Colliers Office

INDIA
Q1 2016
Table of Contents
INDIA
Occupiers expansion plans point to continued momentum in the
year ahead for office market
MUMBAI
Mumbai office absorption doubles on QOQ basis
DELHI
Delhi office absorption picked up in Q1 2016
GURGAON
Gurgaon witnessed increased uptake of office space in Q1 2016
NOIDA
Market recovery continues in Q1 2016
BENGALURU
Office sector demand up by 13% QOQ; supply witnesses a rebound
CHENNAI
Chennai office sector absorption drops significantly on a QOQ basis
PUNE
Pune continued its progression towards a dominant IT-ITeS destination
HYDERABAD
Demand revival for office sector; nearly 1.27 million sq ft absorbed in Q1 2016
KOLKATA
No Show for Kolkata office market in Q1 2016
3
5
7
9
11
13
15
17
19
21
Research &
Forecast Report
India | Office
April 2016
Occupiers expansion
plans point to continued
momentum in the year
ahead for oce market
Q1 witnessed over 8 million sq ft of total office
update across 9 major cities Bengaluru,
NCR, Pune and Hyderabad emerged as key
contributors
For office sector, year 2016 kick started on a positive note
with office absorption totaling over 8.8 million sq ft across
9 major cities. This includes pre-commitments of about 0.8
million sq ft. This was about 11% up from the previous quarter.
Strong positive absorption from technology firms helped
further gains in occupancy in almost all the cities. The sector
was well supported by positive economic sentiments; business
confidence index was up by 5% in Jan 2016 and the GDP was
forecasted at about 7.5%. Further, ination measured via WPI
(Wholesale Price Index) continued to remain in the negative
territory at -0.91% in February 2016.
Bengaluru with 33% share remained the top contributor of
the demand, followed by NCR (Delhi, Gurgaon and NOIDA),
Hyderabad, Pune and Mumbai. Sector wise, tech firms
continued to share the significant part of the overall demand.
Few notable transactions concluded this quarter including the
620,000 sq ft lease by Infosys in Pune, 500,000 sq ft lease
by HP in Bangalore and 150,000 sq ft lease by EXL in
NOIDA. Besides this, in a major asset acquisition this quarter,
RMZ Corp has acquired Essars Group Equinox Business
Park located at BKC, Mumbai for approximately INR 2,400
crores.
With its aordable rents, Hyderabad managed to attract major
IT, digital and e-commerce companies which announced their
plans for huge investments to bolster their expanding network
Economic Barometer
Indicators
Q1 2015
Q1 2016
Gross Domestic
Product
7.80%
7.50%
Business Confidence
Index
53.70%
56.40%
Repo Rate
7.50%
6.75%
Reverse Repo Rate
6.50%
5.75%
Cash Reserve Ratio
4.00%
4.00%
2
Ination (WPI)
-2.06%
-0.91%
10% - 10.25%
9.70% - 10%
8% - 8.75%
7.75% - 8%
INR - USD
62.36
67.60
INR - EURO
66.48
74.35
Prime Lending Rate

Deposit Rate
Exchange Rates
Return on Alternative Investments

Q1 2015
Q1 2016
QOQ %
Change
Gold
26,232
27,583
5.15%
Silver
36,983
35,403
-4.27%
Equity
(BSE Sensex)
27,957
24,346
-12.92%
Realty Index
1,692
1,176
-30.50%
Parameters
Note:
1 Estimates as per International Monetary Fund
2 Wholesale Price Index (WPI), Latest estimates for Feb 2016
3 SBI interest rate < INR 1 crore Term Deposits for 1 Year
Source: Government of India, Colliers International India Research
4 Research & Forecast Report | September 2014 | Colliers International
Gross Domestic Product at Factor Cost
of technology development centers and facilities in the

city. Leading e-commerce player, Amazon committed huge
investments to set up its largest facility outside United States
and leased approximately 350,000 sq ft in Raheja Mindspace
in HITEC City. Apple, Inc. is also opening its first technology
development center in India and has leased 250,000 sq ft.
12%
10%
Percentage (%)
8%
Grade A asking rents remained stable in both CBD and SBD

