Gurugram, November, 16, 2018 – NCR (Delhi, Gurugram and NOIDA) witnessed an overall leasing of 1.72 million sq ft, a decline of 46% QoQ. The gross absorption was recorded at 7.65 million sq ft in the first nine months of 2018.

“Despite quarterly decline in leasing across NCR, the YTD numbers indicate notable growth of 31% at 7.6 million sq ft. The last quarter will gain momentum with the year expected to close at 9.7 million sq ft against 7.9 million sq ft in 2017. Noida continues to grow and has become one of the fastest growing commercial hub in the NCR. With the rise in automation and adoption of technology by occupiers along with option of co-working spaces, occupiers will continue to alter their real estate strategies”, says Sanjay Chatrath, Executive Director, NCR at Colliers International India.


The office market recorded gross absorption of 0.14 million sq ft in Q3 2018, representing a quarterly contraction of 6.7%. Over the last three quarters, the continued decline in demand can be attributed to a lack of of Grade A space in major micromarkets such as the CBD and Aerocity, as evidenced by the CBD recording a significant decline in take up compared to last quarter. In Q3 2018, Grade A space take-up was evenly spread across the city, unlike the previous few quarters when the demand was mainly concentrated in the CBD and Aerocity micromarkets.

About 4.8 million sq ft of office space is expected to be completed during 2018 – 2021, the majority of which is in South Delhi.


Due to slower decision making on the part of occupiers, gross absorption declined 60% QoQ and 50% YoY. Q3 2018 noted leasing activity of 0.80 million sq ft with most occupiers expanding operations in the city. Contributing to the decline, deals in excess of 50,000 sq ft comprised 43% of leasing activity, compared to 69% in Q2 2018.

We forecast a robust supply pipeline of 19.8 million sq ft until 2021 under various stage of construction.


Leasing activity in NOIDA has gathered pace as tech occupiers and manufacturing companies lease space on the expressway. The market recorded gross absorption of 0.78 million sq ft in Q3 2018. Compared to the same period last year, leasing has increased by 30% as the average deal size expanded three times to 70,874 sq ft.

Q3 2018 saw leasing activity spread across various sectors. The engineering and manufacturing sector was the leading occupier with 38.5% of gross absorption followed by technology occupiers on 32.1%, and the banking, financial services and insurance sector (BFSI) on 23.5%.

About 15.6 million sq ft of office developments is likely to be completed in a staggered manner in the next three years, increasing the total inventory by 53%.

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