Big Lease deals slowing

Written by Shubhra Tandon | Mumbai | Updated: Aug 19 2014, 09:45am hrs
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.