Ahmedabad beats 7 cities in office space sales

Buoyed by improved demand and intensified commercial activity, Ahmedabad has registered a 165% growth in office space transactions during the first quarter of 2022 as compared to the previous corresponding quarter, suggests a report by Knight Frank India.

In fact, the report also says that the city has registered the highest ever growth among seven others across India, for commercial real estate transactions.

The Covid lockdown had impacted the commercial real estate segment the worst with many companies going for the work-from-home option. However, the economy has improved faster than expected and it has resulted in higher demand for office space in the city, according to the report..

Sharvil Shridhar, a city-based developer, said: "Inquiries for commercial spaces remained good in the last quarter. The IT/ ITes policy is also a factor in the increase in office space demand."

He added: "The demand for retail spaces is also gaining momentum. We believe commercial space will boom because the number of new launches have decreased over the past two years and fuelled by demand, it will soon begin picking up pace again."