India Office Report 2015 - Colliers

Trends to watch
for in 2016
Table of Contents
Infographics
2015 Actual & 2016 Forecast
India - Office market performance 2015 & trends to watch for

in 2016
Most cities in sweet spot in terms of office supply and demand fundamentals, indicating
strong outlook
Mumbai - Shows strong demand

Office absorption doubles in 2015, over 6.5 million sq ft recorded
Delhi - Office market takes a step back in 2015

Absorption plunged down by 25% YoY to 0.89 million sq ft
Gurgaon - 2015, the best for office market in last 5 years

With 5.59 million sq ft, office absorption reached to the levels of 2011
NOIDA - Office market recovered
Chennai - Office market rebounds

Technology sector drives the demand; absorption up by 25%YoY
Bengaluru - Continues to top in office market

Kolkata - Occupiers remained cautious

Office absorption down by 60% YoY in 2015, but 2016 looks positive
Pune - Upholds office absorption, crosses 5 million sq ft

IT/ITeS remained as the prime driver with 74% of the total absorption
8
10
12
14
City recorded, 45% YoY increase in demand
Office market outperform with absorption over 13 million sq ft
16
18
20
22
Research & Forecast Report | January 2016 | <<India>> | Colliers International
India
Oce
Mumbai, Delhi-NCR, Bengaluru,

Chennai, Kolkata & Pune
ABSORPTION
13.4
9.1
2015
12.0
2016 Forecast (In mn sq ft)
8.1
6.6
6.0
5.0
5.0
5.1
5.0
1.0
New Delhi
/NCR
Bengaluru
Mumbai
Pune
Chennai
Kolkata
- 40.2 million sq ft was absorbed in 2015 in major metros

- Bengaluru tops the chart with 33% share followed by Delhi NCR with 23%
- 58% of the total absorption was contributed by IT/ITeS Sector followed by BFSI 19%
2016 Forecast (in million sq ft)
2015
PUNE
KOLKATA
2016 Forecast
20.5%
19.5%
24.0%
24.5%
BENGALURU
12.0%
12.0%
14.00
12.5%
21.0%
21.0%
CHENNAI
MUMBAI
13.0%
13.0%
2.18
1.74
2.51
3.05
8.75
7.87
3.36
5.48
2015
DELHI NCR
PUNE
3.50
3.50
KOLKATA
BENGALURU
VACANCY LEVELS
12.85
11.74
CHENNAI
DELHI NCR
MUMBAI
NEW SUPPLY - 2015 & PIPELINE 2016
1.1
2015 actual | 2016 forecast
MAJOR OFFICE SALE TRANSACTIONS *
TOP 10 LEASE TRANSACTIONS

IN 2015
Area
(In sq ft)
Building Name
Client
City
Wells Fargo Embassy Tech Village
860,000 Bengaluru
Shell
RMZ Eco World
788,000
Snapdeal
ASF Tower and Center
500,000 Gurgaon
Amazon
Constellation Business Park
500,000 Bengaluru
IBM
Bhartiya City
500,000 Bengaluru
Abbott
Godrej BKC
400,000 Mumbai
Yes Bank
One Indiabulls Park
400,000
Chennai
Accenture
Shriram Gateway SEZ
393,000
Chennai
Siemens
Panchshil Business Park
342,080
Pune
Accenture
Divyashree Point
325,000
Chennai
Bengaluru
247 Park, Mumbai

Buyer: Blackstone
Seller: HCC Real Estate
~ ` 1,060 Cr
SP Infocity,
Chennai
Buyer: CPPIBShapoorji Pallonji
Seller: Faery
Estates
~ ` 1,340 Cr
Godrej BKC, Mumbai

Buyer: Abbott India
Seller: Godrej Properties
~ ` 1,479 Cr
The Ruby,
Mumbai
Buyer: Axis Bank
Seller: Ruby Group
~ ` 320 Cr
BPTP Crest, Gurgaon

Buyer: RMZ Corp
Seller: BPTP
~ ` 850 Cr
-4.7%
4.7%
6.2%
PUNE
KOLKATA
BENGALURU
6.9%
2.5%
CHENNAI
3.2%
1.9%
DELHI NCR
5.9%
2.6%
1.0%
0.9%
MUMBAI
GRADE - A AVERAGE RENTAL GROWTH
INDIA OFFICE TRENDS

TO WATCH IN 2016
Occupiers across all sectors will continue

to become more space ecient, doing
more with less space as their leases come
up for renewal.
Grade A oce space, rents are expected to

strengthen for quality oce space in
almost all the micro markets.
Government support with major policy

level changes, such as Real Estate
Regulation Bill, Land Bill, GST Bill are
expected to favour real estate sector.
* Secondary sources like media publications
2015
2016 Forecast
Research &
Forecast Report
India | Office
January 2016
India office market

performance 2015 &
trends to watch for in
2016
Most cities in sweet spot in terms of office
supply and demand fundamentals, indicating
strong outlook
2015 was another solid year for the Indian office market, with
improvements in both demand and supply. The office market
got its much needed support at macro economy level. The
economy expanded to 7.40% in 2015 underpinned by low
inflation, low interest rates and growth in investments. We
have recorded about 40.21 million sq ft office space lease
transactions excluding pre-commitment of another 3 million
sq ft in Indias eight major cities. This was about 15% more
than the absorption in 2014. New construction continued
to trend upwards, reaching nearly 32 million sq ft in 2015,
up from 24 million sq ft in 2014. The ratio of absorption
to new supply, one of the key metrics we use to gauge the
supply-demand balance of the Commercial Real Estate (CRE)
markets, indicates that office users absorbed more amount of
space, than what was added to new supply indicating dropping
vacancy rates.
Bengaluru, with about 13.43 million sq ft of office absorption
and 12.85 million sq ft of new construction continued to hold
its number one position across cities. The city shared about
33% and 41% respectively, in total absorption and new supply
among eight major cities in India this year. Mumbai and NCR
office transaction volume reached a post-recession high of
6.57 and 9.10 million sq ft in 2015 witnessing an increase of
111% and 18% from last year, respectively. Pune and Kolkata
shared 12% and 2% in the total office absorption.
The occupier group made their long-pending decisions and
India saw some big ticket office deals in 2015, such as Wells
Economic Barometer
Indicators
2014
2015
Gross Domestic
Product
6.60%
7.40%
Business
Confidence Index
49.90%
56.40%
Repo Rate
8.00%
6.75%
Reverse Repo Rate
7.00%
5.75%
Cash Reserve Ratio
4.00%
4.00%
2
Inflation (WPI)
0.00%
-2.15%
10.00% - 10.25%
9.70% - 10.00%
8.00% - 9.00%
7.75% - 8.00%
Exchange Rates
2014
2015
INR - USD
61.85
66.37
INR - EURO
77.41
72.84
Prime Lending Rate

