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3 MARKETS OF INDIA TOUCH THE 10 mn sq.ft. MARK: BANGALORE, NCR & HYDERABAD

FWM by FWM
January 17, 2020
in Business
0

Hyderabad emerges as the biggest highlight, as Bangalore consolidates its top position

  • At 46% IT & ITES sector drove the growth for Grade A office spaces pan India
  • The trinity of Bangalore-NCR-Hyderabad set a new absorption-benchmark, as they reached 15.6 mn sq.ft., 10.9 mn sq.ft. and 9.5 mn sq.ft.. respectively, averaging over 10 mn sq.ft.. per market of absorption amongst them.
  • Co-working spaces continued its momentum at 14% share of office leasing

Bangalore, 16th January 2019: International Property Consultants, Savills India launched a comprehensive report Office Market Watch 2019 on country’s top Office markets including Mumbai, National Capital Region, Bangalore, Chennai, Pune and Hyderabad. The report highlights that Office Space demand in 2019 bettered the previous historic benchmark of 2018 by 22% amounting to a gross absorption of 57.72 mn sq.ft. The year 2020 too, is likely to be marked with strong demand for quality commercial office space driven by several factors like expansions, consolidations and upgrades to employee centric workspaces.

Anurag Mathur, CEO, Savills India said “The commercial segment, especially, the office space market is going from strength to strength, beating its own record of 47.3 mn sq.ft. in 2018, to set a new one at 57.7 mn sq.ft. in 2019. This growth symbolises that office space across key markets is on a strong footing, based largely on India’s increasing capabilities in technology sector, rise in flexible spaces, formalisation of the Indian economy and the growing offshoring by western corporations. Despite headwinds in the domestic economy, we expect this growth to trend in 2020 as well. This should hold the overall Indian real estate industry in good stead in the long-term.”

YOY Absorption in India (in mn sq.ft.)

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  2018 2019 Change
Bangalore 13.5 15.6 15.4%
Chennai 5.0 8.0 60%
Hyderabad 6.2 9.5 53.2%
Mumbai 6.2 6.9 11.3%
NCR 9.6 10.89 13.7%
Pune 6.8 6.8 0.0%
India 47.3 57.7 22%

*Source: Savills India Research

  • The city of Hyderabad recorded the highest year-on-year increase in terms of absorption. At 9.5 mn sq.ft. in 2019, Hyderabad witnessed a growth of 53.2% from the 6.2 mn sq.ft.. space absorption in the previous year. It was also the city which added maximum stock at 9.9 mn sq.ft..
  • Much like earlier years, Bangalore continues to remain the biggest market in India, with 15.6 mn sq.ft. absorption in 2019, a YOY growth of 15.4%. It is a commendable growth considering that it grew off a large base of 13.5 mn sq.ft. absorption in the previous year.
  • The combined absorption of the top 3 southern cities-Bangalore, Hyderabad and Chennai constituted over 57% of total absorption in 2019 vis-à-vis 52% recorded in 2018.
  • NCR is the third notable highlight of the year and was the only one apart from Bangalore to go past 10 mn sq.ft.. absorption, a YOY growth of 13.7%.
  • Chennai also registered good growth in fresh leasing and along with large volume pre-commitments, its absorption volumes reached almost 8 mn sq.ft.., a YOY growth of nearly 60%
  • With absorptions of 6.9 mn sq.ft.. Mumbai’s annual increase was 11.3% in 2019. Pune, having recorded a high in the previous year, was the only market to register almost flat year in 2019.

Base rents across India showed improvements in varying degrees. Bangalore and Chennai recorded significant increases between 15% and 20% in different micro-markets; while Hyderabad’s rentals remained constant for its higher-grade stock. Mumbai and Pune recorded 4-5% annual increase in rents, as NCR’s rents remained stable through 2019.

Strong absorption in 2019 led to a marginal decline in vacancy-rates at 4.5% Hyderabad. Mumbai and Pune also witnessed declines in vacancy rates at 13.9% and 4.3% in 2019 respectively, while vacancy-rates in Bangalore witnessed a rise of 7.54% in 2019. Chennai too experienced a steep increase with its vacancy levels reaching 12.3% in 2019 owing to large supply volumes along the Pallavaram-Thoraipakkam stretch. NCR was mostly stable with a 1% rise from 2018 to reach 18% in 2019.

