Delhi-NCR logs 5% growth in office space absorption in Jan-Mar: JLL

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New Delhi, May 4 | Delhi-NCR witnessed an increase of 5 per cent in net absorption of office space during the first quarter of 2021 on a quarter-on-quarter basis with 1.07 million sq. ft, according to a JLL report.

As per the JLL Office Market Update – Q1 2021, Noida contributed 55 per cent of the net absorption, backed by strong pre-commitment in the new completions followed by Gurugram with a contribution of 38 per cent.

Select big-ticket transactions in Gurugram and Noida contributed substantially to the leasing activity. There were few relocations by occupiers in a bid to reduce real estate cost and obtain fresh office spaces on attractive lease terms.

IT and IT-enabled services, BFSI, healthcare, legal and consulting firms dominated leasing during the quarter.

“Delhi NCR continues to be a vibrant location for the office market with well-established submarkets and corridors. While Gurgaon and Noida have taken the lead in terms of development and infrastructure, the city itself continues to remain a highly preferred location. In total, eight projects totaling 4 million square feet were added to the stock which stood at 129 million square feet at the end of the quarter,” Manish Aggarwal, MD, Delhi NCR, JLL India.

“NCR office market remains one of the healthy commercial office space take-up and strong demand from IT/ITES, BFSI and law firms has fueled the growth momentum thereby showing strong commercial growth in the capital city,” he added.

The vacancy rate stood at 29.3 per cent at the end of quarter, increasing by 140 bps over the previous quarter. Vacancy levels rose in select prominent prime business districts where occupiers either downsized current occupancies or shifted to locations with relatively lower rents. Rents remained stable with developers offering increased rent-free periods on a case-by-case basis.

It is expected that rents will continue to remain range-bound in the short-term as leasing momentum in the next few quarters will mainly hinge on the containment of the second wave of Covid.

The overall office market in India witnessed a decline of 33 per cent in net absorption during Q1 2021 on a Q-o-Q basis, with 5.53 million square feet leased during January to March 2021.

On a year-on-year (Y-o-Y) basis, net absorption in Q1 2021 stands at 64 per cent of the levels witnessed in Q1 2020. Bengaluru, Hyderabad and Delhi NCR accounted for nearly 80 per cent of the net absorption during the quarter.

Moreover, Bengaluru and Delhi-NCR were the two markets which witnessed an increase in net absorption when compared to Q4 2020.

“While 2020 ended on a relatively high note, there was still uncertainty in the market with respect to resumption of business as usual. Occupiers continued to adopt a cautious approach and focused on reassessing their real estate portfolios and long-term commitments,” said Samantak Das, Chief Economist and Head of Research & REIS, India, JLL.

“To add to the woes, increasing fears of a spike in Covid cases in the second half of March further pushed the occupiers to press pause again and postpone their real estate decisions,” he said.

Das said that while net absorption is likely to hover around 25-30 million square feet, it will be at par with the net absorption levels witnessed during 2020.

Source: IANS

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Handicraft Furniture setting a new trend in the interior and home décor industry

Handicraft Furniture setting a new trend in the interior and home décor industry

Furniture is one of the most prominent and significant aspects of any space. It adds a distinct depth and feel to the décor and enhances its beauty to the next level. Conventionally furniture was considered only as a side element while designing an interior. However, today the trend has changed; the limelight is on the furniture and furnishing elements. Young interior designers and architects are giving utmost importance to furniture and are heavily investing their time and efforts to get the best furniture for modern urban spaces.

Antique Handicraft Furniture

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Preserving the art of Handicraft

Handicraft furniture online is a part of Indian heritage and culture from the Britishers time. Handicraft furniture speaks volumes about our rich history and love for art. Handicraft furniture is an integral part of our interiors and gives your premise an elegant touch. However, over the period of time with the introduction of modernization and machine-made furniture, the significance of handicraft furniture has been also affected to a great extent.  Furniture giants like Craftatoz are exerting themselves to promote the artisan’s talent and preserve the art of handicraft. They are bringing handicraft furniture to modern homes and preserving our legacy. Handicraft furniture is a seamless combination of modern art, style, and antiquity. They are unmatched and a true epitome of sophistication.

Handicraft furniture suits your décor and adds more splendor to it

The latest global trend in home furniture and decoration is Handicraft Furniture. Décor with the layer of Indian handicraft products and furniture creates an interesting décor and creates an impeccable melody of texture, color, fabric, styles, etc. Antique handicraft furniture in the form of mirrors, center table, jharokhas, Chandeliers, key holders, table lamps, corner tables, and much more. Handicraft Furniture is true alchemy of style and poise. They are an ideal fit for any modern urban or conventionally designed abodes. The handicraft wooden furniture celebrates luxury and creates a lavish feel.

The matchless collection of handicraft furniture

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Taking furniture industry to newer heights

Like every industry, the furniture industry has also witnessed several ups and downs. The trends in the furniture industry are ever-evolving. There are continuous introductions and upgrades in this sector. However, the heart of the furniture segment is still ‘Handicraft Furniture’ the simplicity, quirkiness, antique touch, regal patterns and immersive feel of handicraft furniture still continue to mesmerize everyone with its grandeur and sheer opulence.

Handicraft furniture is at the pedestal and gaining substantial attention worldwide. They are widely acknowledged as one of the most reputed, credible, and authentic Indian art forms. The handicraft furniture reflects the legacy of the country and opens new avenues for Indian craftsmen and artefacts. Craftatoz with an aim to provide these artists global exposure and widespread Indian culture to every corner of the world brings a well-thought, finely detailed range of handicraft furniture that creates the cult and sets new milestones in the world of online furniture.

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