Leasing of office space in NCR rises

The market for commercial real estate in Delhi-NCR is on a recovery mode with leasing in Jan-Mar 2011 rising to around 1.69 mn sq ft from 0.85 mn sq ft in the previous quarter of the year. It is also marginally higher than 1.42 mn sq ft transacted during Jan-Mar 2010.SEZs accounted for 61 percent of the overall leasing, while the balance leasing activity was spread between IT parks and non-IT buildings.Although the number of leasing deals has decreased in Jan-Mar to 19 compared to 47 in the same quarter in 2010, the average size of transactions has gone up significantly, from 30,000 sq ft to about 89,000 sq ft in the same period.