Learn more by clicking our most recent Pune MarketBeat reports on the various sectors below.
Pune MarketBeat Reports
01/07/2024
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 MARKETBEATS
Pune Office Report
Pune office market recorded gross leasing volume (GLV) of 1.2 MSF in Q1 2024, a 52% drop from the strong activity seen in Q4 2023. The submarket of SBD East witnessed increased fresh space take-up, capturing ~62% share of GLV. Pune’s Q1 net absorption stood at 1.3 MSF, a 31% drop q-o-q. Pune recorded a new supply of 1.66 MSF, which aligns with Pune’s quarterly average supply of the last 8 quarters. The city-level vacancy rate increased to 11.07%. Healthy office demand, particularly in prime submarkets with low vacancies, induced an 8-10% rental growth from Q1 2023.
Pune Retail Report
Pune’s grade-A malls leasing in Q1-2024 was 14% lower than last quarter but 6x higher than the same period last year. Fashion segment continued to dominate with 51% share. Moreover, upcoming residential supply around NIBM road and the commercial developments around Balewadi are likely to increase retail activity in these two emerging main streets. While mall vacancy increased to 7.95% this quarter, the additional space is expected to get absorbed soon. Average rentals in malls increased by 6-12% y-o-y and in main streets by 7-8% from last year.
Pune Residential Report
Pune’s residential market saw a 7% y-o-y rise. Mid segment dominated with a 54% share. The south eastern markets also contributed 20% to mid-segment launches. The NH4-bypass and north-east submarket comprised 50% of the new launches in H1 2024. The southern part held a notable 15% share. NH-4 Bypass and north-east submarkets witnessed the highest launches with 34% and 26% shares respectively. The combined northern, western and southern peripheral submarkets accounted for 32% of the total quarterly launches. Rentals across the city have risen 3-5% on a q-o-q basis.
Pune Industrial Report
Pune’s warehouse lease transactions witnessed a 41% rise on a y-o-y basis but a 49% decline compared to the high base of H1 2023. In H2, Chakan submarket dominated 61.5% of lease share. A 55% jump from last year was observed due to high demand witnessed across 3PL and Engineering & Manufacturing companies. Industrial Leasing was on a rise of 47% on a y-o-y basis and 66% growth as compared to H1 2023, largely driven by Engineering & Manufacturing (51.2%). City-wide industrial rentals increased by 9-14% largely driven by Chakan and Talegaon submarkets.
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.
RELATED INSIGHTS
Insights • Investment / Capital Markets
Is India Building Enough to Power Its Digital Transformation?
It is estimated that India will be adding 464 MW of new Colo capacity each year until 2028. Despite this, India still needs to catch up with other comparable nations. We believe that accelerating this pace could unlock significant opportunities for India’s data centre and technology sectors.
27/06/2024
Research • Workplace
Pan India leasing volumes remained strong in Q1 2024, crossing the 20 MSF mark for the third time in the post Covid period. A gross leasing of over 20 MSF for two consecutive quarters is a significant record for the office real estate market, suggesting that activity in India is moving on a higher plane.
14/05/2024
Insights
Five Fast City Facts Bengaluru Q1 2024
What You Need to Know in Today's Bengaluru Commercial Real Estate (CRE) Market.
03/05/2024