Demand rises to 33% for commercial space in key realty markets

In the contemporary property market demand for commercial realty is increasing day by day particularly in the key markets such as NCR, Mumbai, Bangalore and Chennai has witnessed of 80 percent rise in office space. According to the commercial realty experts “office space has rising demands across the country from last several quarters.” Due to the economic development and rising outsourcing business resulting in robust corporate expansion plans, sources said.
Whereas in the NCR region, the Central Business District (CBD) of Connaught Place and Secondary Business District of Nehru Place led the demand for office space witnessing an amalgamation of estimated 81K sq ft of space.
Similarly, the current state of Mumbai’s commercial realty is approximately 75k sq ft during this quarter in the Central Business District (CBD) of Nariman Point. On the other hand Alternate Business District (ABD) of Bandra Kurla Complex (BKC) remained the preferred location for office space with absorption recorded at around 75,000 sq ft.
The absorption recorded in the Bangalore commercial property market according to the Central Business District (CBD) of MG Road, Richmond Road, Residency Road and Lavelle Road witnessed closure of around 50k sq ft.
Apart from this according to the reports of Central Business District (CBD) the key markets such as Chennai and Hyderabad are also witnessed of huge demand for commercial property.

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