NCR becomes third of India’s office space market

In the first half of 2018, Noida registered a 100% increase in office space absorption.
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.

According to reports, in the first half of 2017, Gurugram, a real estate hub, recorded the biggest leap among NCR cites by absorbing 3.7million square feet – a 111% rise on a year-on-year basis. Moreover, the reports also indicate that the office space absorption for this period has matched with Mumbai.

In the first half of 2018, Noida has also registered a 100% increase in office space absorption as compared to corresponding period of 2017.

The technology sector accounted for 42% of the gross absorption, among major occupiers, followed by the engineering and manufacturing sector at 23%, the banking and financial services and insurance sector at 15%. According to reports, there had been a dip of 13% in rental rates on a year-on-year basis in commercial sectors.

The experts said that “Gurugram has already overcome negative market perception, if any, cash in on its corporate hub tag. While, the reason for Noida’s sudden improvement in office space absorption is the influx of co-working spaces, along with robust road and metro railway infrastructure, which have now become primary growth drivers in the city.

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