New Delhi, March 18 -- Grade-A office spaces are seeing a drop in vacancy levels, along with improving occupancies, as the leasing trajectory is likely to maintain the good run in the March quarter (Q4FY25), too.

Demand for commercial properties continues to be led by global capability centres (GCCs), rising traction in flexible workspaces, and IT/ITes. Plus, the floor-wise denotification and consequent leasing of special economic zones has also helped drive confidence among listed real estate investment trusts (REITs).

"Vacancies at all key REIT micro-markets-Outer Ring Road (Bengaluru), Madhapur (Hyderabad), Thane Belapur (Mumbai Metropolitan Region), and Cyber City (Gurugram)-have gone down over the last couple of quarters. This is a...