Decline in Rented Office Spaces in Gurgaon in 2016

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Decline in Rented Office Spaces in Gurgaon in
2016
?February 24, 2017 ?Real Estate ?furnished office
space in gurgaon, office on rent in gurgaon,
office space in gurgaon for rent ?Srishti Chandola
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There has been a visible decline by around 30 in
2016 of the rented out office spaces with
technology organizations halving their lease
share due to the dearth of supply of quality as
per a property consultancy. Irrespective of
this, Gurgaon is still said to be the most
preferred finance, manufacturing, and IT
companys destination. The area that was being
leased to companies dropped to almost 3.87
million square feet alone in Gurgaon and this
might improve in 2017 with around 2.4 million
square feet of the new supply that is scheduled
for completion. Also, the decline in the office
spaces taken up was major to do the supply
scenario with Gurgaon which has not been so
forthcoming for past couple of years. The share
of technology sector which is typically the key
driver of the office leasing activity in the city
has reduced to half from 64 to 32 in
2015. This decline in the share is also linked
with the supply constraints and IT/ITES
organizations which were forced to postpone the
plan of expansion. It is no hidden fact that
Gurgaon is still a
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market that is driven by It-enabled service and
information technology companies. The drop in
the IT Companys share was made to an extent by
those in the manufacturing sector and financial
services which increased to 11 and 20,
respectively. Still, Gurgaon has remained the
preferred choice among the office space occupiers
in National capital Region which accounts for
almost 51 of the total absorption which is
followed by Noida with 36 and then Delhi with
13. The average size of the deal in Gurgaon has
increased to 40,000 square feet a previous year
from around 31,300 square feet in 2015 with the
transaction concentrated along with National
Highway 8, Sohna Road and Udyog Vihar because of
their affordability. Over 9 million square feet
of the office spaces are available in Gurgaon for
lease by the end of last year against 10.2
million square feet by end 2015. Over 30 of the
space available was located at Udyog Vihar as
well as industrial areas which are followed by
22 along the National Highway 8. Sohna Road and
Golf Course Extension Road together comprised of
18 of vacant stock while Manesar was accounted
for 11, MG Road, Golf Course Road and
industrial sectors of 18, 32 and 44 were left
with equivalent space to 3, 5 and 8 of the
vacant stock. The office rentals in Gurgaon
increased by an average of around 3 in 2016 from
the year earlier. Also, with DLF Cyber City
registering, the highest rental growth of over
13 because of the dwindling vacancy
level. Golf Course Road has visible climb by 2
with the extension of the Rapid Metro along with
the
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road that is set to operation by June
end. Tenant appetite for the higher quality of
offices which ahs been reflected in new leases
that are being executed at the various market
prices in Selected Grade A buildings. One is
expecting a similar trend in 2017. The office
rentals are also expected to maintain a stability
in short terms which was almost 2.4 million
square feet for Grade a supply which is expected
to be in six to eight months.
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