Office property market overview 2015:Colliers International

Th e Indian economy continued to see positive trends, with Business Confi dence Index marginally up by 20 basis points in January 2015. India’s GDP recorded a 7.5% growth in the October – December 2014; and the forecast is for the GDP to expand by 7.8% in January to March 2015 quarter. In addition, the WPI (Wholesale Price Index) infl ation reached its 10-year low at -2.06% in February 2015.

Both the economy and the offi ce market turned the corner in 2014 and are poised for further improvement in 2015. For the commercial real estate sector, 2015 witnessed a good start, with fi rst quarter offi ce absorption of 8.5 million sq ft in the eight major metro cities in India, headed by Bengaluru (3.82 million sq ft, including 1.74 million sq ft pre-committed), NCR-Delhi, Gurgaon and NOIDA (1.48 million sq ft), Mumbai (1.33 million sq ft), Pune (0.89 million sq ft), Chennai (0.81 million sq ft) and Kolkata (0.22 million sq ft).