Office: In Q1 of 2022, Ahmedabad office market recorded a net absorption of 0.28 msf and a 60% increase in gross leasing volume. Leading the rise in gross leasing were flex space operators, followed by the healthcare and pharma sector, contributing 16%. Budget and I-T policy announcements helped give the office segment a head start in 2022.
Residential: In the first quarter of 2022, Ahmedabad witnessed a rise of 37% q-o-q basis, along with 28% growth y-o-y. New launches in this quarter were dominated by the affordable segment, which contributed 24%, while high-end & luxury dipped to 15%, compared to an average of 23% from the previous two quarters. West Peripheral market remains a popular choice for homeowners due to excellent connectivity and infrastructure.
Retail: A healthy leasing activity was seen in Ahmedabad as Q1 2022 carries the momentum of the previous quarter. Overall mall vacancy was recorded at 23%, rising by 400 bps on a q-o-q basis with an addition of 0.2 msf in this quarter. The majority of leasing activity was concentrated in premium malls and was dominated by fashion, lifestyle & supermarkets. The demand for superior grade malls in Ahmedabad has attracted Lulu Group to become the third-largest retail group to venture into the city.
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