Kolkata will see office space leasing of about 1-1.2 million square feet (msf) by the end of CY2023 with a supply of about 0.9-1.1 msf, a report by CREDAI-CBRE report titled 'West Bengal: Leading the Eastern Growth Story’ said.
Currently, the city has an existing office space stock of over 34 msf. The Peripheral Business District (PBD) contributed over 70 percent of the office stock share, followed by the Central Business District (CBD) with a 24 percent share and the Secondary Business District (SBD) with a 6 percent share, the report added.
The report was launched in STATECON 2023, a real estate event, on September 4 in Kolkata in the presence of chief minister Mamata Banerjee. The event aims to showcase the real estate opportunities in the state to top realty companies from across the country.
Real estate sees a major uptick
The report found that during January-June 2023, East Kolkata accounted for 31 percent of the residential supply, followed by North at 19 percent and South with 16 percent.
"Additionally, within the housing sector, affordable housing took the lead with a significant 45 percent share, followed closely by mid-range housing at 39 percent. High-end housing comprised 10 percent of the market, while premium and luxury housing segments contributed 6 percent collectively during the same period," it added.
The report said till H12023, organised retail supply distribution in Kolkata favoured South Kolkata with a 31 percent share, trailed by East Kolkata at 24 percent, West Kolkata at 17 percent, North Kolkata at 15 percent and Central Kolkata at 14 percent share.
Despite the e-commerce leasing slowdown and global challenges, Kolkata recorded a significant 8-12 percent share in Industrial & Logistics (I&L) leasing activity in April-June 2023.
"The real estate dynamics in the state, especially in Kolkata, is at a stage wherein the addition of quality supply is boosting absorption, further enabling the state's real estate growth trajectory. The I&L sector has showcased promising growth and is expected to grow further at 9-10 percent this year," Ram Chandnani, managing director, advisory and transactions services, India, CBRE, said.
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