COMMERCIAL REAL ESTATE OUTLOOK
- Office space leasing in Delhi NCR nearly doubled in Oct-Dec 2020 to 1.7 million sq ft. Among the popular leases, software giant, Microsoft leased 1.5 lakh sq ft of Grade A office space at KP Towers in Noida.
- Workspace pods and virtual space leasing emerged as the new trends that helped small-scale investors foray in the commercial sector as the entry ticket size was relatively smaller than the residential market.
- Average lease rates in NCR tumbled by nearly five percent, YoY. The lessee community leveraging the market scenario resorted to hefty negotiations, which led to the decline in prices.
- Max Estate commenced the construction of Max Square with an investment of Rs 400 crore. The development will add seven million sq ft of retail and office space in Noida.
- Along with Bangalore, Delhi NCR continued to lead the pack in flex spaces accounting for nearly 50 percent market share across metros.