Kolkata witnessed take-up of only 75,000 sq ft in Q2, representing a decrease of 46% q-o-q and 54% y-o-y. However, there are several space requirements in certain micro-markets, which are expected to close in the near future. Consequently take-up is expected to improve over forthcoming quarters.
New supply of 1 million sq ft was added to existing stock across four commercial projects in all of the three micro markets of Kolkata. This has taken total office stock to 21.4 million sq ft. Rents are expected to remain flat for the near term given current vacancy levels and the amount of scheduled development in the pipeline.
Source : DTZ (Groupe UGL)