In Delhi, NCR office space absorption up to 11%

New Delhi: Office space absorption to rise 11% in Delhi NCR Corporation 1.38 million sq ft in April to the second quarter of this year over last year, from a higher demand for IT / ITeS industry, global real estate consultancy firm DTZ said.

However, compared with the previous quarter, a decrease of 18% absorption.
"In Delhi, NCR office witnessed total revenue in the second quarter of 1.38 million square feet, representing a reduction of 18 percent last year, the chain (compared with the previous quarter), but up 11% year on year (last year), the" DTZ said in its report "Property Times, Delhi NCR Corporation 2014 second quarter," said.

DTZ introduce coiling floor area as the acquisition of occupation, including office, so that the end user and development pre-leased or sold.

IT / ITES sector is a major demand driver, accounting for the majority of total revenue (81%) in the second quarter, compared with 36% in the first quarter.

"Delhi NCR witnessed increased demand in the professional field by ITES companies such as telecommunications, aviation and BFSI space," expect DTZ said, adding that demand is likely to increase hiring activity is expected in the second half of the corporate loan growth given the economic recovery .
For more than one million square feet of trading Rs 60% of the total absorption of the second quarter in the first quarter of 26%.

"According to the European multinational companies accounted for 60%, compared with the second quarter, which is 16 percent, on demand in the first quarter, according to the United States and India multinationals contributed 10% and 11% respectively," DTZ said.

Gurgaon witnessed an increase in the chain, the demand for space is 5%, mainly from IT / ITES fields. Noida and Delhi saw the A Q-O-Q decline. "There is, however, an increase of investigation, is expected to lease space in the next few quarters."

Rent is due to new supply all micro markets remained stable in the second quarter.

DTZ noted that rents do not want to see significant growth, due to the current high vacancy rate, although demand is expected in the second half of this year's strong growth in the development pipeline.

Supply, DTZ said, Delhi NCR witnessed the completion of 75% growth over the previous quarter, the project in the second quarter.

"5.3 million square feet of new supply in the second quarter became operational across 13 projects in the PBD and SBD areas," said the counselor.

The vacancy rate in the second quarter remained at 32.6%, an increase of 28.9% from the first quarter due to the addition of new market space.

SOURCE : WEB