IANS

Office space leasing at 12.8 mn sq ft in Q1 2019: CBRE

New Delhi, April 17 (IANS) Overall leasing activity of office spaces across major cities in the country rose by 3 per cent on a quarter-on-quarter basis during January-March 2019, a CBRE report said on Wednesday.

Office space take-up was dominated by small and medium-sized transactions, those involving less than 50,000 square feet, it said.

“The leasing activity touched 12.8 million sq. ft. during Q1 2019, increasing marginally by about 3 per cent on a quarterly basis. Hyderabad overtook Bangalore for the first time to be the dominant office market driving quarterly space take-up, as it witnessed the culmination of several pre-commitments,” said the report titled “India Office, Q1 2019”.

Hyderabad, Bengaluru, Mumbai and Delhi-NCR accounted for more than 75 per cent of the leasing activity, it said, adding that quarterly space take-up increased across Ahmedabad, Hyderabad, Chennai, Mumbai and Kolkata.

Medium-sized transactions (10,000-50,000 sq ft) accounted for about 48 per cent of the transaction activity, while small-sized transactions (below 10,000 sq ft) had a 33 per cent share.

–IANS

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