Learn more by clicking our most recent Ahmedabad MarketBeat report on the various sectors below.
Ahmedabad MarketBeat Reports
16/04/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
CURRENT MARKETBEAT
Ahmedabad Office Report
Gross leasing volume (GLV) stood close to 0.1 MSF in Q1 2024, a 60% drop from the same period last year due to limited office supply in Ahmedabad. Q1 leasing activity was driven by the IT-BPM segment, contributing a 70% share. GIFT city submarket received good market traction, recording the highest share of 68% in the quarterly demand. Grade-A stock of 0.71 MSF was added during the first quarter across SBD and PBD submarkets, accounting for 62% and 32% shares, respectively. The city-level vacancy, recorded as 30.90%, saw a nominal rise of 74 bps q-o-q due to reduced leasing amidst steady supply. Quoted rents have remained stable q-o-q.
Ahmedabad Retail Report
Ahmedabad recorded healthy main street leasing volume of ~67,000 SF in the first quarter of 2024. Fashion (~23%) and footwear (~18%) drove quarterly leasing activity. Leasing activity was concentrated in prominent main streets like Sindhu Bhavan Road and Shyamal Cross-roads (~25% together). Overall city-wide mall vacancy has dropped by ~17.60% in Q1-2024 on a q-o-q basis. Main street rentals witnessed a 10-15% growth on a y-o-y basis.
Ahmedabad Residential Report
Ahmedabad residential launches saw a 9% dip on q-o-q basis. Mid-segment continued to dominate (40%) followed by the high-end segment (37%). Nearly 47% of quarterly launches were concentrated in the North and North Peripheral submarkets due to anticipated better connectivity. A 2-5% rental growth was witnessed along northern and western submarkets and a 3-5% y-o-y growth in capital values on the back of robust demand.
Ahmedabad Industrial Report
Warehouse leasing volume recorded 40% growth over H2 2022 but a 20% drop compared to H1 2023. The annual warehouse leasing was driven by the Engineering & Manufacturing segment (53%). Leasing activity was driven by a prominent packaging material manufacturing company contributing to a 75% growth on a yearly basis. The 10th Vibrant Gujarat Global Summit is likely to boost momentum in the industrial corridors by attracting global players to invest across sectors. Rental values across all submarkets have witnessed an average of 3-7% rise while land values have appreciated 25-45% y-o-y growth in the Changodar and Aslali.
India Investment Report
The investment activity recorded in Q2 was INR 158.5 bn (USD 1.92 Bn) which was 63% higher than the previous quarter’s activity and 60% higher than the activity recorded in Q2-22.
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