With Indian real estate sector booming at a faster pace, it will be going to add up more space this year, suggested by a leading realty research firm. As per the report, the realty sector is all set to add up 200 million sq ft of space across various categories such as residential, commercial, office, retail, and logistics in 2019. The report has been published by CBRE South Asia study recently.
The report has revealed that with this addition, the realty market will cover up a total of 3.7 trillion sqft, of which nearly 40 million sq ft will be new office space that will develop over the next 1 year. However, absorption and development will increase majorly in the SEZ and tech park sector.
Sources from CBRE said, “In 2018, office space absorption has crossed many marks reaching to 47 million sq ft across nine cities. While Bengaluru and Delhi-NCR were most preferred, Hyderabad also manages to take a leap along with Mumbai.”
The report also stated that in 2019, rentals will continue to increase across the major markets in Bangalore, Chennai, and Pune. However, only key locations of Delhi- NCR AND Mumbai will register rental growth Also, a convergence between SEZ and non-SEZ rentals is expected in 2019.
Talking about the logistics segment, last year turned out to be extraordinary as the absorption grew to 44% and touched 24 million sq ft.