Bengaluru property: City has lowest office vacancy across India

By: | Published: March 9, 2017 4:58 AM

Bengaluru continues to have the lowest vacancy levels at slightly less than 4%, among the seven major office markets in India, closely followed by Pune and Hyderabad at over 5% and 9% respectively, according to a research note by JLL India.

Chennai has around 11% vacancy levels, Mumbai has around 18%, Kolkata has more than 27% and Delhi-NCR has almost 31%. (Express Photo)

Bengaluru continues to have the lowest vacancy levels at slightly less than 4%, among the seven major office markets in India, closely followed by Pune and Hyderabad at over 5% and 9% respectively, according to a research note by JLL India.

Chennai has around 11% vacancy levels, Mumbai has around 18%, Kolkata has more than 27% and Delhi-NCR has almost 31%. At a pan-India level, the average vacancy in commercial real estate stands at 15%, as of 4Q16, said Ramesh Nair, CEO & country head, JLL India.

In his note, Nair said that from these figures, it is clear that IT hubs continue to see a good supply-demand equilibrium compared to other markets in the country. Developers in these IT hubs, especially Bengaluru and Pune, need to look into addressing the existing space crunch before the situation forces occupiers to consider some other cities. A few developers in Bengaluru have started advancing completion of their commercial projects in the city, he said.

Also Watch:

For a city that emerged at the top of 30 most dynamic cities globally in JLL’s City Momentum Index 2017, this data also demonstrates how occupier demand continues to remain strong and how there is need for commercial developers operating in Bengaluru to scale-up supply of quality office assets.

In terms of office stock too, Bengaluru is a clear winner among these three IT-dominated markets.

The stock (in mn sft) here is far more than the stock of Pune and Hyderabad put together.

In terms of IT stock too, Bengaluru leads the way although when it comes to quality options for occupiers, all three cities are still struggling in the same measure.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition