Ahmedabad: Office space supply, absorption rise in Q1

  • | Tuesday | 17th April, 2018

A number of office space projects are also coming up on various stretches between SG Highway and SP Ring Road. Office space absorption declined 10% from 5.52 msf to 4.99 msf, it said. An industry report said on Monday that supply as well as absorption of office space in the city recorded good growth in the first quarter of the year. The strong recovery in office space demand in Ahmedabad in the second half of 2017, seems to be continuing in the current year. Developers said that there is good demand for quality office space in the city.

The strong recovery in office space demand in Ahmedabad in the second half of 2017, seems to be continuing in the current year. An industry report said on Monday that supply as well as absorption of office space in the city recorded good growth in the first quarter of the year. Real estate consultant Cushman and Wakefield said in a report that office space supply in the city increased from 0.45 million sq feet (msf) in the first quarter of 2017 to 0.47 msf in the first quarter of 2018, an increase of 5%. The report said that office space absorption in the first quarter of 2018 was 0.10 msf, which was 10% higher than 0.09 msf in the same period of last year. The real estate sector had a difficult start to 2017, mainly on account of demonetisation announcement of November 2016. This was followed by real estate developers going in wait-and-watch mode ahead of implementation of regulatory changes such as Real Estate Regulatory Authority from May 2017, and Goods and Services Tax (GST) from July 2017. Developers said that there is good demand for quality office space in the city. Majority of these projects are coming up along SG highway. A number of office space projects are also coming up on various stretches between SG Highway and SP Ring Road. The Cushman and Wakefield report said that office space supply in top eight cities of the country, which also include Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune, fell 14% from 6.24 msf to 5.38 msf in the first quarter of 2018. Office space absorption declined 10% from 5.52 msf to 4.99 msf, it said.

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