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Noida to be affordable commercial hub: Report
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SME Times News Bureau | 20 Jun, 2018
Noida would turn into an affordable commercial hub in the coming years
while Gurugram would continue to be the largest office market in the
National Capital Region (NCR), a Colliers Research report said here on
Tuesday.
"Noida has been the affordable option for the occupiers
seeking sub-one-dollar office space. The average rent quoted by
developers in Noida is about Rs 57 ($0.87) per square feet per month,"
said the report named "Delhi, Gurgaon and Noida - The Three Aces: Key
Opportunities in the NCR Office Market".
As per the report, the
average rent in Noida is "almost 35 per cent cheaper than the Rs 88
($1.40) per square feet per month rentals quoted by the Grade A office
buildings in Gurugram".
"The Noida market has historically been
the preference of cost-conscious backend IT companies looking for
affordable rents and excellent connectivity with Delhi," it said.
Of
the overall leasing volume in the NCR over the past five years, Noida
accounted for roughly 29 per cent of the total demand, according to the
report.
"The city witnessed 1 million sq ft (0.09 million square
metre) of absorption in Q1, 2018 which was almost double than Q1, 2017
demand."
The city would also host a number of multinational companies in the upcoming years, it added.
Regarding
the other major commercial hub of Gurugram, the report said it "has
been capturing about 60 per cent of the total regional office demand
over the past five years".
It said many companies shifted their
corporate offices from Connaught Place and south Delhi to Gurugram in
pursuit of Grade-A office space at affordable rents with good
connectivity to the international airport and other business districts
of Delhi after the global financial crisis in 2008.
"Since then
the city has become the favourite corporate office destination and has
been experiencing demand from companies expanding."
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