As the population in Noida’s newer areas has grown, commercial and office space has become essential. Following residential acceptance, office spaces are gaining traction; the demand has grown as office spaces in East Delhi are nearly full and do not meet modern demands for ultra-tech and swanky offices. Demand is increasing, not just for larger spaces, but also for compact spaces that meet the needs of smaller businesses. The vicinity of Noida’s sector 129 has emerged as the place for the office segment. The places have been able to make a point because of the improved connectivity in the last few years thanks to a lot of infrastructural developments.
Overall, the office real estate market is thriving, with demand for Grade A office space skyrocketing and vacancy rates in prime locations falling. The demand metrics for the office leasing segment of the commercial real estate market had remained stable. “Companies have continued to concentrate on employee well-being as a result of the growing Covid-19 second wave around the country; the increased sense of obligation has meant that offices which were working from cramped spaces in city centers would search for compact offices in plush locations and buildings in NCR,” says Deepak Kapoor, Director, Gulshan.
After COVID, many companies decided to distribute a number of employees in one office to many offices, which has helped them expand their reach. Giving more insight, Yukti Nagpal, Director, Gulshan says, “The amount of lease retention in properties that are already operational has largely followed past trends. However, some corporate office occupants are downsizing their space needs, resulting in a demand for compact offices. The demand-supply gap could temporarily expand due to a steady pipeline of assets becoming operational in the near future.”