Office leasing dips 14% in NCR in Jul-Dec: Report
According to Knight Frank India, office leasing dipped 14% year-on-year during Jul-Dec 2017 in the National Capital Region (NCR). The second half of 2017 witnessed a total office space leasing of 3.2 million sq ft.. Out of the overall leasing, Gurugram accounted for 59% followed by Noida and the secondary business district of Delhi. Approximately 2.3 million sq ft of new office stock entered the region, during the same period.
Affordable housing is still a distant dream in Vijayawada
Affordable housing for all citizens still a distant dream in Vijayawada city. A study by Vijayawada Municipal Corporation (VMC) in 2014 had revealed that over 25% of people in the city live in slums. The 2014 study showed that about 3 lakh people, of the total population of 11 lakh, live in 111 slums across the city. Since 2014, the city population has reportedly grown by over 50%. The massive rise is came after the city was declared part of the state capital region. According to an estimate, Vijayawada’s population is now over 17.7 lakh. Apart from government employees, migration of low-income groups has also increased in the urban area.
Indian office markets amongst most affordable globally; Cushman & Wakefield report
According to Cushman & Wakefield report, Indian office markets continue to be amongst the most affordable and attractive in the world for occupiers as occupancy costs per workstation are one of the lowest. Hong Kong is the most expensive office space location globally in terms of workstation costs of $27,431 per annum, while Mumbai ranks at 163 with cost of $3,166 per workstation annually in Bandra-Kurla Complex. According to the data for 215 global office markets, Delhi - National Capital Region ranks at 84th, Bangalore at 213th and Hyderabad at 214th position indicating globally competitive pricing as compared talent available.
New Delhi 7th most expensive office location globally, Mumbai at 16th spot; JLL report
According to JLL report, New Delhi figures among the world’s top-10 most expensive locations for premium office rents, while India’s commercial capital Mumbai ranks in the top 20. Rents for offices New Delhi are 7th most expensive globally, while Mumbai ranks at 16th spot. According to the report, the most expensive premium office rent in the world are in Hong Kong, followed by London, New York, Beijing, Tokyo, Shanghai, Delhi, San Francisco and London.
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