Millennium City Gurgaon has beaten Mumbai and Bengaluru to see the highest absorption of office space in the third quarter of 2015, ensconcing itself as the country's fastest growing corporate hub.
Among the top 8 cities, Gurgaon grabbed 23% of the total office space leased out in Q3 2015. In terms of area, this works out to 2.1 million square feet, according to a report by US-based realty consultant Colliers International.
Gurgaon is followed by Chennai at 20%, Bengaluru 18%, Mumbai 15% and Noida 11%. Pune, Delhi and Kolkata were the other cities on the Colliers list. The report says this upswing in leasing activity in Gurgaon is expected to persist over next two years.
Samsung, according to the report, has taken up 2 lakh square feet at Two Horizon Center on Golf Course Road while American Express has secured l25,000 square feet at One Horizon Center. Spice Jet has leased a 120,000 square feet plot at Udyog Vihar and Olympus Medical Systems has taken up space 80,000 square feet at SAS Tower.
A series of big projects is under construction as well — like the Business Club at 7 lakh square feet by AIPL group that is expected to be completed by 2017, Parsvnath IT Park Technicia that has an area of 695,000 square feet and will be delivered by 2016, and Unitech Infospace at Dundahera, which is a 450,000 square feet project and is likely to be completed next year.
According to the report, the IT and ITeS sectors were the key occupiers of office space, accounting for 60% of the leasing activity, followed by the banking and finance sector (20%), manufacturing (10%) and others (10%). NH-8 remained was the most preferred destination, accounting for about 29% of the total office absorption, followed by Golf Course Road (25%) and Udyog Vihar (21%).
"We anticipate the demand momentum in Gurgaon will continue from sectors like IT and ITeS, banking and manufacturing. Due to locational advantages and rates, micro markets like Udyog Vihar, institutional sectors and NH-8 will continue to garner companies' interest," said Surabhi Arora, associate director, research, at Colliers.
The Noida market has, meanwhile, seen a recovery with a 0.98 million square feet increase in absorption of office space over last year. The highest absorption was accounted for by Vivo Mobile, which has taken up a 3 lakh square feet space at World Trade Centre in Greater Noida. It is followed by Cognizant, which leased 2 lakh square feet in Infospace 2, and Genpact (1lakh square feet) at Stellar IT Park.
Sharmila Bhowmick, The Times of India, Delhi/NCR
SOURCE: magicbricks.com
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