Pune witnesses increase in development completions on quarterly basis

Tech firms continued to dominate space take-up, followed by BFSI companies and flexible space operators

Pune, July 19, 2019: CBRE South Asia Pvt Ltd, India’s leading real estate consulting firm, today announced the findings of its latest India Office MarketView – Q2 2019 report. According to the CBRE report, the city witnessed an increase in development completions on a quarterly basis in the form of a medium-sized non-IT development in SBD East, along with a medium-sized SEZ development in SBD Kharadi.

Anuj Dhody, Associate Executive Director, Advisory & Transaction Services, India, CBRE South Asia Pvt., Ltd. said, “Owing to supply influx and culmination of pre-commitments in SBD Kharadi, space take-up rose on a quarterly basis and was driven by a healthy mix of primary and secondary leasing. Transaction activity was mainly concentrated across SEZ developments in SBD Kharadi and PBD Hinjewadi”.

Tech firms continued to dominate space take-up, followed by BFSI companies and flexible space operators. Small- to medium-sized (less than 50,000 sq. ft.) transactions drove leasing activity. The city also witnessed the closure of a few large-sized deals (greater than 100,000 sq. ft.) in non-IT and SEZ developments.

Commenting on the findings of the report, Ram Chandnani, Managing Director, Advisory & Transaction Services, India, CBRE South Asia Pvt. Ltd. said: “Strong demand continued and quarterly increase in rental values was reported across most micro-markets owing to limited space availability across the city.”