areas across the cities. The largest gains from last quarter
were seen in Bengalurus, Outer Ring Road micro market,
Hadapsar/Fursungi in Pune and Golf course Road in Gurgaon,
where competition for space remains fierce.
6%
4%
2%
Q1 2015
Q3 2015
Q1 2014
Q3 2014
Q1 2013
Q3 2013
Q1 2012
Q3 2012
Q1 2011
Q3 2011
Q1 2010
Q3 2010
Q1 2009
Q3 2009
Q1 2008
Q3 2008
Q1 2007
Q3 2007
Q1 2006
Q3 2006
Q1 2005
Q3 2005
0%
With limited new launches in the market, the office

construction pipeline increased slightly from Q4. Vacancy
levels reduced in almost all the cities due to limited new
supply addition.
Colliers View
Business Confidence Index
We anticipate positive momentum in the coming quarter

as the overall office leasing pipeline seems strong and is
steadily growing. Positive economic growth coupled with
increasing business confidence index due to governments
proactive policy initiatives will be the few factors influencing
the demand for office space in the coming quarter. The
majority of markets are enjoying this growth and overall
office market sentiments are optimistic.
Colliers anticipates further decline in vacancy with an uptick

in asking rents for the selected Grade A buildings in the next
several quarters. Bengaluru will continue to lead the overall
leasing volumes. However, cities such as Hyderabad, NOIDA
and Pune will continue to outpace many top-tier markets
due to affordable rents.
90
80
70
50
40
30
20
10
30000
25000
20000
15000
10000
5000
Apr-Dec 15
2014-15
2013-14
2012-13
2011-12
2010- 11
2009-10
2008-09
2007-08
2006-07
Research & Forecast Report | April 2016 | <<India>> | Colliers International
Jan-16
Jul-15
FDI in Real Estate
Oct-15
Apr-15
Jan-15
Jul-14
Oct-14
Apr-14
Jan-14
Jul-13
Oct-13
Apr-13
Oct-12
Jan-13
Jul-12
Apr-12
Oct-11
Jan-12
Jul-11
Apr-11
Jan-11
Jul-10
Oct-10
Apr-10
0
Jan-10
Index
60
INR Crore
The office market sentiments were further boosted due

to some key policy announcements in this quarter. In
the union budget 2016, The govt. announced removal of
Dividend Distribution tax (DDT) for REITs and InvITs.
Institutional investors, both domestic and overseas, are
demonstrating an increased appetite and willingness to
engage in the Indian real estate commercial market. With
removal of DDT, we can see listing of REITs in the Indian
market soon. Besides this, recently, the govt. has also
allowed 100% FDI for e-commerce companies which will
help to improve demand for office space in medium to
long term. Looking further ahead in 2016, high-growth tech
companies including e-commerce will continue to create
voracious demand.
100
Research &
Forecast Report
Mumbai | Office
April 2016
Mumbai oce
absorption doubles
on QOQ basis
IT-ITeS occupiers strengthen Mumbais oce
absorption
City Office Barometer

INDICATORS
Q3 2015
Q4 2015
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Source: Colliers International India Research
The year started with a good note as the office absorption

