Rentals in most micro-markets of these cities other than the commercial business districts (CBD) are at the same levels as in 4QCY07. There are a few are as like Noida and OMR road in Chennai where there is a situation of oversupply and high vacancies, though Mumbai, Gurgaon, Hyderabad and Kolkata are still doing well while Bangalore still provides the highest volumes. As expected, SEZs have commanded a premium over IT parks.
Mumbai Commercial Property Update:
Rental values have remained stable and are the same as Q4-2007.
1QCY08 supply (mn sqft) 2.1
1QCY08 absorption (mn sqft) 2
1QCY08 QoQ rental increase (%) - Nil
Pre-commitment (mn sqft) 0.6
Delhi NCR Commercial Property Update:
The commercial segment of Noida witnessed 5% appreciation in rental values over the previous quarter due to dearth of options catering to this segment but for IT space there was a drop of 3% to 10% in rentals due to addition of fresh supply in Noida.
1QCY08 supply (mn sqft) 1.4 1.4
1QCY08 absorption (mn sqft) 0.6
1QCY08 QoQ rental increase (%) 5[Gurgaon] -3 - 10[Noida]
Pre-commitment (mn sqft) 1.4 0.2
Kolkata Commercial Property Update:
1QCY08 supply (mn sqft) 0.7
1QCY08 absorption (mn sqft) 0.4
1QCY08 QoQ rental increase (%) 0 - 17
Pre-commitment (mn sqft) 0.7
Chennai Commercial Property Update:
1QCY08 supply (mn sqft) 1.1
1QCY08 absorption (mn sqft) 0.65
1QCY08 QoQ rental increase (%) Nil
Pre-commitment (mn sqft) 0.55
Bangalore / Bengaluru Commercial Property Update:
1QCY08 supply (mn sqft) 6
1QCY08 absorption (mn sqft) 3.6
1QCY08 QoQ rental increase (%) 4 - 9
Pre-commitment (mn sqft) 1.5
Hyderabad Commercial Property Update:
SEZ developments are expected to command a premium in rentals over the STPI units.
1QCY08 supply (mn sqft) 0.37
1QCY08 absorption (mn sqft) 0.3
1QCY08 QoQ rental increase (%) 2 - 15
Pre-commitment (mn sqft) 0.4
Source: Cushman & Wakefield Marketbeat.
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