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Even locations such as Hinjewadi and Wakad in the west and Nagar Road, Hadapsar Road, Kharadi and Sholapur Road in the east, offer real estate solutions for new offices and expansion plans, thereby making Pune a diverse growth market.

Real estate services firm Cushman & Wakefield released this information in a recent research report.

Prime and Grade A Office space rental values as well as capital values are up between 25% (CBD) and 45% (Periperhal) in the last 12 months. Click on the chart on the left to see capital and rental values by locality.

Smaller old buildings and congestion in and around the CBD have driven corporate tenants, seeking solutions to their growing space needs, to the suburbs. These business hubs offer larger areas with scalability options, bigger floor plates, higher building construction standards, improved maintenance levels, adequate parking and lower rentals costs along with options for built-to-suit or campus-like facilities.

Whilst the CBD still witnesses construction of a few corporate office buildings and several malls, the majority of commercial construction is in secondary markets or in peripheral and suburban locations.

We may witness a further shift in the coming years, with all the proposed SEZs in Pune planned either in peripheral or suburban locations, owing to availability of large land parcels.

Most of the micro-markets within the city are projected to witness significant increase in supply and this may lead to stabilization of rental and capital values by the second half of 2007.

The Government's decision on approving some of the proposed SEZs, the finalization of policies and their interpretation will determine the extent of impact on the supply scenario and the future potential for the city.

Recent Leasing Transactions
Tech Mahindra leased a furnished office space of approximately 30,000 sq.ft. built-up area in Delta, Gigaspace, Nagar Road.  SAS Global leased approximately 88,000 sq.ft. in Cybercity, Magarpatta, Hadapsar Road. Bharti Airtel leased approximately 16,800 sq.ft. in Vega Center, Shankersheth Road.  BMC Software expanded their present premises by leasing an additional 19,000 sq.ft. in ICC Tech Park, A wing, Senapati Bapat Road.  A multinational software development company leased approximately 7,950 sq.ft. in Mayfair Towers, Shivaji Nagar. Tecko (a Tata Group company) leased approximately 18,000 sq.ft. in Sai Radhe, Raja Bahadur Mills, Station Road.

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About Cushman & Wakefield

Cushman & Wakefield is the world’s pre-eminent real estate services firm. Founded in 1917, the firm has 192 offices in 58 countries around the globe, and more than 11,000 talented professionals. The firm delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process.  These solutions include helping clients to buy, sell, finance, lease, and manage assets. Cushman & Wakefield also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services.