Ahmedabad is witnessing a remarkable resurgence in its commercial property sector, highlighted by a 20-25% increase in new project launches this year. This revitalisation comes as the city emerges from the stagnation induced by the COVID-19 pandemic, indicating a significant rebound in economic activities. As businesses and developers adapt to post-pandemic realities, the commercial property market is positioned for robust growth, supported by a renewed appetite for larger office spaces and a decrease in available inventory.
Recent data from the Gujarat Real Estate Regulatory Authority (GujRERA) reveals that the fiscal year 2024-25 has already seen the initiation of 22 commercial projects and 70 mixed-use developments. This marks a notable recovery compared to the previous year, which reported 67 commercial and 236 mixed-use projects. Notably, the commercial activity levels have not yet returned to the pre-pandemic peak of 108 commercial projects in 2019-20, suggesting that there is still room for further growth in the sector. Analysts attribute this uptick to shifting business preferences that favour larger office spaces, especially in prime locations like SG Road. This trend is further bolstered by local enterprises and out-of-state companies eager to leverage Ahmedabad’s favourable economic climate and advanced infrastructure.
A recent report by Knight Frank India indicates that a staggering 1.7 million square feet of office space were transacted in the first half of 2024, representing a remarkable 219% increase compared to the same period last year. This surge in demand is largely driven by India-facing businesses, particularly in sectors such as consulting, healthcare, and information technology. As firms adapt to evolving work patterns, this shift towards larger office spaces underscores a broader trend in the commercial property landscape. However, despite these positive developments, the retail segment continues to lag behind, reflecting changing consumer behaviours and shopping patterns.
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