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Office transactions across prime Indian cities surge 168% YoY: Knight Frank India

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4 years ago

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Office transactions across prime Indian cities surge 168% YoY: Knight Frank India

In the third quarter of 2021, India’s office building transactions recorded strong quarterly growth, despite the imminent threat of more serious second and third waves of infections.

According to Knight Frank’s third quarter office market update report for the third quarter of 2021, the total office space in major cities in the third quarter was 1.2 million square meters (12.5 million square feet), a year-on-year increase of 168%. The report mentioned that compared with the same period last year, in 2021 (January to September 2021), the office market transaction volume increased by 13%, and the completion of new office buildings increased by 6%. As Indian companies take major steps to resume office work, increase vaccination rates and reduce liquidity restrictions, they have improved the business environment and helped restore the pre-pandemic market traction levels. Knight Frank India pointed out that in the third quarter of 2021, the total office transactions in eight markets in India improved, reaching 83% of the 2019 quarterly average.

Among the larger markets, Chennai, Bangalore, and the National Capital Region (NCR) recorded the highest recovery in the third quarter of 2021, with transaction volumes reaching 123%, 112%, and 93% of the 2019 quarterly average. The IT department was the largest consumer of space this quarter, accounting for 34% of the transaction space. Increased transaction activity in this industry is an extremely encouraging driver of office demand, as it is the most prolific tenant category in the office market. This quarter, tenants occupied nearly 23,500 co-office seats in eight markets, the highest this year. “After the second wave threatened the derailment of the market in the previous quarter, the Indian office market experienced a strong recovery in the third quarter of 2021.

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Based on the 2019 quarterly average, the transaction volume achieved in this quarter is also statistically significant because Office transaction volume was at a historic high that year.” Knight Frank India company CMD Shishir Baijal said. New completions have also increased significantly, with 1.1 million square meters (11.9 million square feet) delivered in the third quarter of 2021, an increase of 67% year-on-year. Bangalore, Pune, and Hyderabad accounted for 73% of the newly completed area, with Bangalore having the largest area delivered at 400,000 square meters (4 million square feet). From January to September 2021, the number of new construction completions increased by 6% compared to the same period last year. In the second wave of COVID-19, newly completed projects were hit by a shortage of labor.

News Source : Construction Week Online

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US vice president JD Vance, wife Usha and kids visit Jaipur’s iconic Amber Fort | Pics

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2 days ago

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April 24, 2025

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US vice president JD Vance, wife Usha and kids visit Jaipur’s iconic Amber Fort | Pics

US Vice President JD Vance, his wife Usha Vance, and their children visited the historical Amer Fort in Jaipur on April 22, 2025. The Vance family received a warm welcome at the Fort, where they were greeted with a traditional Rajasthani dance performance and elegantly decorated elephants. Second Lady Usha Vance, the wife of US vice president JD Vance, carries her daughter Mirabel as they watch a cultural performance at the Amber Fort in Jaipur.

Rajasthan CM Bhajanlal Sharma welcomed the Vance family as they visited the historic Amer Fort in Jaipur. The Vance family will depart for the US early Thursday morning. In related news, JD Vance and wife Usha attended Good Friday service at St. Peter’s Basilica in Vatican City. Vance also visited the Taj Mahal in Agra on April 23, 2025. Vance said that “good progress.

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In other news, Pope Francis’ funeral is set to start on Wednesday, and the J&K tourist hub has been completely shut today. On 4/20, celebrations across the US highlight cannabis culture and calls for legalization had been made towards a trade deal with India after meeting with “tough negotiator” Prime Minister Narendra Modi in New Delhi. The Vance family visited.

On April 22, 2025, US Vice President JD Vance, accompanied by his wife Usha Vance, and their three children, visited Jaipur’s historic Amber Fort. The family received a warm welcome, highlighted by traditional Rajasthani folk performances and a red carpet reception. As they entered the fort’s main courtyard, Jaleb Chowk, they were greeted by two elegantly decorated elephants named Chanda and Mala, raising their trunks in greeting. ​

During their visit, the Vances were joined by Rajasthan Chief Minister Bhajanlal Sharma and Deputy Chief Minister Diya Kumari, who guided them through the fort’s rich history and architectural marvels. The family also enjoyed cultural performances featuring traditional dances such as Kacchi Ghodi, Ghoomar, and Kalbeliya, offering a glimpse into the vibrant.

Usha Vance, dressed in a chic white shirt and patterned skirt, explored the fort alongside her family and dignitaries, embracing the cultural experience culture of Rajasthan This visit was part of Vice President Vance’s four-day official trip to India, aimed at strengthening bilateral relations between the United States and India. The Vance family departed for Washington.

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Bhajanlal Sharma welcomed the Vance family as they visited the historic Amer from Jaipur on April 24, concluding their cultural tour of India Upon their arrival at Amber Fort, the Vance family was greeted with traditional Rajasthani hospitality. Two elegantly decorated elephants, Chanda and Pushpa, adorned with silver ornaments, were stationed at the entrance welcome.

The family was also treated to a cultural performance featuring folk artists dressed in traditional Rajputi and Kalbelia attire, accompanied by musicians playing regional instruments. The vibrant rangolis and the overall festive atmosphere highlighted the rich cultural tapestry of Rajasthan The fort’s impressive courtyards and majestic structures.

Exploring the Fort’s Historical Significance

During their tour of Amber Fort, the Vance family explored various architectural marvels, including the Sheesh Mahal (Mirror Palace), known for its intricate mirror work and stunning design. They were accompanied by Rajasthan Chief Minister Bhajanlal Sharma and Deputy Chief Minister Diya Kumari, who provided insights into the fort’s history and significance.​

Engaging with Local Culture

Throughout their visit, Vice President Vance demonstrated a keen interest in engaging with The Vance family’s visit to Amber Fort was part local culture. He interacted with the folk artists and expressed appreciation for the traditional performances, reflecting a genuine curiosity and respect for India’s diverse cultural heritage.​

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