Deposit Rate
Return on Alternative Investments

2014
2015
YoY
CHANGE
Gold
26,507
25,206
-4.91%
Silver
35,999
33,215
-7.73%
Equity
(BSE Sensex)
27,506
26,079
-5.19%
1,502
1,327
-11.68%
Parameters
Realty Index
Note:
1 Estimates as per International Monetary Fund
2 Wholesale Price Index (WPI) Till Nov 2015
3 SBI interest rate < INR 1 crore Term Deposits for 1 Year
Source: Government of India, Colliers International India Research
Gross Domestic Product at Factor Cost
Fargo took 0.8million sq ft in Bengaluru, Snapdeal took

0.5 million sq ft in Gurgaon, Abbott took 0.4 million sq ft
in Mumbai, Yes Bank took 0.4 million sq ft in Chennai and
Siemens took 0.3 million sq ft in Pune. The demand was
primarily driven by technology sector while e-commerce
emerged as a significant contributor of this demand within
this sector. Across cities, Grade A office space in suburban
markets remained in preference for technology occupiers who
were the top contributors to the office demand.
12%
10%
8%
6%
4%
The real estate sentiments further boosted due to some of the

key announcements such as rationalisation of the capital gains
tax for REITs and InvITs, subject to payment of Securities
Transaction Tax (STT), relaxation in FDI norms for real estate
sector, inclusion of CRE in the ambit of Real Estate Regulatory
Authority (RERA) bill etc.
2%
Oct-Dec 15
Apr-Jun 15
Oct-Dec 14
Apr-Jun 14
Oct-Dec 13
Apr-Jun 13
Oct-Dec 12
Apr-Jun 12
100
90
80
70
Index
60
50
40
30
20
Oct 15
Apr 15
Oct 14
Apr 14
Oct 13
Apr 13
Oct 12
Apr 12
Oct 11
Apr 11
Oct 10
Apr 10
10
Occupiers across all sectors will continue to become more

space efficient, doing more with less space as their leases
come up for renewal. But as hiring activity is expected
to increase further, firms will need more space to house
additional workers.
FDI in Real Estate

30,000
20,000
15,000
10,000
5,000
Apr-Sep 15
2014-15
2013-14
2012-13
0
2011-12
INR Crore
25,000
2010-11
We expect that private enterprise will play a major role in the

industrial and warehousing sector, given the governments
push for Make in India and the rise of e-tailing. Also, if REITs
take off this year, the office market will see more overseas
investment in 2016 with big capital chasing limited premium
office developments.
Oct-Dec 11
Business Confidence Index
Outlook for office market looks strong, as currently, most

of the Indian markets are in the sweet spot in terms of
supply-and-demand fundamentals. In 2015, most of the cities
witnessed low vacancy, a steady increase in development
activity and less speculative development. The combination of
positive economy, stronger job growth prospect and limited
and targeted construction activity bodes well for the market in
2016.
Looking at the RFPs floating in the market, the office real

estate market in 2016 is expected to be at par with 2015 in
terms of office absorption though capital and rental values are
likely to remain stable. Nevertheless, for Grade A office space,
rents are expected to strengthen for quality office space in
almost all the micro markets.
Apr-Jun 11
Private equity activity in the commercial sector continued

to gain momentum. Institutional investors, both domestic
and overseas, are demonstrating an increased appetite and
willingness to engage. The commercial market witnessed
several asset sales such as Abbott India Ltd bought
Godrej BKC, Mumbai for INR 1,479 crore, CPPIB-Shapoorji
Pallonji bought S P Infocity, Chennai for INR 1,340 crore,
Blackstone invested INR 1,060 crore to buy 247 Park from
HCC Real Estate Ltd. in Mumbai.
Trends to watch for in 2016
Oct-Dec 10
Apr-Jun 10
0%
Research &
Forecast Report
Mumbai | Office
January 2016
Mumbai shows strong

demand
City Office Barometer

INDICATORS
Absorption
2015 was a solid year for the Mumbai office market with
absorption totaling 6.57 million sq ft; this was more than
double of last years absorption of 3.12 million sq ft. Apart
from this, IT/ITeS giant TCS has pre-committed 2 million sq ft
in Hiranandani Estate, Thane, which is expected to materalise
by 3Q 2018. Sector wise, BFSI commanded the absorption
with about 34% share, followed by IT/ITeS 28% and Pharma
15%. Western Suburbs micro market including, Andheri (E),
Malad, Goregaon (E), Jogeshwari (E) outperformed with more
than 32% of the total absorption, followed by BKC (BandraKurla-Complex) 22%, Navi Mumbai 16%, Central Suburbs &
Central Mumbai 12% each, Thane 5% and CBD 2%.
Rental Value
Equivalent to our last years forecast, more than 3.36

million sq ft of new supply was added in 2015. Till 4Q 2015,
approximately 7.6 million sq ft of vacant Grade A office space
was available for lease or sale in the Mumbai office market.
Most of this supply was situated in Andheri (E) and Thane/
LBS Marg 19% each, Worli/ Prabhadevi 13%, Navi Mumbai
12%, BKC & Powai 9% each, Malad 7%, Goregaon 5%,
Lower Parel 3% and CBD & Kalina 2% each. Due to robust
absorption and limited new supply, the overall vacancy levels
fell in 2015 from 14% in 2014 to 13% in 2015.
Office rents witnessed an average increase of about 1% YoY
across the micro-markets. A few locations, such as CBD,
Andheri (E), Navi Mumbai and Powai recorded an increase in
2015
2016F
2017F
Vacancy
Office absorption doubles in 2015, over 6.5 million

sq ft recorded
This year, we recorded a number of outright transactions

in office market including, purchase of about 400,000 sq ft
office space in, Godrej BKC, by Abbott India; 200,000 sq ft by
Axis Bank in The Ruby, developed by Ruby Group at Dadar;
and 100,000 sq ft each by SBI and Edelweiss in L&T Sea
Woods and Kohinoor City located at Navi Mumbai and Kurla,
respectively.
2014
Construction
Capital Value
Source: Colliers International India Research
Rental Values
% CHANGE
RENTAL
VALUE*
QoQ
YoY
CBD**
200 - 250
0%
5%
Worli/Prabhadevi
180 - 210
0%
-5%
Lower Parel
145 - 190
0%
0%
BKC
225 - 320
0%
0%
Kalina
150 - 200
0%
0%
Goregaon / JVLR
100 - 110
0%
0%
Andheri East
90 - 130
0%
5%
Malad
80 100
0%
0%
Powai
120 - 130
0%
4%
Navi Mumbai
70 - 100
0%
6%
Thane / LBS
60 - 75
0%
0%
MICRO MARKETS
*Indicative Grade A rents in INR per sq ft per month