KEY FINDINGS ACROSS TOP CITIES

BANGALORE

Absorption Grade- A Stock Vacancy
2018 13.5 mn sq.ft.. 145.5 mn sq.ft.. 5.9%
2019 15.6 mn sq.ft.. 157.8 mn sq.ft.. 7.0%
2020 (Forecast) 16.2 mn sq.ft.. 175.1 mn sq.ft.. 5-7%

 

  • Bangalore continues to lead in 2019 by a large margin, saw leasing activity to the tune of 15.6 mn sq.ft.. with a YOY growth of 15.4%
  • Supply: The city saw additional completions of around 12 mn sq.ft. with majority completions being on the ORR, eastern peripheral business district including Brookefield and north Bangalore.
  • Demand for office space was driven primarily by technology, financial service companies and flexible working spaces as well. Together they constituted approximately 70% of total leasing activity during 2019.
  • Average rentals of Peripheral North micro-market has increased significantly by 25% YOY in 2019; whereas other micro-markets like Peripheral East, CBD and SBD City saw an increase in rentals by 15- 20%
  • Demand Outlook: YOY growth of 4 to 5% leasing activity is forecast over the 1 year

 

DELHI NCR

Absorption Grade- A Stock Vacancy
2018 9.6 mn sq.ft.. 103.3 mn sq.ft.. 17.0%
2019 10.9 mn sq.ft.. 117.3 mn sq.ft.. 18.0 %
2020 (Forecast) 12.0 mn sq.ft.. 124.6  mn sq.ft.. 16-18 %

 

  • National Capital Region (NCR) recorded an office space absorption increase of 14% YOY in 2019 to reach 10.9 mn sq.ft..
  • In NCR, Gurgaon saw a YOY growth of 15%, while Noida recorded a 26% YOY increase.
  • In Delhi, vacancy levels in Jasola stood above 15% levels, whereas in Saket, the vacancy levels were approximately 10%. In all other micro-markets of Delhi, the vacancies recorded were around 5%.
  • In Gurgaon, vacancy levels in Sohna Road, SPR and Golf Course Extension Road were reported to be high at around 30%. DLF Cyber City, Golf Course Road and Udyog Vihar reported lower vacancies. The levels in Noida Expressway micro-market were reported at 14-15% whereas Sector 62 was higher, close to 25%.
  • Base rents remained largely stable across most micro-markets, in all 3 key cities comprising NCR, on a YOY basis. However, in Delhi, the Aerocity micro-market saw an increase of 5-7%. Similarly, in Gurgaon, rentals recorded an upward movement of approximately 7%, in DLF Cyber City and on MG Road.
  • Demand Outlook: NCR is expected to have a YOY growth of 8-10% in leasing activity over the next year. The expected absorption could reach 12 mn sq.ft.. during the year 2020.

 

MUMBAI

Absorption Grade- A Stock Vacancy
2018 6.2 mn sq.ft.. 120.3  mn sq.ft.. 16.1%
2019 6.9  mn sq.ft.. 124.1 mn sq.ft.. 13.9%
2020 (Forecast) 7.2 mn sq.ft.. 130.4 mn sq.ft.. 12-14 %

 

  • Mumbai Metropolitan Region (MMR) saw an absorption of 6.9 mn sq.ft.., a YOY increase of 11% in 2019.
  • Financial Services, Technology, along with Engineering & Manufacturing sectors constituted over 60% of total leasing activity during 2019. Coworking spaces accounted for approximately 9% of the total absorption.
  • Vacancy levels dropped from about 16% in 2018 to approximately 14% in 2019. However, micro-markets of Navi Mumbai stood at around 20% and North Central Mumbai reported vacancy of approximately 16%
  • Average rental growth for most micro-markets was recorded at 5% for Thane, Navi Mumbai and BKC. The SBD of Eastern Suburbs witnessed highest annual rental growth of approximately 10%.
  • Demand Outlook: In Mumbai, absorption is likely to increase by 4-5% in 2020 and is expected to reach 7.2 mn sq.ft…

 

Tags: International Property ConsultantsOffice Market Watch 2019Savills India
FWM

FWM

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