NEW DELHI: The National Capital Region (NCR) recorded leasing volume i.e. 10.1 million sq ft in Oct-Dec 2018, according to report by
Colliers International India
. This was the highest leasing volume in the past eight years.
Delhi’s office market recorded gross absorption of 770,000 sq ft in 2018 while Gurugram witnessed gross absorption of 5.4 million sq ft. NOIDA’s office market witnessed record leasing activity in 2018 at 3.9 million sq ft.
Across NCR, IT-ITeS sector accounted for 24.1% of total leasing followed by banking, finance and insurance services (BFSI) sector with 16.7% and engineering and manufacturing which accounted for about 15.1% of total leasing.
“Despite rise in vacancy levels by end of the year owing to infusion of supply, rents are expected to rise led by demand in key business districts and premium buildings in cities of Gurugram and NOIDA,” said Vineet Anand, director, office services (NCR) at Colliers International India.
In Delhi, Aerocity accounted for 29.3% of the overall leasing followed by the Central Business District (CBD) with 13.6%. The Secondary Business Districts (SBD) such as Saket, Nehru place and Jasola together represented 19.6% of the office space take-up.
Delhi is planned to see 3.9 million sq ft of office supply while Gurugram has a supply pipeline 24.6 million sq ft during 2019-2021. In NOIDA developers will look to complete their ongoing projects amounting to 14.4 million sq ft by the end of year 2021.
In Gurugram, the Cyber City constituted 21.7% of overall leasing activity, followed by Golf Course Extension Road (GCER) and Golf Course Road at 15.8% and 12.1%, respectively.
According to Colliers, cost-conscious occupiers with large space requirements may look towards NOIDA Expressway and Golf Course Extension Road because of lower rental values.