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Mumbai accounted for 65% of office space leased in India for October

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The total leasing of office space, which comprises demand for all grades of buildings, fell 21 per cent year-on-year in October across seven major cities to 6.7 million square feet on lower demand, according to property consultant JLL India.

The aggregate office market leasing activities refer to transactions for all grades or types of buildings in the top 7 cities (Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata). The data includes confirmed pre-commitments and term renewals. Deals in the discussion stage are not included.

Total office leasing activities stood at 8.5 million square feet in August 2021.

As per the data, Mumbai with a 65 per cent share of monthly leasing activity clearly leads the way, mainly due to strong demand for space coupled with select significant renewals during the month, followed by Delhi NCR and Pune.

These three cities accounted for nearly 93 per cent of all leasing activity in the October 2022 monthly leasing activity tracker.

The manufacturing sector takes the lead as the biggest driver of aggregate market activity in October 2022 with a 22 per cent share. Consultancy business has also seen improved leasing activity during October with an 18 per cent share and the BFSI segment has a similar share Technology firms are moving slowly on their space requirements and that is visible in the share being just 15 per cent in October, declining to a six-month low, JLL said.

”Prevailing sentiment is creating headwinds for office space decision-making and while activity remains largely intact, lower pre-commitment activity in the last two months is indicative of a momentary sluggishness, also evidenced by the tech sector which is driven mostly by US firms,” the consultant said.

Similar trends may prevail for some time before greater clarity on business and macroeconomic environment will enable occupiers to approach real estate plans with greater certainty moving forward, it added.

According to the JLL data, India’s office Grade A (premium) stock stood at 732 million square feet at the end of the March quarter. The office stocks of other grades were 370 million square feet, taking the total stock to around 1.1 billion square feet.

The consultant releases the leasing data of Grade A office space on a quarterly basis, while it has started to compile the total leasing transactions of all grades of buildings on a monthly basis.

Maharashtra

Mumbai: 3 Feared Dead After Ferry Travelling From Gateway Of India To Elephanta Island Capsizes

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Mumbai: In a shocking incident, a ferry which was travelling from Mumbai’s Gateway of India to Elephanta Island started sinking in the Arabian Sea on Wednesday. There are reports that around 30 passengers onboard the ferry when the incident occurred. Rescue operation is being carried and the passengers are being taken out from the sinking boat.

As per reports, the boat named Neelkamal was traveling with 30 to 35 passengers onboard. Currently, a rescue operation is underway by the defense forces. Neelkamal ferry boat was hit by the Pilot vessel at stern which led to the capsize of the boat. The incident occurred near Uran, Kunja.

As per reports, another speed boat which is said to be a patrolling boat collided with the ferry from behind due to which the ferry capsized. The collision led to the boat overturning, with around 50 passengers onboard. Rescue operations were immediately launched in coordination with the Navy, Coast Guard, and Marine Police.

A total of 15 boats have been deployed in the area, including 11 Navy boats, 3 Marine Police boats, and 1 Coast Guard boat. Additionally, four helicopters are actively conducting search and rescue (SAR) missions to locate and assist survivors. So far, 66 people have been rescued from the waters. Unfortunately, three casualties have been confirmed, with their bodies recovered. The exact number of missing persons and potential casualties remains uncertain as the rescue efforts continue.

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Maharashtra

Maha Congress: BJP trying to ‘murder’ Indian democratic system through EVMs, ONOE

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Nagpur (Maharashtra), Dec 17: Continuing to take potshots at the government, Maharashtra Congress President Nana F. Patole claimed that the Bharatiya Janata Party-led NDA is attempting to ‘murder’ the Indian democratic system through Electronic Voting Machines (EVMs), here on Tuesday.

Speaking to the media, Patole said that the EVMs used in the Lok Sabha elections were not utilised for the Maharashtra Assembly elections, for which EVMs were allegedly brought here from Gujarat.

“There is a gross misuse of EVMs. BJP members are sitting on the board of directors of the companies manufacturing EVMs. The EVMs deployed during the Lok Sabha polls were not used for the state Assembly polls and for this, the EVMs were sent from Gujarat,” contended Patole.

He again slammed the Election Commission of India (ECI) for “failing to exercise its constitutional powers” and alleged that all its operations are conducted at the behest of the BJP, “thus revealing their (ECI’s) mindset” – though the government and ECI have rubbished all anti-EVM allegations.

Taking a swipe at the One Nation-One Election, Patole added that the BJP-RSS’ machinations to end the country’s democracy are evident by the ‘One Nation, No Election’ bill brought before Parliament on Tuesday.

Earlier, the Maha Vikas Aghadi (MVA) legislators continued their strong protests for the second day against EVMs, the plight of farmers, the custodial death of a Parbhani Dalit man Somnath Vyankat Suryawanshi in judicial custody, and the killing of a Beed Sarpanch Santosh Deshmukh.

The MVA legislators of Congress-Shiv Sena (UBT)-Nationalist Congress Party (SP) raised slogans and carried placards condemning the MahaYuti government, targeted the police for alleged atrocities in Parbhani and protecting the culprits in the Beed case, plus sought action against the officials concerned in both matters.

Amid the growing clamour from the Opposition, the Speaker said that the Parbhani matter would be taken up for discussion on Wednesday by the Assembly.

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Maharashtra

Rare bonhomie on display between Uddhav Thackeray and Devendra Fadnavis

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Nagpur, Dec 17: After a bitter fight and war of words during the recently held Assembly election, Shiv Sena-UBT chief Uddhav Thackeray on Tuesday met Chief Minister Devendra Fadnavis in Vidahan Bhavan and congratulated him for MahaYuti’s victory.

Thackeray, who was accompanied by his son and former minister Aaditya Thackeray and party legislators, spent a few minutes in the CM’s chamber and gave him a bouquet wishing him his successful tenure. Both exchanged their views in a lighter atmosphere. A rare bonhomie between Thackeray and Fadnavis was on display.

“I wished Fadnavis for taking over as the chief minister and also congratulated him for MahaYuti’s victory in the state Assembly. There is a rich tradition in Maharashtra for a healthy dialogue between the ruling and opposition party leaders. I also wished him under his chief ministership Maharashtra will further progress,” said Thackeray.

Thackeray also met the Maharashtra Legislative Assembly Speaker Rahul Narwekar and congratulated for his election as the Speaker.

The Shiv Sena-UBT chief has clarified that there was nothing political about his meeting with the chief minister.

Ahead of the Assembly election, Thackeray had slammed Fadnavis, likening him to an “insignificant dhekun (bed bug)” and stressing on the need “to get rid of it”. In another public meeting, Uddhav called him “tarbuz (watermelon)” that “should be dumped in potholes”.

Fadnavis hit back saying that something had affected Uddhav Thackeray’s health and he should get well soon.

Thackeray had recently targeted Fadnavis saying “Either you will remain, or I will.” However, after taking over the CM’s charge on December 5, Fadnavis downplayed Thackeray’s statement and said, “Both are in politics.”

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