Noida has Leased out 10 mn sqft of Office Spaces in 2023

The satellite town of Delhi -NCR, Noida has generated as the vital ground for real estate growth, specially in case of leasing office spaces.

According to Managing Director (North) at Colliers India, a real estate consultancy, Bhupindra Singh, “Demand for office space in the city is on the rise, and about 10 million square feet (msf) of office space has been leased out so far since the year 2020.”

In a real estate event, Singh elucidated, “The Growth Story of Noida,” which was organised by CRC Group in partnership with real estate PR consulting firm ICCPL and CNBCTV18 at CRC The Flagship, Sector 140 A, Noida. Between 2010 and 2020, office leasing in Noida was around 10 msf, while a similar 10 msf space has been leased in just three years between 2020 and 2023 so far. This speaks volumes about the growth story of Noida in terms of office real estate and demand for office spaces.” He explained that rentals of A Grade office spaces and IT/ITeS parks will go up in the coming years, and inventory will go down drastically.

He further said, "Currently, office rentals in Noida range between Rs. 40 and Rs. 80 per square foot (psf). These rentals would go up in the coming years, and with rising demand, there will be no inventory left in the coming years.

Speaking at a panel discussion in the event on ‘How good urban planning is helping in sustainable growth of Noida’, Vidhi Dheri, Director-Real Estate at CBRE, a real estate consultancy, said that now many international corporate tenants are investing in Noida due to good quality infrastructure development.

She further said, “Unlike other NCR cities such as Gurugram, the development in Noida is authority-driven, which means that development authorities here created the required infrastructure and then the projects followed. This brought good-quality tenants, including retail and corporate, to Noida.”

She explained that, the availability of land, good infrastructure, skilled manpower, and sub-dollar rentals are some of the key factors that have attracted investors to Noida.