Gurgaon most preferred market in Delhi NCR
Gurgaon remained the preferred choice for opening offices in the National Capital Region (NCR) among companies, grabbing 51% share or 3.88 million square feet of the total office space leased in the region in 2016, according to property consultancy Colliers International.
Noida and Delhi accounted for about 36% and 13% share, respectively, out of the total 7.6 million sq ft office space absorbed in the NCR in 2016, at par with 2015 numbers.
A total of 41.6 million sq ft of office space was leased last year across the top cities in India, with Bengaluru maintaining its leading position with a 31% share or 12.8 million sq ft of office space leased.
Delhi-NCR followed with 18% of the total occupier demand, followed by Mumbai with 14%, Hyderabad and Chennai with 13% each, and Pune and Kolkata with 9% and 2%, respectively, showed the report.
“In the technology driven markets such as Hyderabad, Bangalore, Pune the demand-supply gap is likely to remain a concern in short term. Tenant appetite for higher quality offices has been reflected in new leases being executed at above market rates in select grade A buildings in all the cities,” said Surabhi Arora, Senior Associate Director, Research at Colliers International.