**Nariman Point, Ballard Estate & Fort
New Supply, Absorption and Vacancy Trends

12
This year, the state Government has given nod to new

Information Technology (IT) and Information Technology
Enabled Services (ITES) policy. The policy aims at making
state an IT, animation and gaming industry hub by attracting
INR 50,000 crore of investment and creating 1 million jobs by
2020.
10
25%
20%
15%
10%
5%
2010
2011
2012
2013
2014
New Supply (In Mln sq ft)
2015
2016F
0%
2017F
Absorption(In Mln sq ft)
Vacancy(In %)
Average Rental and Capital Value Trend

Forecast
30,000
250
25,000
200
20,000
150
15,000
100
10,000
50
5,000
2017F
2016F
2015
2014
2013
2012
2011
0
2010
Capital Values INR Per sq ft
300
2008
Rental Values INR Per sq ft Per Month
The office market of Mumbai has started showing strong

fundamentals, which is evident from the revived occupier
demand. With the new state government in place and positive
vibes from the centre in terms of favourable policies for the
citys real estate and major infrastructure projects, the city
is likely to augur well in 2016. Over the next six months, we
anticipate a rise in commercial demand in this market with
tenants seeking quality office space. Given the lack of supply
and increasing demand, we also expect a positive outlook for
landlords, while in the second half of 2016, approximately 11
million sq ft office supply is expected to hit the market, which
will help to keep rents stable during the year.
30%
Forecast
2009
the range of 4 to 6%, while Worli/ Prabhadevi witnessed an

annual decrease of about 5%.
Top 5 Transactions of 2015

CLIENT
BUILDING NAME
Abbott India
Godrej BKC
E-Clerx
AREA (sq ft)
LOCATION
LEASE / SALE
400,000
BKC
Sale
Mindspace SEZ
200,000
Navi Mumbai
Lease
Axis Bank
The Ruby
200,000
Dadar
Sale
Home Credit Pvt Ltd
Reliable Tech Space
160,000
Navi Mumbai
Lease
Lupin
Kalpataru Inspire
150,000
Santacruz
Lease
AREA (sq ft)
LOCATION
POSSESSION
Seawood Grand Central Tower I & II L & T Infrastructure
1,350,000
Navi Mumbai
2016
Godrej BKC
Godrej Group
1,200,000
BKC
2016
Kohinoor Square
Kohinoor Group
Dadar
2016
Key under construction projects

BUILDING NAME
DEVELOPER
800,000

Notes:
1. Office Market: The major business locations in Mumbai are the CBD (Nariman Point, Fort and Ballard Estate), Central Mumbai (Worli, Lower Parel and Parel), Bandra Kurla
Complex (BKC) and Andheri Kurla stretch. Powai, Malad and Vashi are the preferred IT/ ITES destinations, while Airoli at Navi Mumbai and Lal Bahadur Shastri Marg are
emerging as new office and IT/ITES submakets.
2. Rents/Capital Value: Market average of indicative asking price for Grade A office space.
3. Available Supply: Total Grade A office space being marketed for sale or lease in surveyed quarter.
4. City Barometer: Represents increase, decrease or stable scenario; as compared to previous quarter.
5. All the figures in the report is based on market information as on 25th December 2015.
Research &
Forecast Report
Delhi | Office
January 2016
Delhi office market takes

a step back in 2015

INDICATORS
Absorption
Delhi witnessed over 0.89 million sq ft of office absorption

during this year, which was about 25% less than the 2014
absorption of 1.18 million sq ft. CBD with 34% share in the
total absorption remained the most preferred location among
occupiers. Newly developed office micro market Aerocity also
grabbed about 26% share in this demand while Saket and
Jasola shared only 12% and 8%, respectively. This year, the
average deal size has gone down to 9,500 sq ft as compared
to last years 16,500 sq ft which may be the primary reason
for fall in absorption.
Rental Value
In 2015, about 0.91 million sq ft of new supply was added to

the citys Grade A commercial office space. This new supply
was primarily concentrated in Okhla, Mohan Cooperative,
Aerocity and Pusa Road. Currently, the city has about 1.8
million sq ft of vacant stock available for lease/sale. Limited
new supply addition resulted in marginal decrease in the city
vacancy levels.
Despite low absorption, average rents in Delhi increased by
2% YoY, while Connaught Place and Jasola, recorded a 2%
YoY decline in rents. Capital values on an average increased
by 4% YoY across the micro markets, except Saket where
capital values declined by 10% YoY.
During the year, Delhi Development Authority (DDA) has
2015
2016F
2017F
Vacancy
Absorption plunged down by 25% YoY to 0.89

million sq ft
Sector wise, BFSI, with a 32% share in absorption, holds the

top position, followed by IT/ITeS 30%, Manufacturing 12%,
Pharma 10% and others 16%. In notable office transactions,
Hike took 60,000 sq ft in Bharti Worldmark at Aerocity, VFS
Global & HP took 50,000 sq ft each in R Cube Centre and
Red Fort Capital Tower, both located at Connaught Place and
Amarchand Mangaldas took 44,000 sq ft in Religare House
located at Saket.
2014
Construction
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QoQ
YoY
CBD**
180 - 450
0%
-1%
Nehru Place
180 - 250
2%
8%
Saket
130 - 225
1%
8%
Jasola
90 - 130
0%
-2%
NSP***
70 - 120
0%
0%
*Indicative Grade A rentals in INR per sq ft per month

**Connaught Place
***Netaji Subhash Place
approved a commercial project on 51 hectare land named

Dwarka Centre near metro corridor in Dwarka. The project
will include a 14-hectare Dwarka Business Centre, which will
act as a financial hub for banks and financial institutions.

2.0
25%
Forecast
20%
1.5
10%
0.5
5%
2010
2011
2012
2013
2014
2015
2016F
0%
2017F
Vacancy(In %)

40,000
Forecast
35,000
250
30,000
200
25,000
20,000
150
15,000
100
10,000
50
5,000
2017F
2016F
2015
2014
2013
2012
2011
2010
0
2009
300
2008
The city has a number of under construction projects such as

Skipper House at Barakhamba Road, Parsvnath 27 at KG
Marg, RPS Infinia alongside Mathura Road and NBCC Plaza
at Kidwai Nagar which are likely to add more than 4 million sq
ft of commercial office space. However, we are not expecting
much new supply in 2016 as all these projects will take atleast
2-3 years for completion. Thus in the next 12 months, there
will be a marginal upward pressure on rents. Besides this, the
premium Grade A buildings will continue to demand premium
due to limited availability.
15%
1.0
We expect an increase in absorption in 2016, especially from

BFSI, IT/ITeS, Media & Entertainment and Government sector.
Micro markets like Connaught Place, Aero City, Saket and
Okhla will continue to see maximum traction.

