According to Knight Frank India, Ahmedabad recorded a significant 44 percent of the office area transactions in small office spaces, measuring below 50,000 square feet, in the first half of 2024.As per the report, the total volume of area transacted for small office spaces was recorded at 0.73 million square feet during this period, marking an unprecedented year-on-year (YoY) growth of 99 percent compared to the same period last year.
The report highlighted that India’s thriving business environment remained the primary driver of market activity in Ahmedabad, accounting for 77 percent of the total transacted volume. In the first half of 2024, large offices or spaces measuring 100,000 square feet and above constituted 39 percent of total office space leasing in the city, with 0.65 million square feet of transactions. Notably, this category saw no transactions in the same period last year.
Additionally, mid-sized office spaces, measuring between 50,000 and 100,000 square feet, accounted for 17 percent of total transactions, with 0.28 million square feet transacted in the region. This segment exhibited a robust YoY growth of 64 percent.
Areas surrounding Vaishnodevi Circle, commonly known as the “Golden Cross” for being strategically located on the intersection of S P Ring road and S G Highway, are set to benefit significantly as the Ahmedabad Urban Development Authority (AUDA) drafts a new 20-year development plan (DP).