New Delhi: Office space leasing in the Delhi-NCR region jumped more than three-fold to nearly 1.5 million sq ft during the January-March period, mainly due to higher absorption by IT firms in Gurgaon, says a report by property consultant Cushman & Wakefield.
Net absorption during the first quarter of this calendar year rose sharply to 1.48 million sq ft from 4,63,900 sq ft in the corresponding period of the previous year.
"The net absorption was recorded at 1.48 million sq ft, significantly higher compared to the same quarter last year; driven by IT-ITeS occupiers, followed by consulting and engineering," C&W said in latest quarterly office market report (Jan?Mar 2014).
Net absorption does not include lease renewals and relocations to same sized office spaces.
The majority of the net absorption was observed in the sub-markets of Gurgaon, followed by Delhi. Additionally, nearly1 million sq ft of space was pre-committed in the first quarter of 2014 by IT-ITeS and BFSI (banking, financial services and insurance) occupiers in Gurgaon.
However, supply of office space in the NCR region dropped by 22 percent to 1.72 million sq ft.
"The weighted average rental values across sub-markets weakened marginally, primarily due to increased availabilities in properties quoting lower rents," C&W said.
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