CLIENT
BUILDING NAME
VFS Global
R Cube Centre
HP
AREA (sq ft)
LOCATION
LEASE / SALE
50,000
Connaught Place
Lease
Red Fort capital Tower
50,000
Connaught Place
Lease
Amarchand Mangaldas
Reliagare House
44,000
Saket
Lease
BBC
Bharti Worldmark
40,000
Aero City
Lease
BTMU
Bharti Worldmark
40,000
Aero City
Lease
AREA (sq ft)
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
NBCC Plaza
NBCC
1,300,000
Kidwai Nagar
2016
RPS Infinia
RPS Developer
1,200,000
Mathura Road
2016
Skipper House
Govt. Trust
Barakhamba Road
2016
160,000
Notes:
1. Office Market: The commercial areas in New Delhi can be broadly classified into the CBD (Connaught Place), SBD Nehru Place, Bhikaji Cama Place, Netaji Subhash Place,
Jasola and Saket .
11
Research &
Forecast Report
Gurgaon | Office
January 2016
Gurgaon 2015, the best

for office market in last 5
years
With 5.59 million sq ft, office absorption reached
to the levels of 2011
2015 was the best year for office market in the last 5 years.
The city recorded 5.59 million sq ft of office leasing, which
was about 18% more than the last years absorption of 4.73
million sq ft. Growth was predominantly driven by IT/ITeS and
BFSI sectors, sharing about 64% and 20%, respectively. The
average deal size increased from 27,700 sq ft to 31,300 sq ft
this year and approximately 40% of the transactions fell in the
range of 50,000 to 150,000 sq ft. Micro-market wise, Udyog
Vihar shares about 23% of the total absorption, followed by
Golf Course road 17%, Golf Course Road Extension/Sohna
Road 17%, DLF Cyber City and National Highway 8 (NH 8)
12% each, Institutional Sectors 10%, and others like MG
Road, Gwal Pahari etc shared 9%. Golf Course road and
its extension remained the most preferred market among
occupiers; the market is expected to improve connectivity with
Delhi tremendously once the metro becomes operational.
The strong demand was complemented by robust new
construction. The year witnessed approximately 4.77 million
sq ft of new construction, about 49% more than the previous
years new supply of 3.20 million sq ft. Major projects
completed during the year include, Two Horizon Centre (1.2
million sq ft) at Golf Course Road, DLF Corporate Greens
(0.69 million sq ft) at Sector 74A and JMD Empire (0.45
million sq ft) at Sector 62. Beside this, more than 10.2 million
sq ft of office space is available for lease in the Gurgaon
market; about 32% of this vacant stock was located in Udyog
Vihar and Industrial Sectors, followed by NH 8 19%, Golf
Course Road Extension and Sohna Road 15%, Manesar 11%,
Golf Course Road 9%, M G Road 5% and Institutional Sectors
4%. The city witnessed decrease in vacancy levels this year.
Rents showed a mixed pattern this year, a few micro markets,

INDICATORS
2014
2015
2016F
2017F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QoQ
YoY
MG Road
110 - 140
-2%
2%
DLF Cyber City (IT)
100 - 110
6%
11%
Golf Course Road
100 - 180
4%
14%
Institutional Sectors
(Sec 44, 32, 18)
60 - 90
-3%
0%
Golf Course Road Ext./

Sohna Road
60 - 75
0%
0%
National Highway 8
50 - 130
0%
-10%
Udyog Vihar & Industrial

Sectors
30 - 40
3%
-7%
Manesar
38 - 45
0%
-2%

such as DLF Cyber City, Golf Course Road and MG Road

recorded an increase in the range of 2 to 14% YoY due
to limited supply, while NH 8, Udyog Vihar and Manesar
witnessed an annual decrease of about 6%. This resulted in a
marginal increase of 1% yoy in average Grade A office rents.
On the infrastructure front, the State Government has infused
fresh funds of INR 1,200 crores for Kundli-Manesar-Palwal
(KMP) Expressway project. The completion of the expressway
would not only provide high speed link to northern Haryana
with its southern districts like Gurgaon, Faridabad and Palwal,
but also de-congest National Capital Territory of Delhi.
Also, construction work of Rapid metro rail extension from
Sikanderpur metro station to Sector 56 is in its advance
stages and the entire stretch is likely to be ready by end of
2016.

6.0
60%
Forecast
5.0
50%
4.0
40%
3.0
30%
2.0
20%
1.0
10%
2010
2011
2012
2013
2014
2015
2016F
0%
2017F
Vacancy(In %)
Forecast
14,000
120
12,000
100
10,000
80
8000
60
6,000
40
4,000
20
2,000
140
2017F
2016F
2015
2014
2013
2012
2011
2010
2009
0
2008
We forecast robust occupier demand in 2016 due to a number

of large RFPs already floating in the market. However, market
may see some consolidation among e-commerce occupiers
which took large spaces in 2015. Among premium occupiers
NH-8, Golf Course Road, its extension and Cyber City will
continue to remain the preferred choice while occupiers
looking for affordability will focus on micro markets such as
Udyog Vihar, Institutional sectors, Sohna Road and Manesar.
Rents are expected to increase marginally in select micro
markets.

CLIENT
BUILDING NAME
AREA (sq ft)
LOCATION
LEASE / SALE
Snapdeal
ASF Tower and Center
500,000
Udyog Vihar
Lease
Google India
Signature Tower 2A & 3
403,000
Sector 15
Lease
NTT Data
Spelndor Trade Tower
250,000
Golf Course Road

Extension
Lease
Samsung
Two Horizon Centre
200,000
Golf Course Road
Lease
Zomato Media
One Horizon Center
126,000
Golf Course Road
Lease
AREA (sq ft)
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
ASF Insignia Phase II
ASF Infrastructure
1,400,000
Gwal Pahari
2016
Reach Commercia
Reach Promoters
550,000
Sohna Road
2016
Unitech Infospace-Tower V
Unitech Ltd.
500,000
NH 8
2016

