Gurgaon office rentals up by 20% in Q1
- Date: 2007-07-27 - Word Count: 288
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Demand exceeds supply whenever the question of office space in Gurgaon arises. Such a trend has increased the office rentals by 20 per cent during the first quarter of the current fiscal. There has been a 100 per cent year-on-year increase in the same sector. Even as the rentals have increased, the size of transactions has become huge. Investors are opting for more sq feet per deal.
The reason for this increase in office rental is attributed to the shortage of available office space for immediate rental. Between January and March 2007, around 2 million sq feet of commercial office property was supplied to the NCR, which was quickly absorbed. The vacancy level is significantly lower in Gurgaon: just 3 per cent. Another 16 million sq feet of commercial space is likely to be supplied over the remaining months in the National Capital Region.
The demand for commercial property has shot up due to the booming IT/ ITES companies that have made Gurgaon their hub of operation. Apart from IT sector, other new-age business facilities have also established themselves in Gurgaon. Fully furnished ready to move-in offices in swanky buildings replete with all amenities like 24 hour power backup, security and cooling offer MNCs and corporate houses exactly what they need, though at a price. Such is the demand for office space in Gurgaon that offices get leased a good six to eight months before they are even complete.
Trade experts opine that the current trend of hike in office rentals is likely to continue as is till the end of the current fiscal. The rental property sector might take a breather early next year when several major ongoing real estate projects are expected to be completed.
The reason for this increase in office rental is attributed to the shortage of available office space for immediate rental. Between January and March 2007, around 2 million sq feet of commercial office property was supplied to the NCR, which was quickly absorbed. The vacancy level is significantly lower in Gurgaon: just 3 per cent. Another 16 million sq feet of commercial space is likely to be supplied over the remaining months in the National Capital Region.
The demand for commercial property has shot up due to the booming IT/ ITES companies that have made Gurgaon their hub of operation. Apart from IT sector, other new-age business facilities have also established themselves in Gurgaon. Fully furnished ready to move-in offices in swanky buildings replete with all amenities like 24 hour power backup, security and cooling offer MNCs and corporate houses exactly what they need, though at a price. Such is the demand for office space in Gurgaon that offices get leased a good six to eight months before they are even complete.
Trade experts opine that the current trend of hike in office rentals is likely to continue as is till the end of the current fiscal. The rental property sector might take a breather early next year when several major ongoing real estate projects are expected to be completed.
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