'A'bad office space vacancy lowest in Q3'

Last Updated: Fri, Sep 28, 2012 04:31 hrs

In the wake of limited supply and attractive pricing, Ahmedabad posted the lowest vacancy in office space at 10 per cent among top eight cities across India for the third quarter of calendar year 2012 .

The latest office market report by real estate consultancy firm Cushman & Wakefield ranks Ahmedabad ahead of Bangalore and Chennai (with office space vacancy at 15 per cent each), Hyderabad (16 per cent), Mumbai (20 per cent) and NCR (21 per cent).

The report also states that at 320,000 sq.ft., Ahmedabad market saw stable absorption of office space in the third quarter of 2012, which was almost at the same level as the previous quarter. The total absorption for office space across major cities was recorded at 7.8 million sq.ft, which was marginally higher than previous quarter. Mumbai witnessed the highest office space absorption across cities in the third quarter at 2.23 million sq. ft., which was an increase of more than 50 per cent over the previous quarter.

Chennai recorded the second highest absorption of 1.32 million sq.ft. followed by Bangalore at 1.25 million sq. ft. and NCR at 1.2 million sq. ft. Chennai, Bangalore and Pune saw increase in absorption levels compared to last quarter whereas NCR, Hyderabad, Kolkata and Ahmedabad witnessed a slowdown.

Total fresh supply of office spaces in Q3 was recorded at 11 million sq. ft.demonstrating an increase of 13 per cent over previous quarter.

Mumbai recorded the highest supply of approximately 5.35 million sq. ft. followed by Bangalore that saw infusion of 1.66 million sq. ft. of fresh office supply.

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