UdyogVihar, Sohna Road emergences as the most popular offices spaces in Gurgoan

Udyog Vihar and Sohna Road have emerged as the utmost popular Residential projects in Gurgaon, accounting for 36% and 15%, respectively, of economic renting in the first quarter of 2017, property agency Colliers International said in a report.

CyberCity, a DLF property, and MAGNESIUM Road formed for about 8% and 5%, correspondingly, of overall demand.

As per Colliers, the reputation of Udyog Vihar and Sohna Road indicates an increased inclination towards cost effectiveness among corporate occupiers. Further, the consultancy said the on hotspots that the localities like CyberCity and MG Road and other central locations may reduce further in the coming quarters as companies with leases lease to expire nay seek alternatives locations due to limited options and high rents.

As per Surabhi Arora , associate director tenants looking for large floor plates in affordable rents are likely to evaluate options in second-generation buildings in the Udyog Vihar and institutional sectors due to high rents in preferred micro markets such as CyberCity and Golf Course Road.  She further added that the occupiers may also check out Golf Course Extention Road because of their future development requirement as the recent completion of Rapid Metro corridor have improved the connectivity of this location significantly greatly.

As metro rail connectivity along Golf course Road and Golf course Extension Road allures business interest, traditional markets such as Udyog Vihar and NH8 should continue to gain traction due to locational advantages and affordable rents.

Workplace leasing in Gurgaon dropped down to about 0. 84 million square feet during January-March, down 11% from the October-December quarter. Relating to Colliers, 0. 75 million sq. ft. of pre-commitments in buildings being constructed indicates healthy demand in the Gurgaon property market.

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About 1.32, 000, 000 sq. ft. of new work place was released in the Gurgaon market during the first quarter of 2017, mainly in the southern part of Rung Road and Golf Course Extension Road. Some key completions included Enovation Center in Sector 75, which included over 0. 55 million sq. ft., and GoodEarth Business Bay in Sector 58, which added 0. 35 million sq. ft. There are 2 smaller properties, Novus Tower in Sector 18 and Reach Commercial in Sector 71, which includes 0. 42 million sq. ft. of the overall stock.

Together with the increased competition from emerging corridors, landlords in central locations have become cautious about the rental expectations. So, this can be a good time to buy property in Gurgaon.