The largest commercial real estate services firm Cushman & Wakefield in one of its study has found 39% increase in net office space absorption in Delhi NCR at 2.4 million sq ft in the first half of the year 2016. The rise in the office space absorption was backed by few large sized leasing transactions.
In January to June 2015, net leasing of office space stood at 1.7 million. C&W said in its report that increase in the overall activities in Delhi-NCR was due to some large sized deals in the commercial real estate market.
On the more positive side, Noida has seen the rapid acquisition rate owing to its price advantages as compared to other cities of NCR, while, Gurgaon has seen steady absorption. The large deals and the demand in Noida tell about the potential of the city to accommodate substantial number of corporates. Moreover, the uptake demand for office space in Noida determines the next phase of growth for this region.
To its advantage, Noida has more robust and up to date infrastructure and price competitiveness in comparison to other cities like Hyderabad & Pune. One of the examples of Noida’s modern day and world-class infrastructure is Wave City Center which lies in the heart of Noida at Sector 32.
While net office space absorption fell to 18% during the first six months of 2016 in the following cities:
The significant drop in absorption levels was noted in Chennai (-51%), Pune (-41%), Mumbai (-36%) and Bengaluru (-34%) in the first half of 2016 against the year-ago period, while the same period was the mixed bag for key markets.
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