Online retailers lead race
E-commerce companies Amazon India and Flipkart Internet Pvt. Ltd’s search for an extra 600,000 sq.ft of warehousing space in Mumbai and the Max Group’s plan to build what it calls India’s No. 1 corporate office point to increasing action in India’s commercial real estate market.
Demand for prime office space reached a 10-quarter high of about 11 million sq. ft in the quarter ended September, as per data released by CBRE India, a commercial real estate services and investment firm.
A 29 September report by property consultant Knight Frank projected warehousing requirement of online retail firms to double to 29 million sq.ft in 2020.
“It is the right time to start thinking of making another commercial building. We’d also think whether we should launch one right now or in a few months’ time,” said Aman Gehlot, director, Ambience Group, which has leased Amazon around 88,000 sq. ft of space at Ambience Corporate Park in Gurgaon.