Notes:
1. Office Market: The prime business locations in Gurgaon are MG Road, Golf Course Road, Cyber City and Udyog Vihar. Manesar on the outskirts of Gurgaon is also
emerging as the citys new office destination.
13
Research &
Forecast Report
Noida | Office
January 2016
NOIDA office market

recovered
City recorded, 45% YoY increase in demand
The office market of NOIDA witnessed resurgence with 45%
increase in office absorption on YOY basis. The city recorded
about 2.62 million sq ft of office absorption as compared
to the last years figures of 1.80 million sq ft. More than
80% of this demand was from IT/ITeS sectors, followed
by Manufacturing 6%, BFSI 5%, and others 8%. NOIDA
Expressway remained the most preferred micro market among
Grade A occupiers and about 46% of the office transactions
were concluded in sectors such as 125, 127, 132 and 135
located along NOIDA Expressway. Beside this, Institutional
Sectors shared 20%, Greater NOIDA 14%, Industrial Sector
(IT) 13% and Commercial Sectors 6% in overall office demand.
In 2015, more than 3 million sq ft of new office supply entered
into the market. Most of this new supply was located along
NOIDA Expressway, Sector 16, Sector 16A and Sector 32.
Major projects completed during the year include NPX Tower
(Nehru Place Extension) 1 million sq ft by Urbtech India
Developers located at Sector 153, World Trade Tower 0.8
million sq ft by ET Infra Developers Pvt. Ltd at Sector 16 and
Assotech Business Cresterra 0.5 million sq ft by Assotech at
Sector 135.
More than 11.7million sq ft of office space is available for
lease in the NOIDA market, of which about 85% is located
in Industrial Sectors (Sector 1 9, 57 60 and 63 - 65),
followed by Institutional Sectors 14% (Sector 16A, 62, 125
142) and Commercial Sector 1% (Sector 18).
NOIDA market witnessed 3% YoY average increase in rental
values for Grade A office space across all the micro markets,
except Commercial Sector where rents declined by 7% YoY
and Institutional Sector (IT) where rents remained stable.
Capital values also increased by 8% YoY, indicating market
recovery.

INDICATORS
2014
2015
2016F
2017F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QoQ
YoY
Commercial Sectors*
80 - 110
-5%
-7%
(Non IT)**
70 - 110
6%
13%
(IT)**
45 - 60
-5%
0%
Industrial Sector (IT)***
35 - 55
0%
5%
Indicative Grade A rentals in INR per sq ft per month

*Sector 18
**Sector 16A, 62, 125-142
***Sector 124, 57-60, 63-75
6.0
5.0
50%
4.0
40%
3.0
30%
2.0
20%
1.0
10%
2010
2011
2012
2013
2014
2015
2016F
0%
2017F
Vacancy(In %)

14,000
Forecast
12,000
70
10,000
60
50
8,000
40
6,000
30
4,000
20
2,000
10
90
80
0
2017F
2016F
2015
2014
2013
2012
2011
0
2008
The market will continue to garner the interest of cost

sensitive occupiers and is expected to witness increase in
absorption. Despite huge vacancy, developers who have sold
their office projects on strata sale basis will to add speculative
supply in the market. This will keep rental levels low and
vacancy levels high in the market. NOIDA expressway, sector
16 and sector 62 markets will continue to get occupiers favor
because of their strategic location and availability of talent
pool.
60%
Forecast
2010
On the infrastructure front, NOIDA plans to construct a sixlane elevated flyover between NOIDA Sector 41 to NOIDA
Special Economic Zone of Phase-II industrial area.
2009
This year, Noida witnessed a few en-bloc commercial asset

sales, such as Kotak Mahindra Group and New Vernon
Capital have jointly bought Green Boulevard, an Information
Technology (IT) park located in sector 62. This was 3Cs
second large transaction during this year in terms of divesting
its assets. Earlier this year, it sold Oxygen, a Special Economic
Zone located in NOIDA to Blackstone Group.

CLIENT
BUILDING NAME
Cognizant
Infospace II
Genpact
AREA (sq ft)
LOCATION
LEASE / SALE
250,000
Sector 135
Lease
Stellar IT Park
100,000
Sector 135
Lease
Oracle
Express Trade Towers 2
100,000
Sector 132
Lease
Reliance Jio
Logix Cyberpark
100,000
Sector 62
Lease
SafeNet
Unitech Infospace
90,000
Sector 135
Lease
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
AREA (sq ft)
Wave One
Wave Infratech
1,000,000
Sector 18
2016
I Thum
Beaver International
500,000
Sector 62
2016
Cosmic Corporate Park III
Cosmic Group
500,000
Sector 154
2016
Notes:
1. Office Market: NOIDA market is comprised of sectors broadly classified as institutional, industrial and commercial sectors. Institutional sectors include sec 16A, 62
and125-142, industrial sectors include Sec 1-9, 57-60 and 63- 65 while sector 18 is the most developed commercial sector.
15
Research &
Forecast Report
Chennai | Office
January 2016
Chennai Office market

rebounds

INDICATORS
Absorption
Chennai office absorption remained in line with Colliers last

years forecast of about 5 million sq ft; this was 25% more
than the previous years absorption of 4.11 million sq ft. This
year, a number large size lease transactions were concluded
by technology and BFSI sectors and companies such as
Accenture, took over 718,000 sq ft in Shriram Gateway
SEZ and Divyashree located along GST Road and OMR,
respectively; Yes Bank leased 400,000 sq ft in India Bulls;
Ericsson and BNP Paribas both leased more than 200,000 sq
ft in SP Infocity and Center Point 2.
Rental Value
In 2015, Chennai witnessed about 3.16 million sq ft of new

office supply. Most of this new supply was concentrated in
Rajiv Gandhi Salai (IT Corridor). Major project completed
during the year was Chennai One SEZ- North Block (1.2
million sq ft) by IG3 infra Ltd., which alone contributes 38% of
this new supply.
Till December 2015, the total available supply for lease /
fit-out stood at 5.8 million sq ft. By micro-market, OMR (IT
corridor-pre & post toll) accounted for about 56% of this
total available supply, followed by Ambattur 18%, CBD 18%,
Off CBD 5%, GST Road and MPR together 3%. Limited new
construction completions and increased absorption has led
to decrease in vacancy levels to 14% in 2015 from last year
vacancy levels of 19.5%.
2015
2016F
2017F
Vacancy
Technology sector drives the demand; absorption

up by 25%YoY
About 71% of the total absorption was contributed by IT/ITeS

firms, followed by BFSI 9%, Pharma 7%, Manufacturing 5%,
Engineering 4% and others 3%. Micro market wise OMR (Old
Mahabalipuram Road) with 45% share in overall demand,
remained the most preferred micro market, followed by CBD,
off CBD, GST Road and MPR (Mount Poonamallee Road)
which together accounts for 42% absorption and 12% by
Ambattur and Manapakkam.
2014
Construction
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QoQ
YoY
CBD
65 - 80
0%
4%
Off CBD
50 - 60
0%
0%
Ambattur
30 - 38
17%
17%
OMR (Pre Toll)**
50 - 60
0%
4%
OMR (Post Toll)***
25 - 40
0%
-7%
Mount-Poonamallee
Road
50 - 60
0%
0%
GST road
35 - 45
0%
7%

