 "Office, Properties")
At 3.3%, the office vacancy levels are at an all-time low in Bengaluru, the IT capital of the country, says a report
Bengaluru is followed by other IT hubs like Pune and Hyderabad having vacancy levels of 6% and 9%, respectively. Chennai comes next at around 12%, Kolkata and Mumbai around 19% and Delhi-NCR at almost 32% vacancy levels.
At a pan-India level, the average vacancy in commercial real estate stands at 15%, as of Q2FY16, says a report from realty consultant JLL.
"Looking at these figures, it is clear that IT hubs continue to see a good supply-demand equilibrium compared to some other markets in the country. For Bengaluru, it shows how occupier demand continues to remain strong as also how developers here have remained attuned to market dynamics so far. Any new supply that has been made available by them to the occupiers here has been taken up quickly by the latter," Ashutosh Limaye, head of research at JLL.
In 2015, more than 10 mn sft of office space got occupied and another 2 mn sft of leasing was done in under-construction projects. In Q1 of this fiscal, Bengaluru had seen the highest leasing volumes in Asia Pacific on the back of big-ticket transactions. Although there is demand for 10 mn sft, supply of only 8-8.5 mn sft non-captive office space is expected to come up by the end of 2016, he said.
