According to a recent survey, the Indian office property market has recorded the highest half-yearly leasing transaction volume in the past six years as 21 million sq. ft. office space is leased in seven major cities till January to June 2018. The sector has recorded 13% growth this year.
The consulting firms play an important role in this increase as the co-working space providers hold 13% of total working space. This space has become a trend for various IT companies who were sidelining Leaseland for some time.
According to a real estate expert, the property market’s office sector is performing well as the vacancy level has gone down to zero and the rental of the same building has also increased.
Mumbai has the highest overall vacancy rate at 21% and Bengaluru lead the leasing activity area in the country during the mid-2018. However, Pune is witnessing huge growth in the transactions with 11.8% during January-June 2018.
The new property launches have grown by 46% during the mid-2018 and residential property market is moving positively at a fast-pace. According to the report, Mumbai and Bengaluru have acquired the largest property markets and hold 56% of the total supply during the first half of 2018. This is similar to that of the year 2016 when the property market of both these cities have witnessed a huge rise in units launched between Rs 1 crore and Rs 50 lakh.