-20 per cent and rental for smaller spaces will remain stable and will demand higher queries.
“The overall market sentiment is pretty weak and people are on saving mode right now, this has impacted the investment market as the trading is stagnant,” it said.
But by the third quarter of 2020, the market will start picking up again and once the investors are confident about the rental yields, they will start investing again in the market, it noted.
DDA will unlock the commercial assets in the form of shops and offices in the coming time in different corridors of the city, it added.