According to a recent report by Colliers International, office rentals have gone north in the micro-markets of major cities across the country in the third quarter of 2018. The report reads that the commercial office rental values have hiked up to 32 percent in the Jul-Sep 2018 quarter as compared to rental values recorded in the same period in 2017.
The micro-markets of Bangalore, Kolkata, Pune and Chennai were placed in the top 10. Ritesh Sachdev, Senior Executive Director, Occupier Services, Colliers International India, has shared that Bangalore has recorded the highest jump among the top 10 markets, reinforcing strong occupier preference.
As per the report, Bangalore has recorded the highest rental appreciation of up to 32 percent during the same period. Also, demand for office spaces has reached 12.3 million sq ft, registering a 23 percent growth. In the city, Bannerghatta Road and Electronic City reported the highest rental hike of 32 percent and 22 percent, respectively. After Bangalore, Chennai, Kolkata and Pune recorded rental hike of 10 percent.
Gross leasing stood at 36.4 mn sq ft in the first nine months of 2018, witnessing a 26 percent jump compared to the last year.
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