The new office source in Delhi-NCR fell by 93% in January-June to 3 lakh square feet, while the structure’s activities were affected by the blockade of the COVID-19 pandemic, according to genuine real estate representative Savills India.
It will offer 43 square feet at the same time last year.
Office rentals also fell to 73 lakh of cents to 18 square feet in the first six months of this calendar year, with 67 lakh square feet in the period for last year.
“On the front of the fountain, in the first part of 2020, 0. 3 million square feet (3 lakh square feet)?” an additional source arrived in Delhi-NCR. Compared to the first part of 2019, this is a big drop in addition to the additional stock,” the consultant said.
Savills India attributed the explanation of the massive fall in the source to delays in the final touch of buildings due to the closure of the structure sites and the lack of good enough labor, even after the rest of the locking restrictions.
The minimum addition of the offer was distributed in micro-markets such as the extension of the golf course road, the NH8 in Gurugram and the Noida motorway.
At the end of the first part of 2020, the total workplace fleet was approximately 1180 square feet for Delhi NCR.
In terms of leasing activity, 2019 exemplary for Delhi-NCR; absorption amounted to 109 square feet lakh.
“The strong call for expansion is also expected to continue in 2020, but the pandemic and resulting blockades slowed momentum in the first part of 2020.
“Delays in the occupant decision-making procedure have resulted in less absorption for the entire capital and adjacent areas,” the report said.
Vacancy rates increased to 20% in the first part of 2020.
Despite the pandemic, the resulting low rental activity and the termination of some leases, the rents remained solid until S1 2019.
However, rents are expected to be subjected to short- and medium-term stresses and may be subject to corrections and adjustments.
In terms of sectoral distribution, the generation sector emerged as the largest contributor with a 42% share in total rental volume in the first part of 2020.
The generation sector was followed by money with a market consistent with a percentage of 32 consistent with penny. Overall demand for the coworking sector has been reduced to nearly 50 cent-consistent, with flexispaces having only a 6 consistent with penny consistent with percentage.
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