Gurugram tops with 3.7 million office space absorption among NCR cities: Report

Gurgaon News

Gurugram, a real estate hub, recorded the highest jump among all the major NCR by absorbing a total of 3.7million square feet in the first half of 2018, according to a recent report by a real estate research firm. The report said that the National Capital Region (NCR), led by Gurugram and Noida, accounted for a major 28% out of the 24-million square-feet office space absorbed across the country in the first half of 2018.

The report was published by real estate researchers Colliers International and it indicates that Gurugram has seen a steep 111% rise in the office space absorption as compared to first half of 2017, which is more than Mumbai. On the other hand, Noida registered a 100% increase in office space absorption in the first half of 2018, as compared to the last year.

Noida has seen an influx of many co-working spaces along with the entrance of many IT/ITes companies and other multinational companies in last few years. Due to this the office absorption space in Noida will increase up to 3.5 million square feet by the end of this year, the report says.

“The 2 million square feet has largely been picked up by Landgis (Toshiba) Candor TechSpace (1,00,000 sqft along Noida Expressway), Genpact-Candor TechSpace (90,000 sqft along Noida Expressway), Syscom Solutions (90,000 sqft in commercial sectors), Insta Office (85,000 sqft in commercial sectors) and ACE Global (Arohant IT park, 80,000 sqft along Noida Expressway),” Report added.

Although Gurugram has shown many positive results, data from Noida commercial space is also commendable, which is also focused in the report. Saif Lari, assistant manager of Colliers-NCR said that it is expected that the demand level will remain strong in the coming quarters, taking office-leasing activities in 2018 to the highest level of the past three years.