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The cost of renting office space in Delhi and Mumbai is on the increase as the supply of grade A buildings dries up in the centre of India’s two largest cities.
Supply in out-lying towns and the suburbs of the two great cities has been strong in recent months but very few new office blocks were added to either the Delhi or the Mumbai skyline during 2010, CB Richard Ellis reports.
Overall office space absorption in India hit 32 million sq ft in the final quarter of 2010 but demand continues to increase in the country’s seven main business districts, namely those in Delhi, Mumbai, Pune, Kolkata, Hyderabad, Chennai and Bangalore.
Some businesses are moving their operations to the outskirts of the main Indian cities, where supply of office space is strong and where rents are relatively cheap but, in general, CBD space remains highly-sought after as the Indian economy continues its recovery.
“New economy sectors like, telecommunications, pharmaceuticals, besides banking and financial services, led the overall demand for office space [last year],” said CB Richard Ellis’ managing director in India, Anshuman Magazine.
“We believe the Indian office market will continue to see increased transaction volumes consequently leading to higher absorption levels in the medium term,” he added.
According to CBRE’s assessment, there could be an over-supply of office space in the Indian suburbs, which would result in downward pressure on rents in these areas in the coming months.
Earlier this month, the network services company D-Link opened a 10,800 sq ft area of office space in Mumbai as it looks to enhance its presence in Asia and India in particular.