Gurugram Led NCR Office Absorption In 2021

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We were looking at office absorption reports and guess what? Gurugram is a hot favourite among companies looking to expand or setup their offices. 

Got Some Numbers?

Sample this. Demand for office space in Delhi NCR grew 50% YoY in 2021, and Gurugram signed the most leases, accounting for 64% of all signatures, per Colliers. 

In all, a total of 6.3 million sq. ft. of office space was absorbed across NCR in 2021, with startups - leased over 1 million sq. ft. - and tech firms signing the most amount of leases. 

The need for quality is driving occupiers' real estate strategy and Noida Expressway, Golf Course Extension Road and DLF Cybercity drove the bulk of leasing activity as they looked for better-quality buildings. 

But, But, But...

When Haryana introduced its local hiring quota for corporates in the state, word on the street was Gurugram would lose out to Noida as a preferred office destination. 

However, only Delhi NCR can claim significant office absorption numbers in North India, as other major cities in this region are not preferred office markets yet. Also, the hub-and-spoke model has not been successful due to the mindset of the workforce still choosing to move to major metros, per Colliers. 

With that as a background and the availability of high quality office spaces, Gurugram remains one of India's most sought after office destinations.