A recent report by JLL India states that the commercial real estate in India has continued to grow at a fast pace in 2019. The industry has outperformed in the first nine months and is expected to cross the 40 million sq ft benchmark absorption by December-end.
The report also states that the commercial segment has performed well, however, the demand for commercial spaces has excelled in comparison to 2017 and 2018. The report by an industry expert firm also states that the demand of 40 percent in net absorption is pushed from 28.7 million sq ft and 33.2 million sq ft in 2017 and 2018 respectively to 33 million sq ft in 2019.
The commercial real estate in India has also experienced an increasing demand for new office spaces by 42 percent in YoY.
Ramesh Nair, CEO and Country Head, JLL India said that the present figures are much better than the numbers of the previous years and the commercial real estate in India has come a long way while balancing the demand and supply between the investors and occupiers.
The continuous urban and infrastructural development is also paving way for better projects in this segment.
Hyderabad, a prominent IT hub down south has secured the first position in office space completion and absorption. Till September end, this southern city has recorded 36 percent and 44 percent market share in net absorption and new completions respectively and following this capital city of Telangana is Bangalore and Delhi NCR region.
Earlier in September, a report had revealed Bengaluru as the most favourable residential investment destination among young homebuyers. This report also suggested that in the past decade, the average homebuyer’s age has fallen to 28 years from 38 years.