doubled in Mumbai, from 0.49 million sq ft in Q4 2015 to
0.93 million sq ft in Q1 2016. The Information TechnologyInformation Technology enabled Services (IT-ITeS) sector
dominated the citys office absorption with over 38%
(0.35 million sq ft) of the total absorption, followed by
Banking, Financial Services and Insurance (BFSI) with
0.15 million sq ft (16%), Pharma with 0.14 million sq ft
(15%) and Manufacturing with 0.13 million sq ft (14%). The
maximum number of office transactions were concluded
in the western suburbs (0.32 million sq ft), including BKC,
Andheri, Malad and Goregaon, followed by Central Mumbai
(0.18 million sq ft) including Lower Parel, Worli and
Elphinstone West and the Central Suburbs (0.17 million sq
ft) including Vikhroli, Powai and Kanjurmarg.
A number of small and mid-sized transactions, averaging
to 22,000 sq ft took place in Q1 2016. In major office
transactions, NCR Corporation took about 90,000 sq
ft in Mindspace SEZ located in Navi Mumbai. Another
transaction was concluded by Quintiles Research India
and Transunion Software, which took more than 70,000
sq ft at G-Corp at Thane and One IndiaBulls at Lower Parel,
respectively.
Rental Values
% CHANGE
RENTAL
VALUE*
QOQ
YOY
CBD**
200 - 250
0%
0%
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
During Q1 2016, no major project was added into the city

inventory. However, a few new projects were launched
including; Adani Inspire (0.8 million sq ft) by Adani
Realty at BKC and K-Raheja Platinum (0.3 million sq ft)
Million Sq.ft
5
4
3
2
1
0
2010
2011
2012
Q4
2013
Q3
Q2
2014
Q1
2015
2016
Average Rental And Capital Value Trend

Forecast
250
25,000
200
20,000
150
15,000
100
10,000
50
5,000
Captial Values INR Per SF
30,000
300
0
Q1 2018F
Q1 2017F
Q1 2016
Q1 2015
Q1 2014
Q1 2013
Q1 2012
Q1 2011
0
Q1 2010
We anticipate an increase in absorption momentum in the

coming quarters, and the demand will largely be driven by
sectors like IT-ITeS and BFSI. Developers will continue to
focus on project completions, resulting in substantial new
supply in the coming quarter in areas such as the western
suburbs and Navi Mumbai. Rents for select premium
projects in various micro markets will continue to demand
premium in the medium term and will thus result in
marginal increase in overall rental values in Central and
South Mumbai locations.
7
6
Q1 2009
Colliers View
10
9
8
Q1 2008
In a major acquisition this quarter, RMZ Corp has acquired

Essar Groups Equinox Business Park located at BKC
for approximately INR 2,400 crores. The 1.25 million sq ft
business park consists of four towers out of which three
are already leased out to tenants including Nissan Motors,
Acropolis, Crompton Greaves and Lafarge, besides the
offices of Essar and the newly constructed fourth tower of
about 50,000 sq ft is ready for fit-outs.
Quarter Wise Absorption
Rental Values INR Per SF Per Month
by K-Raheja Group at Andheri (East); these projects are

expected to be complete by early 2017. Currently, about 7
million sq ft of Grade A office supply is available for fit out
in Mumbai, among which majority of the supply is located
in the western suburbs (56%) including BKC, Andheri (E),
Malad and Goregaon / JVLR, followed by Central Mumbai
(29%) and rest 15% in Navi Mumbai and CBD locations.
Despite an increase in demand, the rents and capital values
remained unchanged in all of the micro markets.
Top 5 Transactions of Q1 2016

CLIENT
BUILDING NAME
NCR Corporation
Mindspace
Quintiles Research India Pvt Ltd
AREA (sq ft)
LOCATION
LEASE / SALE
90,000
Airoli
Lease
G-Corp
74,000
Thane
Lease
Transunion Software
One India Bulls
70,000
Lower Parel
Lease
Deloitte
Lotus Corporate Park
60,000
Goregaon East
Lease
Siemens
Birla Aurora
50,000
Worli
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 March 2016.
Research &
Forecast Report
Delhi | Office
April 2016
Delhi oce
absorption picked
up in Q1 2016,
BFSI top
contributor
BFSI & IT-ITeS occupiers strengthen the oce
absorption
A confident approach from occupiers resulted in absorption
of 0.34 million sq ft in Q1 2016, which is more than double,
compared to last years same period of only 0.10 million
sq ft. BFSI (72%) and IT-ITeS (21%) were the primary
contributors of this demand, followed by Manufacturing
(7%) and other sectors (1%). Connaught Place remained
the most preferred micro market among occupiers; metro
connectivity and proximity to government offices continue
to trade well for this location. Besides, a few deals were
concluded in emerging office market Aerocity, near the
airport.

