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During the first quarter of 2017, close to 8 million square feet of office space absorbption has taken place, an increase of 8 per cent over Q1 of 2016.
According to CBRE South Asia, real estate consulting firm, IT/ITeS continues to lead in office real estate leasing market, followed by engineering, manufacturing & BFSI.
Transaction activity continued to be driven by IT/ITeS corporates, garnering a share of close to 37 per cent of overall space leased during the quarter. However, the share of other sectors such as engineering and manufacturing as well as the BFSI segments, rose marginally, accounting for 39 per cent in the overall space leased during the quarter.
Leasing activity was mainly led by small to mid-sized deals ( less than 50,000 square feet) accounting for almost 90 per cent of all transactions in Q1 2017.
Anshuman Magazine, Chairman – India and South East Asia CBRE said: "During the quarter, leasing activity was led by the Delhi National Capital Region (NCR) with a share of 19 per cent of total transacted space, followed by Mumbai (18 per cent) and Bangalore (18 per cent), accounting for over almost 55 per cent of the transaction activity across leading cities.”
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