Small office spaces dominate the leasing volumes in Ahmedabad in Q3 2024: Knight Frank India
Presentation image
Ahmedabad October 28 2024: According to Knight Frank India, a leading international property consultancy in the country, Ahmedabad office market saw substantial growth during Q3 2024 with transaction volumes growing 69% in YoY and a massive 178% in YTD terms (Jan-Sept period). While volume growth has been very encouraging, interestingly, all of the deals transacted during the quarter occurred in office spaces measuring under 50,000 sq ft. India Facing businesses dominated, accounting for 77% of the transacted area while Flex operators took up 21% of the same.
Share of office area transacted in Hyderabad across size categories
| Period | Office Space Transactions
(in mn sq ft) |
Office Space Categories
(Share of Transactions in % terms) |
||||
| <50k | >=50k<=100k | >100k | <50k sq ft | >=50k<=100k sq ft | >100k sq ft | |
| Q3 2024 | 0.32 | – | – | 100% | – | – |
Source: Knight Frank Research
Rumit Parikh, Branch Head (Ahmedabad), Senior Director- Occupier Strategy and Solutions, Industrial & Logistics and Retail, Knight Frank India said “Ahmedabad’s real estate market is experiencing strong momentum in 2024, with sustained demand in both residential and office segments. Consistent support from state and central governments has played a key role in driving this growth. Moreover, the development of premium office spaces and enhanced infrastructure has increasingly attracted occupiers’ interest.”
