COMMERCIAL REAL ESTATE OUTLOOK
- Office space leasing stood at 0.2 million sq ft in Delhi NCR during Jul-Sep 2020. The continuity of the work-from-home concept led to reduced demand for office spaces.
- The average leasing rate in H1 2020 stood at Rs 844 per sq ft per month, about eight percent lower than H1 2019.
- Around 0.9 million sq ft of new office supply was added in the studied quarter across micromarkets of Golf Course Extension Road and NH-8 in Gurgaon and Noida-Greater Noida Expressway.
- A few co-working giants reported occupancy levels coming down to 41 percent, as opposed to 78 percent in Feb 2020.
- With around 23 million sq ft of strata office market, Delhi NCR stood second to Mumbai in the segment. About 54 percent of the projects are under-construction.