{"id":630,"date":"2018-08-05T07:09:45","date_gmt":"2018-08-05T07:09:45","guid":{"rendered":"http:\/\/pcb.net.in\/blog\/?p=630"},"modified":"2018-08-05T07:16:50","modified_gmt":"2018-08-05T07:16:50","slug":"ncr-bags-nearly-a-third-of-indias-office-space-market","status":"publish","type":"post","link":"http:\/\/pcb.net.in\/blog\/2018\/08\/05\/ncr-bags-nearly-a-third-of-indias-office-space-market\/","title":{"rendered":"NCR bags nearly a third of India\u2019s office space market"},"content":{"rendered":"\n

NOIDA: The National Capital Region (NCR<\/a>), led by Gurugram and Noida, accounted for a major 28% of the 24-million-square-feet office space<\/a> absorbed across the country in the first half of 2018.\n\n<\/p>\n\n\n\n

\nThe Office<\/a>\n Space Absorption report prepared by real estate researchers Colliers \nInternational indicates Gurugram, a real estate hub, recorded the \nbiggest leap among NCR cites by absorbing 3.7million square feet \u2014 a \n111% rise on a year-on-year basis over the first half of 2017. In fact, \nthe report suggests, Gurugram\u2019s office space absorption for this period \nwas on a par with that of Mumbai.\n<\/p>\n\n\n\n

\nSimilarly, Noida registered a 100% increase in office space absorption \nin the first half of 2018, as compared to the corresponding period of \n2017, owing to an influx of co-working spaces, along with the entry of \ntechnology companies. Colliers International\u2019s report puts the figure at\n 2 million square feet, which is expected to shoot up to 3.5million \nsquare feet by the end of the year.\n<\/p>\n\n\n\n

\nThe 2 million square feet has largely been picked up by Landgis \n(Toshiba) Candor TechSpace (1,00,000 sqft along Noida Expressway), \nGenpact-Candor TechSpace (90,000 sqft along Noida Expressway), Syscom \nSolutions (90,000 sqft in commercial sectors), Insta Office (85,000 sqft\n in commercial sectors) and ACE Global (Arohant IT park, 80,000 sqft \nalong Noida Expressway).\n<\/p>\n\n\n\n

\nAmong major occupiers, the technology sector accounted for 42% of the \ngross absorption, followed by the engineering and manufacturing sector \nat 23%, the banking and financial services<\/a>\n and insurance sector at 15%. The report shows that there had been a dip\n of 13% in rental rates on a year-on-year basis in commercial sectors.\n<\/p>\n\n\n\n

\"NCR<\/figure>\n\n\n\n

In Gurugram, technology companies accounted for 33% of the total leasing volume, followed by banking, finance<\/a> and insurance companies with 27%, and flexible workspace operators with 20%.\n<\/p>\n\n\n\n

\u201cGurugram has already overcome negative market perception, if any, \ncashing in on its corporate hub tag,\u201d Surabh Arora, senior associate \ndirector (research), Colliers International, said.\n<\/p>\n\n\n\n

\u201cThe reason for Noida\u2019s sudden improvement in office space absorption\n is the influx of co-working spaces, along with robust road and metro \nrailway infrastructure, which have now become primary growth drivers in \nthe city,\u201d Arora explained.\n<\/p>\n\n\n\n

During the same time in 2017, the office absorption in Noida stood at\n 0.9 million sqft. \u201cThe office market space absorption is picking up in \nNoida, which is emerging as a favoured corporate and industrial \ndestination. This is the first time when so much space has been picked \nup in Noida, in the past several years,\u201d Arora further said.\n<\/p>\n\n\n\n

\u201cWe expect the demand level to remain strong in the coming quarters, taking office-leasing activities in 2018 to the highest level of the past three years. Positive policy initiatives from the government, a robust supply pipeline and major infrastructure development are contributing to the overall performance of the office market,\u201d Saif Lari, assistant manager, Colliers-NCR said.<\/p>\n\n\n\n

https:\/\/timesofindia.indiatimes.com\/articleshow\/65265133.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst&from=mdr<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NOIDA: The National Capital Region (NCR), led by Gurugram and Noida, accounted for a major 28% of the 24-million-square-feet office space absorbed across the country in the first half of 2018. The Office Space Absorption report prepared by real estate researchers Colliers International indicates Gurugram, a real estate hub, recorded the biggest leap among NCR […]<\/p>\n","protected":false},"author":1,"featured_media":637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,2],"tags":[9],"class_list":["post-630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-updates-solitaire","category-solitaire","tag-solitaire-updates"],"_links":{"self":[{"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/posts\/630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/comments?post=630"}],"version-history":[{"count":2,"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/posts\/630\/revisions"}],"predecessor-version":[{"id":639,"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/posts\/630\/revisions\/639"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/media\/637"}],"wp:attachment":[{"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/media?parent=630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/categories?post=630"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/pcb.net.in\/blog\/wp-json\/wp\/v2\/tags?post=630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}