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Real estate developer Vatika Group has leased more than 1 million square feet space for its upcoming office and retail projects as demand for quality space has increased after pandemic.
Delhi-NCR dominated the absorption levels and witnessed an increase in rentals in Central Business District area. The vacancy levels have dropped in Central Business District of Gurguram and active leasing momentum is seen in Secondary Business District.
Vatika Group has achieved 95% occupancy in commercial buildings located in Commercial and Business center of Gurgaon. Occupancy has increased for Grade A offices in NCR region.
Corporates are now looking for environment sustainability, premium amenities and higher specifications at office space,” said head of leasing at Vatika Group Ritu Gupta.
Indian firms have surpassed American firms in gross leasing of office and retail space for the first time, with more than 50% share in the total demand, according to CBRE India report.
According to the CBRE report, the gross leasing of premium office space rose 40% in 2022 to 56.6 million square feet across nine major cities from 40.5 million square feet space in the previous year.
Out of the total office space arrangement in the year 2022, a total of 27.73 million square feet area was leased by domestic businesses though 20.37 million square feet space leased by American companies, according to CBRE.
Some of the corporates signed by Vatika includes Air India, AMH Services, Rosemarta, Ferns and Petals, Kotak Mahindra Bank, FleetX Technologies, Blue Tokaii, Hi Tours, M Insure, EDC Engineering, AEL Berkman, Daiki Axis, Apollo Pharmacy, Koala Foods, NKA Construction among others.
As of now, Vatika has successfully delivered more than 8 million square feet of commercial and retail projects and many more is coming with the recent lease agreement.