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By the second quarter of 2009, 4 million sq ft each of non-SEZ and SEZ

space is likely to be added to the stock in the NCR, says a new report


The NCR real estate office market is fast changing from a sellers'

market to a buyers' market. By second quarter of 2009, 4 million sq ft

each of non-SEZ and SEZ space is likely to be added to the stock in

the NCR, says Quarter 4, 2008 India Office Market View – a CB Richard

Ellis report on the commercial office market space in India.


Prospective tenants are also likely to postpone their requirement in

anticipation of further correction in rentals, which does not augur

well for the overall health of the general market. Rental correction

is expected to continue for at least next two quarters as well.


Commenting on the report, Anshuman Magazine, Chairman & Managing

Director, CB Richard Ellis, South Asia said, "The real estate sector

in India has mirrored the global economic conditions that are unfolding. Unlike the trends noticed in the past few years, fresh

commitments and releasing of under-construction developments, have

seen a drop. The next few months are likely to be a time of subdued

demand in the short term. However the Indian Government's economic

stimulus package along with future American economic announcements, to

revive the economy, is expected to eventually improve activity levels

in the market."




The impact of the global slowdown along with subdued sentiment of

investors continued to impact the demand for office space across the

business districts of NCR. The Central Business District (CBD)

witnessed a reversal of trend in 2008 as compared to 2007 when leasing

activity was in the growth phase. No major transaction was concluded

in this micro market this year apart from a few smaller space

take-ups. The upcoming Civic Centre project and redevelopment of

railway land is expected to add new supply to the CBD after a fairly

long period of time, the report said.


The Secondary Business District (SBD) of Nehru Place maintained status

quo with no new supply and no leading of Grade A space. A large space

in Saket which was initially planned for a single user has now been

offered for lease. Bulk of leasing activity in Delhi has been

concentrated in Jasola District Centre that has quality supply and

comparatively lower rentals.


The Gurgaon market has also been slow on leasing both for IT as well

as commercial office space. Noida like previous quarters has abundant

competitively priced IT supply but caters mostly to mid and low level

IT companies and has witnessed slow leasing activity leading to a

vacancy level of around 20 per cent.

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