** OMR I (Madhya Kailash Perungudi- Toll gate I)
***OMR II (Thoraipakkam to Sholinganallur) & OMR III (Semmencherry to Siruseri)
30%
8.0
25%
6.0
20%
4.0
15%
10%
2.0
5%
0.0
2010
2011
2012
2013
2014
2015
2016F
0%
2017F
Vacancy(In %)

10,500
Forecast
90
9,000
75
7,500
60
6,000
45
4,500
30
3,000
15
1,500
105
2017F
2016F
2015
2014
2013
2012
2011
0
2008
Chennai office market is expected to continue momentum led

by IT/ITeS and BFSI sectors. OMR and CBD, being preferred
locations will see more demand and thus can witness an
upward pressure in rents. In last 2-3 years, Chennai does
not witness substantial new launches. This was primarily
due to high vacancy levels. This year also we are forecasting
limited new construction as market will be recovering with
recent flood massacre. Moreover we may see delay in various
approval process due to upcoming elections. This will result in
further decline in vacancy levels.
35%
Forecast
2010
10.0
2009
In a private equity investment, Brookfield Asset Management

has picked up 80% stake in an upcoming 200 acres industrial
park in Sriperumbudur which is apparently being developed by
Bengaluru-based realty developer Embassy Group.
A few micro markets such as CBD, OMR (Pre Toll) and GST
Road witnessed an increase in rents in the range of 4 to 7%
while OMR (Post Toll) recorded 7% decrease this year. The
asking rents in Ambattur increased significantly from INR 26 32 to INR 30 - 38 per sq ft. This is due to the significant drop
in vacancy levels after few large transactions concluded in this
market.

CLIENT
BUILDING NAME
Accenture
Shriram - The Gateway
Yes Bank
AREA (sq ft)
LOCATION
LEASE / SALE
393,000
GST Road
Lease
One Indiabulls Park
400,000
Ambattur
Lease
Accenture
Divyashree Point
325,000
OMR
Lease
Ericsson
SP Infocity
216,000
OMR
Lease
Income Tax Department
BSNL Building
197,000
CBD
Lease
LOCATION
POSSESSION
Pallavaram Thoraipakkam
Road
2016

BUILDING NAME
DEVELOPER
AREA (sq ft)
Chennai One SEZ South Block
IG3 infra Ltd
Ramanujan IT Park (Cambridge

Tower)
TRIL
800,000
Rajiv Gandhi Salai
2016
Ramanujan IT Park (Infinity Tower)
TRIL
450,000
Rajiv Gandhi Salai
2016
1,200,000

Notes:
1. Office Market: Prime office properties in Chennai are located in seven principal sub markets: CBD, Off CBD, Ambattur, OMR I, II & III, Mount - Poonamallee Road, GST
Road.
17
Research &
Forecast Report
Bengaluru | Office
January 2016
Bengaluru continues to
top in office market
Office market outperforms with absorption over
13 million sq ft
The Bengaluru office market continued its momentum in 2015
and city remained on the top with about 33% share in total
absorption across eight major cities. Through out 2015, the
Bengaluru market recorded total absorption of about 13.43
million sq ft, slightly below last years 13.77 million sq ft. This
year, the pre-commitment for under construction office space
has been reduced to about 1 million sq ft from the previous
years number of more than 4 million sq ft.
The citys traditional primary office demand driver IT/ITeS
shared about 57% (7.69 million sq ft) of the total absorption,
followed by BFSI 20%, Manufacturing 13% and others
9%. Grade A office space remained in preference among
occupiers. Micro market wise, Outer Ring Road was the
most preferred micro market which shared 63% of the total
absorption, followed by Whitefield and Electronic City 30% and
CBD 7%.
The robust absorption was accompanied with affirmative new
construction of approximately 12.8 million sq ft which is about
60% more than the last year. Beside this, about 6.47 million
sq ft of Grade A office space was available for fit-outs till 4Q
2015; 59% of this available supply was located in EPIP Zone/
Whitefield and Electronic City, 17% in Outer Ring Road, 9%
in CBD and rest 15% in Bannerghatta Road and Hosur Road
micro markets. Despite, large new supply addition the vacancy
levels for Grade A office market declined marginally as
demand superseded the supply. Bengaluru has ample of new
supply in the pipeline of approximately 21 million sq ft in next
3 years, which will further keep the vacancy levels the same in
the coming years, due to high occupier demand.
During the year, average rental values registered an increase
of 11% YoY, which was contributed by micro markets such as
Electronic City, Bannerghatta Road, Outer Ring Road (Marthalli

INDICATORS
2014
2015
2016F
2017F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QoQ
YoY
CBD
90 - 130
0%
0%
Outer Ring Road

(Marathalli - Sarjapur)
65 - 68
6%
13%
Bannerghatta Road
60 - 68
5%
13%
Outer Ring Road

(North)**
55 - 65
0%
9%
Hosur Road
25 - 40
0%
0%
EPIP Zone/ Whitefield
28 - 36
0%
0%
Electronic City
28 - 36
0%
8%

**Northern part of ORR - KR Puram till Hebbal
10.0
15%
8.0
10%
6.0
4.0
5%
2.0
0
2010
2011
2012
2013
2014
2015
2016F
0%
2017F
Vacancy(In %)

12,000
Forecast
60
10,000
50
8,000
40
6,000
30
4,000
20
2,000
10
0
70
2017F
2016F
2015
2014
2013
2012
0
2008
Over the next 12 months, the outlook for office market looks
positive with a number of companies such as HCL, Thomas
Reuters, Mercedes, Netmagic, GE, are on an expansion spree
within the city. Vacancy rates are expected to remain flat,
as new supply is likely to supplement the demand. However
rents are likely to rise marginally in select micro markets such
as ORR Marthalli Sarjapur and North Bengaluru due to
limited Grade A vacant stock.
20%
12.0
2011
25%
Forecast
14.0
2010
In a major land transaction this year, Embassy Group has

acquired 100 acre land for INR 500 crore to develop the
business park from Cornerstone Group in Varthur near
Whitefield.
16.0
2009
To support the rapid real estate growth in the city, Bangalore

Development Authority (BDA) has levied 5% Metro Rail cess
on the guidance value of the total land area of new layouts
and high-rise buildings. Also for the Metro Phase II Bangalore
Metro Rail Corporation (BMRCL) had signed a sovereign loan
agreement for 200 million (INR 1,500 crore) with Agence
Francaise Development (AFD).
- Sarjapur) and Outer Ring Road (North). Other micromarkets

witnessed a stable rent scenario during the year. Capital
values also increased on an average by 7% YoY across all the
micro markets.