INDICATORS
Q3 2015
Q4 2015
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QOQ
YOY
CBD**
180 - 450
0%
-1%
Nehru Place
180 - 250
0%
6%
Saket
130 - 200
-7%
0%
Jasola
90 - 130
0%
-2%
NSP***
70 - 120
0%
0%
Okhla
30 - 100
-4%
0%
*Indicative Grade A rentals in INR per sq ft per month

**Connaught Place
***Netaji Subhash Place
In this quarter, a trend was seen, where occupiers who are

looking to expand within Delhi were acquiescent on the
Grade B office spaces, where occupiers can avail bigger
office spaces at low rentals. Various small ticket size deals
averaging about 9,300 sq ft, kept the overall lease market
alive, of which a few notable office deals were, lease of
150,000 sq ft by HDFC Bank in Ambience Corporate Tower
Rohini at Rohini; 20,000 sq ft by Transaction Solution
International in DLF Prime Tower located at Okhla; 19,000
sq ft lease by IDFC in Express Tower at ITO and another
16,000 sq ft lease by ICICI Lombard in Redfort Capital
Towers by Parsvanath Group located at Connaught Place.

1.40
1.20
Million Sq.ft
1.00
0.80
0.60
0.40
Rents in Delhied remained stable in Q1 2016 across all the

micro markets except, Saket and Okhla where rents decline
on average by 5% QOQ. Similarly, capital values remained
stable across all the micro markets.
0.20
0.00
2010
2011
2012
2013
2016
Q1

40,000
Forecast
250
35,000
30,000
200
25,000
20,000
150
15,000
100
10,000
50
5,000
300
Q1 2017F
Q1 2016
Q1 2014
Q1 2013
Q1 2012
Q1 2011
Q1 2010
Q1 2009
Q1 2018F
0
Q1 2008
We expect similar momentum to continue in coming

quarters; however the city has a very limited new supply
in the pipeline, which will directly pull down the vacancy
levels. Occupiers looking for expansion within Delhi limits
will keep eyeing for options in the peripheral areas at low
rents and longer lease period. Overall rents are expected to
remain on the same levels in near term; however, few micro
markets like Connaught Place, Jasola and Ohkla may see
marginal appreciation due to limited supply.
Colliers View
2015
2014
Q4
Q3
Q2
Q1 2015
During the quarter, no new project/ parts of the project were

completed or launched. In Delhi, more than 1.3 million sq
ft of vacant office space was available for fit-outs, of which
32% was located in Netaji Subhash Place; 23% in Saket; 18%
in Jasola; 14% in Nehru Place and 13% in CBD. Also there
are two ongoing projects by Parsvanath Developer at Tolstoy
Lane and K G Marg. These projects are expected to be ready
by the end 2016.

