"Diversification Drives Ahmedabad's Office Leasing Story"

Ahmedabad continues to demonstrate its resilience and maturity as a commercial hub. The city's consistent office leasing activity of 0.2 million sq. ft. in the first half of 2024, mirroring the previous year, underscores its steady growth trajectory.

In fact, India's overall office leasing activity has remained robust, with a 14% year-on-year increase across nine major cities, including Ahmedabad, reaching 32.8 million sq. ft. during January-June 2024. This surge is a testament to the country's thriving economy.

Ahmedabad's own office leasing story is one of diversification and resilience. Key sectors like BFSI, flexible space operators, and engineering & manufacturing drove absorption, with small and medium-sized deals leading the charge. Notably, non-IT sectors accounted for a significant 79% of absorption, while SEZ accounted for 21%.

But what's truly exciting is the potential of Gift City, India's first operational smart city and international financial services centre, to transform Ahmedabad's real estate landscape. With its world-class infrastructure and business-friendly environment, Gift City is poised to attract more businesses, driving up demand for office spaces and cementing Ahmedabad's position as a major player in India's office real estate market.

In conclusion, Ahmedabad's office leasing market is a microcosm of India's growth story - steady, diverse, and full of promise. As Gift City continues to evolve, I'm eager to see how it will shape the city's real estate future.