CLIENT
BUILDING NAME
Wells Fargo
Embassy Tech Village
Shell
AREA (sq ft)
LOCATION
LEASE / SALE
860,000
Outer Ring Road
BTS - Lease
RMZ Eco World
788,000
Outer Ring Road
Lease
Amazon
Constellation Business Park
500,000
Outer Ring Road
Lease
ANZ
RMZ Eco World
298,930
Outer Ring Road
Lease
LinkedIn India
Global Technology Park

(Maple tree)
246,000
Outer Ring Road
Lease
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
AREA (sq ft)
Embassy Tech Village - 7B Block
Embassy Group
800,000
Outer Ring Road
2016
Mantri Cornerstone A&C
Mantri Developer
700,000
Indiranagar
2016
MTB SEZ 3
Ascendas
620,000
Whitefield
2016

Notes:
1. Office Market: Prime office properties in Bengaluru can be divided into three principal sub-market CBD/Off CBD (MG Road, Millers Road, Vittal Mallya Road etc.) the
SBD (Banerghatta Road & Outer Ring Road (ORR)) and PBD (Hosur Road, EPIP Zone, Electronic City and Whitefield).
19
Research &
Forecast Report
Kolkata | Office
January 2016
Kolkata occupiers
remained cautious
Office absorption down by 60% YoY in 2015, but
2016 looks positive
Office absorption in Kolkata declined to 1 million sq ft in 2015;
down by about 60% from previous year of 1.66 million sq
ft. IT /ITeS remained as the key occupiers with 46% share
in the total absorption, followed by Pharma 11%, BFSI 10%
and Engineering, Manufacturing and Logistics at 8% each
and remaining 9% by FMCG , Media & Entertainment sector.
Location wise Sector V/ New Town saw maximum traction
with 89% share in absorption, followed by CBD & New CBD
10% and SBD 1%. Among the renowned deals this year,
British Telecom took 0.10 million sq ft in DLF SEZ at New
Town, Cerner Corporation took 70,000 sq ft in Martin Burn
Business Park at Sector V and Reliance Jio took 50,000 sq ft
in Globsyn Crystal at Sector V.
Despite weak demand, in line with our last years forecast, the
city saw about 2.17 million sq ft of new construction in 2015;
this is almost double than one year earlier. Major completions
this year includeGodrej Genesis measuring 1.3 million sq ft
by Godrej Properties located at Sector V, Unitech Infospace
Phase 3A & 3B 0.50 million sq ft by Unitech Ltd. at Rajarhat
and Arch Waterfront 0.27 million sq ft by Arch Group located
at Sector V.
In 2015, both capital values and rents declined in the range
of 2 4% YoY, except in CBD and PBD micro markets which
saw stable rents this year. Decline in absorption and increase
in new supply pushed the vacancy upward.
In a significant private equity transaction, Milestone Capital
Advisors exited from Millennium Tower-I, located in Rajarhat
New Town. The building is occupied by IBM. According to
VCCircle market reports, the company exited its investment
of INR 57 crore made in March 2008 for over INR 91 crores,
which includes rental income of around INR 34 crores earned
over a period of 7 years.

INDICATORS
2014
2015
2016F
2017F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QoQ
YoY
CBD**
85 - 115
0%
0%
SBD***
80 - 100
0%
0%
Sector V
40 - 48
0%
-4%
PBD ****
34 - 35
0%
0%

**Park Street, Camac Street, Chowranghee Road, AJC Bose Road
*EM Bypass, Topsia, Ruby
****Rajarhat

Although absorption remained on lower side in 2015, but in
the last quarter few technology giants such as IBM and PWC
have shown interest to consider Kolkata market again for their
office requirements. If this materialises, the city is likely to see
increase in absorption in next 12 months.
We anticipate rents to remain on the same levels in CBD and
SBD locations, but select micro markets like Salt Lake and
New Town may witness a decline on account of piled up
inventory and huge supply pipeline.
3.5
30%
Forecast
3.0
25%
2.5
20%
2.0
15%
1.5
10%
1.0
5%
0.5
0
2010
2011
2012
2013
2014
2015
2016F
0%
2017F
Vacancy(In %)
12,000
Forecast
100
10,000
80
8,000
60
6,000
40
4,000
20
2,000
2017F
2016F
2015
2014
2013
2012
2011
2010
0
2009
120
2008

CLIENT
BUILDING NAME
British Telecom
DLF SEZ
Cerner Corporation
AREA (sq ft)
LOCATION
LEASE / SALE
108,000
Sector V
Lease
Martin Burn Business Park
70,000
Sector V
Lease
Reliance Jio
Globsyn Crystal
55,000
Sector V
Sale
Siemens VAI
Godrej Water Side
46,770
Sector V
Lease
Oversees Packaging
EN 34
32,800
Sector V
Lease
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
AREA (sq ft)
Technopolis 2
Forum Projects
1,200,000
Bantala
2016
PS Srijan Tech Park II
PS Group & Srijan
925,000
Sector V
2016
Primac Tower
Primac Group
47,000
Sector V
2016
Notes:
1. Office Market: The major business locations in Kolkata are CBD (Park Street, Camac Street, Chowranghee Rd, AJC Bose Rd), East Kolkata (EM Bypass, Topsia, Ruby), Salt
Lake/ Sector V and New Town / Rajarhat.
5. All the figures in the report is based on market information as on 25th December2015.
21
Research &
Forecast Report
Pune| Office
January 2016
Pune upholds office

absorption, crosses 5
million sq ft
IT/ITeS remained as the prime driver with 74% of
the total absorption

INDICATORS
2014
2015
2016F
2017F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Riding on the back of robust leasing from IT/ITeS sector, the

city recorded highest office absorption of 5.03 million sq ft in
2015; this is about 2.4% more than the last years number of
4.91 million sq ft. Locations in the east, such as Viman Nagar,
Yerwada, Station Road and Hinjewadi outshined other micro
markets with more than 40% of the total absorption, followed
by Bavdhan, Hadapsar/ Phursungi 17% and CBD 14%. Some
notable transactions this year include, Siemens India taking
0.34 million sq ft in Panchshil Business Park - Tower C
located at Balewadi, Amazon, Vodafone India, L&T, BNY
Mellon, UBS, Concentrix Corporation and Seagate Technology
taking over 0.1 million sq ft each in various Grade A buildings
located in Nagar Road, Hinjewadi, Airport Road and Kharadi
micro markets.
Contradictory to our last years predication of 5.12 million
sq ft new supply, only 3.5 million sq ft of new construction
was completed in 2015. This is because, a few projects were
deferred for completion in 2016. Robust absorption and less
new construction has resulted in drop in vacancy levels, to
about 20.5%. Major projects completed during the year were,
Marvel Edge (0.3 million sq ft) by Marvel Group at Viman
Nagar, Cello Platina (0.16 million sq ft) by Cello at F C Road
and Supreme HQ (0.1 million sq ft) by Supreme Landmarks
at Baner. The total vacant stock as of 4Q 2015 was about
3.9 million sq ft. Most of this supply was located in Hinjewadi
23%, Airport Road/Station Road 15%, Nagar Road 14%, Bund
Garden 13%, Kharadi 10%, Senapati Bapat Marg 8%, Kalyani
Nagar 6%, and rest 11% was shared by Baner, Hadapsar and
Bavdhan micro markets
During the year, average rents registered an increase of 7%
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QoQ
YoY
Baner
48 - 57
2%
5%
Bund Garden
50 - 65
0%
0%
Airport road/
Pune station
55 - 85
4%
7%
Aundh
45 - 60
0%
0%
Senapati Bapat Road
60 - 95
3%
11%
Bavdhan
35 - 45
0%
0%
Kalyani Nagar
45 - 62
0%
2%
Nagar Road
45 - 60
0%
5%
Hinjewadi
38 - 50
0%
14%
Hadapsar/Fursungi
42 - 65
2%
4%
Kharadi
42 - 80
6%
15%