CLIENT
BUILDING NAME
AREA (sq ft)
LOCATION
LEASE / SALE
HDFC Bank
Ambience Corporate
Tower Rohini
150,000
Rohini
Lease
Transaction Solution International
DLF Prime Tower
20,000
Okhla
Lease
IDFC
Express Tower
19,000
ITO
Lease
ICICI Lombard
Redfort Capital Tower
16,000
Connaught Place
Lease
Bhushan Auto Finance
Videocon Tower
15,310
Jhandewalan
Lease
AREA (sq ft)
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
NBCC Plaza
NBCC Ltd.
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 .
Research &
Forecast Report
Gurgaon | Office
April 2016
Gurgaon witnessed
increased uptake
of oce space in
Q1 2016
Controlled supply kept rents stable in most of the
markets
Gurgaons commercial real estate market recorded about
0.70 million sq ft of office space uptake in the first quarter of
2016 as compared to 0.45 million sq ft in previous quarter
but about 30% less from the figures in Q1 2015. IT-ITeS and
BFSI with 59% and 17% share, respectively, remained the
prime sectors contributing to this demand. Apart from this,
manufacturing and pharma sectors also leased smaller
office spaces during the quarter. A few notable transactions
this quarter were the 140,000 sq ft office lease by Grey
Orange in Bestech Business Park located at NH8, 90,000 sq
ft by Markit in Ambience Tower located at DLF Phase III
and 60,000 sq ft by Pernord Ricard in DLF Building No. 8
located in DLF Cyber City.
This quarter saw total available vacant stock of 9.6 million
sq ft ready for fit outs. The areas that have majority of this
vacant stock were Udyog Vihar and Industrial Sectors (33%),
National Highway (NH) 8 (19%), Golf Course Road Ext /
Sohna Road (15%) and Manesar (11%). Golf Course Road,
MG Road, DLF Cyber City and Institutional Sectors are left
with very limited supply and altogether contribute about
20% of the total vacant stock. The city witnessed completion
of Eros Corporate Square (0.12 million sq ft) by Eros Group
at Sector 69. New projects launched in this quarter include
DLF New Project (0.70 million sq ft) by DLF Group at
NH-8, City Escape (0.25 million sq ft) by Capital Group

INDICATORS
Q3 2015
Q4 2015
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QOQ
YOY
MG Road
110 - 140
0%
2%
DLF Cyber City (IT)
100-110
0%
11%
Golf Course Road
100-190
4%
18%
Institutional Sectors
(Sec 44, 32, 18)
60-90
0%
0%
Golf Course Road Ext./

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

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

6
5
4
3
2
1
0
2011
2012
Q4
2013
Q3
2015
2014
Q2
Colliers View
Going forward, we anticipate an increase in office

absorption with clients looking to consolidate their various
offices under one roof. Also, the occupiers based in Cyber
City and M G Road are evaluating to renew their existing
lease or relocating to other inexpensive locations such as
Sohna Road and along NH8. Micro markets like Udyog Vihar
and Institutional Sectors will continue to remain the most
preferred office locations, due to location advantages and
rents. Rents are expected to remain on the same levels due
to the decent vacancy levels and robust under-construction
developments in the pipeline, especially in micro markets,
such as the NH-8, Southern Peripheral Road and Golf
Course Extension Road.

140
Forecast
120
40,000
12,000
100
10,000
80
8,000
40
6,000
60
4,000
20
2,000
0
Q1 2017F
Q1 2016
Q1 2015
Q1 2014
Q1 2013
Q1 2012
Q1 2011
Q1 2010
Q1 2009
0
Q1 2008
2016
Q1

CLIENT
BUILDING NAME
Grey Orange
Bestech Business Park
Markit
AREA (sq ft)
LOCATION
LEASE / SALE
140,000
NH-8
Lease
Ambience Corporate Tower
90,000
DLF Phase 3
Lease
Pernord Ricard
DLF Building No. 8
60,000
DLF Cybercity
Lease
Paytm
Plot No 109
50,000
Udyog Vihar
Lease
Ibibo Group
Unitech Business Zone
40,000
Golf Course Road

Extension
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.
11
2010
Q1 2018F
Rents remained stable in Q1 2016 in most of the micro

markets, except Golf Course Road and Udyog Vihar and
Industrial Sectors, where rents increased at an average of
5% QOQ. This is primarily due to a few large transactions
closed in 2015 in select commercial buildings that have
started asking a premium price over others, pushing up the
base rental values of these micro markets. Capital values
remained stable across all the micro markets.
Million Sq.ft
at Sector 66 and two small scaled projects measuring 0.10

