The National Capital Region (NCR), which is consistently the second largest office market with 20% share of the annual nationwide leasing volume over the past five years, should retain its dominance in office demand over the next five years, as per Colliers Research. In a research report, Colliers Research said the expansion in economic activities, large infrastructure outlay and upcoming Grade A supply are the factors that should support high demand for the commercial office space over the coming years.
Key trends that are likely to shape the NCR office market in the future are:
1. Robust metro network:
By 2020 most of the business districts in the NCR should be connected by the metro rail. Colliers mapped all the three-primary commercial micro markets of NCR on the Delhi metro rail network and concluded that most of the commercial hubs in Delhi already have metro access. With the completion of Phase 4 of the Delhi metro rail network, all the office locations of Gurugram and Noida should have metro access within a 3.0 km (1.8 miles) radius over the next three years. With the walk to work concept becoming increasingly preferred in the Corporate Real Estate (CRE) world, accessibility has become one of the significant decision-making factors for occupiers. The robust metro network should be one of the major driving factors of office demand in the NCR.
2. Demand to follow Grade a supply in the coming years:
As per Colliers Research, there is a trend where large occupiers are being more strategic in their real estate requirements, pre-committing space for future needs and optimizing their real estate portfolios. Recently, large occupiers such as Gartner, Bank of America, Boston Consulting Group and Google have pre-committed to office space in upcoming Grade A properties. In preferred micro markets, this trend is expected to continue with demand following the Grade A supply in the upcoming years.
3. Flexible workspaces to remain in vogue; aggressive growth to follow:
The flexible workspace segment in the NCR has been proliferating since 2015. Currently, flexible operators manage about 1.0 million sq. ft (0.09 million sq. m) of office space in the NCR. Flexible workspaces are no longer considered as disruptors, but rather as an integral part of modern-day CRE. Flexible workspaces started to appear first in the Delhi CBD around 2015-16 due to the lack of Grade A office spaces for smaller occupiers. Since 2017, the focus of operators has changed towards the larger markets of Gurugram and Noida. Players such as Wework, Cowrks and Goworks have recently leased large floor plates at strategic locations.
In reference to the key trends on which the future of the real estate in Noida is dependent, Anthurium serves the right purpose being in the heart of Sector-73 Noida. The place is not only near Sector-71 Metro Station, but also following Grade A supply in the coming years backed by flexible workspaces to remain in vogue as per the requirement of the present-day market. Thereby, Anthurium offers fully equipped offices allowing business owners to get maximum benefits from their investment. The place is situated at the most convenient location for employees and companies thereby apt enough to sale office space in Noida.
Source: https://www.linkedin.com/pulse/3-key-trends-future-commercial-real-estate-noida-sahil-gupta