6.0
5.0
25%
4.0
20%
3.0
15%
2.0
10%
1.0
5%
0.0
2010
2011
2012
2013
2014
2015
2016F
0%
2017F
Vacancy(In %)

Forecast
70
8,000
7,000
60
5,000
50
4,000
40
3,000
30
2,000
20
1,000
10
0
80
2017F
2016F
2015
2014
2013
2012
2011
0
2008
Pune will continue to garner interest of technology firms due

to its affordable rents and availability of large talent pool.
In the last two years Pune market has not witnessed many
new launches as developers remained cautious in adding
more speculative supply. Thus, we are not expecting much
new supply addition this year and predict that vacancy will
decline further. Rents and capital values are expected to
inch-up marginally across micro markets for Grade A premium
buildings.
30%
Forecast
2010
This year HDFC PMS has exited its investment in a

commercial & six residential projects of Marvel Realtors for
over INR 152 crore.
2009
YoY, which was contributed by micro markets like Airport

Road/ Station Road, Hinjewadi, Hadpsar/ Fursungi, Senapati
Bapat Road, Baner, Kalyani Nagar & Nagar Road. Capital
values were also marginally up by 2% YoY in select micro
markets.

CLIENT
BUILDING NAME
Siemens India
Panchshil Business Park
Amazon
AREA (sq ft)
LOCATION
LEASE / SALE
342,080
Balewadi
Lease
Inorbit IT
195,500
Nagar Road
Lease
Vodafone India Services
Business @ Mantri
133,380
Nagar Road
Lease
UBS
Commerzone B8
110,000
Yerwada
Lease
Seagate Technology HDD
EON Free Zone SEZ
107,640
Kharadi
Lease
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
AREA (sq ft)
Acendas Phase II
Acendas
615,000
Hinjewadi
2016
World Trade Centre - B
Panchshil Realty
555,000
Kharadi
2016
World Trade Centre - C
Panchshil Realty
555,000
Kharadi
2016

Notes:
1. Office Market: The prime office sub-markets of Pune include CBD (Deccan Gymkhana, Bund Garden Road, Senapati Bapat Road & Camp), Off CBD (Aundh, Airport Road
and Kalyani Nagar) and the eastern corridor, along with Nagar Road and Kharadi, which have emerged as a preferred location for financial and IT/ITES companies.
23
Primary Authors:
502
67 countries on
6 continents
United States: 140
Canada: 31
Latin America: 24
199
EMEA: 108
$2.3
billion in
annual revenue
Surabhi Arora
Associate Director | Research
+91 124 456 7500
surabhi.arora@colliers.com
Sachin Sharma
Manager | Research
sachin.sharma@colliers.com
Amit Oberoi I National Director
Valuation & Advisory Services & Research
amit.oberoi@colliers.com
For Oce Services:
Mumbai: George Mckay I South Asia Director
george.mckay@colliers.com
Delhi / NCR: Vikas Kalia | National Director
vikas.kalia@colliers.com
Bengaluru: Goutam Chakraborty I Director
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Pune: Rishav Vij I Senior Associate Director
rishav.vij@colliers.com
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Chennai: Shaju Thomas | Senior Associate Director

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India Office Report 2015 - Colliers

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India Office Report 2015 - Colliers

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Trends to watch

2015 Actual & 2016 Forecast

India - Office market performance 2015 & trends to watch for

Mumbai - Shows strong demand

Delhi - Office market takes a step back in 2015

Gurgaon - 2015, the best for office market in last 5 years

NOIDA - Office market recovered

Chennai - Office market rebounds

Bengaluru - Continues to top in office market

Kolkata - Occupiers remained cautious

Pune - Upholds office absorption, crosses 5 million sq ft

City recorded, 45% YoY increase in demand

Office market outperform with absorption over 13 million sq ft

Research & Forecast Report | January 2016 | <<India>> | Colliers International

Mumbai, Delhi-NCR, Bengaluru,

2016 Forecast (In mn sq ft)

- 40.2 million sq ft was absorbed in 2015 in major metros

2016 Forecast (in million sq ft)

NEW SUPPLY - 2015 & PIPELINE 2016

2015 actual | 2016 forecast

MAJOR OFFICE SALE TRANSACTIONS *

TOP 10 LEASE TRANSACTIONS

Wells Fargo Embassy Tech Village

RMZ Eco World

ASF Tower and Center

Constellation Business Park

One Indiabulls Park

Shriram Gateway SEZ

Panchshil Business Park

247 Park, Mumbai

Godrej BKC, Mumbai

BPTP Crest, Gurgaon

GRADE - A AVERAGE RENTAL GROWTH

INDIA OFFICE TRENDS

Occupiers across all sectors will continue

Grade A oce space, rents are expected to

Government support with major policy

* Secondary sources like media publications

Research & Forecast Report | January 2016 | <<India>> | Colliers International

India office market

Reverse Repo Rate

Cash Reserve Ratio

Prime Lending Rate

Return on Alternative Investments

Gross Domestic Product at Factor Cost

Fargo took 0.8million sq ft in Bengaluru, Snapdeal took

The real estate sentiments further boosted due to some of the

Source: Government of India, Colliers International India Research

Occupiers across all sectors will continue to become more

FDI in Real Estate

We expect that private enterprise will play a major role in the

Business Confidence Index

Outlook for office market looks strong, as currently, most

Looking at the RFPs floating in the market, the office real

Source: Government of India, Colliers International India Research

Private equity activity in the commercial sector continued

Trends to watch for in 2016

Source: Government of India, Colliers International India Research

Research & Forecast Report | January 2016 | <<India>> | Colliers International

Mumbai shows strong

City Office Barometer

Equivalent to our last years forecast, more than 3.36

Office absorption doubles in 2015, over 6.5 million

This year, we recorded a number of outright transactions