Google has expanded its office
operations in Gurgaon by 4,02,860 square feet over the last quarter and
is expected to almost double its space absorption in the city by 2017.
It has been learnt that they plan to expand their offices to 7,50,000
square feet by 2017. This massive space absorption by the world’s No. 1
search engine has now put Gurgaon as the top most office space
absorption destination of the country over the last quarter of 2015.
This data has been shared exclusively with the TOI by Colliers
International,
India.
This trend spells good news for future job-seekers in NCR, especially
for those in Gurgaon. According to Colliers, Gurgaon office space
demand is on and upswing and the trend is expected to persist over next
two years. The city has seen a 2.1 million square feet office absorption
this quarter, totaling to 4.9 million square feet on a year-to-date
basis. At a quarterly rate there has been a whopping 18% increase in
office absorption.
The shoot-up has been largely because of Google India’s expansion in Signature Towers 2A and 3 by 402, 860 square feet on
lease.
Samsung has taken up 2,00,000 square feet at Two Horizon Centre on
Golf Course Road. American Express has secured 1,25,000 square feet at
One Horizon Centre on Golf Course Road; Spice Jet took up an individual
plot of 1,20,000 at Udyog Vihar on lease and Olympus Medical Systems
took up the SAS Tower of 80,000 square feet area at Medicity, NH8 on
lease as well.
Some projects that are under construction in the city are the
Business Club at 7,00,000 square feet by AIPL group that is expected to
be complete by 2017; Parswanath IT Park Technicia by Parsvanath
Developers of 6,95,000 square feet to be delivered by 2016; Unitech
Infospace by Unitech Ltd at 4,50,000 at Dundahera also to be complete by
2016.
According to the report, IT and ITeS sectors remained the key
occupiers this quarter with 60% office space, followed by BFSI at 20%,
manufacturing at 10% and others at 10%. National Highway 8 remained the
most preferred micro market sharing about 29% of total office absorption
followed by Golf Course road 25% and Udyog Bihar at 21%.
“We anticipate that the demand momentum in Gurgaon will continue from
sectors like IT and ITeS, BFSI and Manufacturing. Due to location
advantages and affordable rates, micro markets like Udyog Vihar,
Institutional Sectors and NF8 will continue to garner the occupier’s
interest. Despite increased demand, rents are expected to remain in the
same levels across micro markets barring few grade A buildings which
will continue to demand premium,” associate director, research, Colliers
International — India, Surabhi Arora, said.
In comparison to Gurgaon,
Noida
market has seen a recovery with 0.98 million square feet increase in
absorption over last year which is 32% increase over last quarter. With
this, the city recorded a total space absorption of 2.22 million square
feet on a year to date basis.
The topmost space absorption in the area was made by Vivo Mobile in
the World Trade Centre at 3,00,000 square feet, Greater Noida, followed
by 2,00,000 square feet by Cognizant in Infospace 2, Sector 135; and
Genpact at Stellar IT Park at 1,00,000 square feet.