Absorption in Office Space Market Dips by 13% in Gurgaon

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Absorption in Office Space Market Dips by 13% in Gurgaon

As per the research by Colliers International, Gurgaon remains one of the most active and preferred office space markets in 2014 among top corporate occupiers in the NCR region.

Gurgaon shares close to 67% of overall office space absorption in the entire NCR. The leasing volumes in Gurgaon in 2014 were recorded at 4.73 million sq. ft., which is comparatively 13% less than 5.47 million sq. ft. in 2013.

According to the research, IT/ITes sector has contributed approximately 62% of total absorption of office spaces in 2014, followed by BFSI and logistics.

Most Preferred Locations

Affordable rents and quick connectivity make NH-8 the one of the most sought after locations to rent office spaces in Gurgaon. This location has accounted for around 31% of the total absorption, followed closely by Institutional Sectors (16%) and Udyog Vihar (14%).

What’s in Store for 2015?

The year 2015 will witness completion of existing projects in Gurgaon. There are over 16.8 million sq. ft. of office spaces available for lease in the city, out of which about 37% are on the Golf Course Extension Road and Sohna Road. NH-8 (19%), Udyog Vihar (18%), and Golf Course Road (12%) follow the list.

Office space occupancy in 2015 is expected to remain stable, as developers are speculative in terms of adding new work spaces.

There has been an average rise of 6% in office rents in Gurgaon. Areas like Sohna Road, NH-8 and Golf Course Road have seen an increase of 10 to 15%, whereas the prices in Udyog Vihar have gone down by 11%.

Gurgaon is expected to remain the most preferred office space location in NCR. Office space leasing will be dominated by IT/ITes sector. Micro-markets such as Udyog Vihar, NH-8, Cyber City, and Golf Course Extension Road will strengthen further to accommodate more companies in 2015.

Overall, the year 2015 is going to be stable with increase in office space demands across Gurgaon.

If you’re looking to rent office spaces in Gurgaon, then connect to us through info@avanta.co.in or simply call on +91-11-3044-6402.

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