The most likeable area for the companies to acquire commercial space in the whole of NCR is Gurgaon. As it turns out that the city has grabbed 51 percent or 3.88 million sq. ft. area of the total which was leased out in the year 2016.
Next in the line, came Noida and Delhi, which accounted for 36 percent and 13 percent share. In the gone year 2016, a total of 7.6 million sq ft office space was consumed in the NCR alone. The city’s major driving force for the leasing activity to be carried out is the technology sector and the share for the same have gone to 32 percent from the last year’s number of 64 percent. In the Noida city, this sector has also remained the major key driver accounting for 60 percent.
The previous year, across all the top cities of the nation, nearly 41.6 million square feet of commercial or office space was leased out. Out of those top cities, the leading place was maintained by Bengaluru with a 31 percent of shares or 12.8 million square feet leased out space.
The second leading area in the list was Delhi-NCR which held the spot with a share of 18 percent and was followed by Mumbai with a share of 14 percent. Thereafter, comes Hyderabad and Chennai that had 13 percent share for each. The leading list ended with Pune and Kolkata that had a share of 9 and 2 percent.
As per the experts, a similar trend is expected for the year 2017 where the first half is expected to experience an upward pressure on the rents in most of the chosen markets for A category buildings. But in cities like Pune and Bengaluru there is scarcity of quality commercial space, NCR will rise up to see the increased absorption of such space.