It’s all about pune commercial real estate market.
Pune’s commercial actual property market has usually been in the limelight for its production nice and proximity to the United States monetary capital, Mumbai while the IT enterprise has been the number one driver for boom inside the business segment; several other industries too are flourishing in this area now.
With the rising want for efficiency and space management, corporates across the spectrum are pivoting toward shared workspaces or co-working areas. A growing call for from freelancers, specialists and corporates spurred the increase of co-running spaces which extended by huge proportions.
With this expanding demographic, those spaces have brought about the evolution in the function of businesses leading to a harmonious interplay among economic and human capital. More importantly, it has created a conducive ecosystem for the growth of start-united states and the growth of small and medium organizations (SMEs).
Office space supply rose by 46 % during the January-March period in the 9 major cities to 13.4 million sq ft as real estate developer’s look to cater the rising demand of commercial areas from corporates and co-working operators, according to CBRE data.
The supply stood at 9.2 million sq ft in the January-March period of 2019 in the nine cities — Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad, and Kochi. Mumbai saw supply declining to 1.3 million sq ft from 1.8 million sq ft, while in Pune, too, saw a fall in supply to 0.2 million sq ft from 1.2 million sq ft.
Towards the western side, demand for commercial office spaces has spiked due to the development of IT and manufacturing hub – Hinjewadi and the adjoining areas. Baner has emerged as a prime location for commercial real estate because of major infrastructural development and connectivity with Pune – Bengaluru highway and Pune-Mumbai expressway. Wakad has grown considerably due to its location in PCMC (Pimpri Chinchwad Municipal Corporation) and the availability of properties at competitive rates.
Towards the eastern side of the city, Yerwada continues to dominate the market with maximum occupancy and high demand for good quality commercial spaces. Commercial developments along the Nagar Road running near Yerwada have witnessed significant up-gradation in the recent past. Yerwada boasts of good quality retail, hospitality, and prime residential and commercial hubs in addition to its proximity to the airport, city center, and Pune Railway Station.
India’s start-up culture is mushrooming and with easy availability of venture capitalists, small offices at prime locations are likely to be in high demand. Typically, a commercial property can yield 7-10 percent ROI as compared to a residential property which yields two to four percent rental return.