Big Lease deals slowing

Aug 19 2014, 04:15 IST
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SummaryActivity in large office space remained sluggish in the three months to June with the top six commercial real estate markets reporting fewer lease transactions above 1 lakh sq ft.

Activity in large office space remained sluggish in the three months to June with the top six commercial real estate markets reporting fewer lease transactions above 1 lakh sq ft , reports Shubhra Tandon in Mumbai. One deal was transacted in Mumbai — Netmagic, an NTT Communications Group company, is understood to have leased 2.8 lakh sq ft at a rent of R80 per sq ft per month, in Lighthall building in Andheri, a northern suburb. Otherwise business was dull — about 10.3 lakh sq ft was leased but large transactions were few and far between and in the “less than 25,000 sq ft” category, DTZ data show.

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The Delhi NCR region saw just three large deals; two involved Accenture, one for 5 lakh sq ft and the other 2 lakh sq ft in Unitech Infospace in Dundahera, Gurgaon. A company called Edifecs is also said to have picked up 1.25 lakh sq ft in DLF Silokhera in Gurgaon.

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