and 0.06 million sq ft by a local developer and Landmark
Group respectively, both at Udyog Vihar. These projects are
expected to be completed by early 2017.
Research &
Forecast Report
NOIDA | Office
April 2016
Market recovery
continues in Q1
2016
IT-ITeS sector contributed over 80% in the total
oce absorption
The NOIDA office market continued to be on its recovery
trajectory on the back of IT-ITeS sector with office
absorption ticking over 0.38 million sq ft in 1Q 2016.
However, overall transaction volumes were 17% less QoQ
basis. Expansion and relocation by IT-ITeS companies were
the primary demand drivers, which continued to be the
dominant sector of leasing office space in NOIDA during
this quarter. There was also some demand from publishing
and manufacturing companies who leased smaller office
spaces in Institutional Sectors. Location wise, about 54%
of transactions were concluded in sectors along NOIDA
Expressway, followed by 43% in Institutional Sectors and
3% in commercial sectors. The most significant leasing
transaction for Q1 2016 took place at NOIDA Expressway
- Sector 143, with EXL leasing 150,000 sq ft in Blackstone
SEZ. Apart from this, Oxford University Press signed
a 51,000 sq ft lease at World Trade Tower and Tavant
Technologies took 50,000 sq ft in Okaya Blue Silicon Cyber
Park in Sector 62.

INDICATORS
Q3 2015
Q4 2015
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QOQ
YOY
Commercial Sectors*
70 - 110
-5%
-10%
(Non IT)**
80 - 100
0%
9%
(IT)**
45-60
0%
-5%
Industrial Sector (IT)***
35-55
0%
0%
Indicative Grade A rentals in INR per sq ft per month

*Sector 18
**Sector 16A, 62, 125-142
***Sector 124, 57-60, 63-75
Developers refrained from launching any new project, also

no new project/ parts of the project were completed during
the quarter. Contrasting this trend, the NOIDA authority
has advanced its plan for 25 acres mixed use project in
Sector 94, with an aim to transform NOIDA into the main
business and entertainment hub. This project will house
commercial spaces, entertainment zones, a habitat centre
and residential high-rises.
In Q1 2016, more than 11 million sq ft of vacant office
In Q1 2016, rents in most of the micro markets remained

stable, except Commercial Sectors where rents declined by
5% QOQ. Similarly capital values remained largely stable
across the city during the quarter.

3.50
3.00
Million Sq.ft
space was available for fit-out, of which 84% was located

in Industrial Sectors like Sector 1 to 9, 57 to 60 and 63 to
65, rest 16% was located in Institutional Sectors, including
locations like Sector 16A, Sector 62 and Sectors 125 to
142. Vacancy levels posted a marginal decline as no new
commercial/IT-ITeS office space was added during the
quarter.
2.50
2.00
1.50
1.00
0.50
Colliers View
0.00
2010
2011
2012
Q4
2013
Q3
2015
2014
Q2
2016
Q1

Forecast
70
14,000
12,000
10,000
60
50
8,000
40
6,000
30
4,000
20
2,000
10
Q1 2017F
Q1 2016
Q1 2015
Q1 2014
Q1 2013
Q1 2012
Q1 2011
Q1 2010
Q1 2009
Q1 2018F

CLIENT
BUILDING NAME
EXL
Blackstone SEZ
Oxford University Press
AREA (sq ft)
LOCATION
LEASE / SALE
150,000
Sector 143
Lease
World Trade Tower
51,000
Sector 16B
Lease
Tavant Technologies
Okaya Blue Silicon Cyber

Park
50,000
Sector 62
Lease
Tolexo
Okaya Blue Silicon Cyber

Park
25,000
Sector 62
Lease
Radiate e Service
Independent Building
19,000
Sector 58
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.
13
90
80
Q1 2008
With number of infrastructure projects in advance stages

and metro corridor work along NOIDA Expressway picking
up, NOIDA will continue to attract occupiers looking for
affordable rents. IT-ITeS sector is likely to drive the demand
in the coming quarter. Mid-scale companies will continue
to prefer Institutional Sectors due to affordable rents while
large corporates and MNCs will prefer NOIDA expressway.
An upward pressure on rents is expected in the Institutional
Sectors due to limited supply addition. Meanwhile, other
micro markets are expected to remain stable.
Research &
Forecast Report
Bengaluru | Office
April 2016
Oce sector
demand up by
13% QOQ; supply
witnesses a
rebound
IT-ITeS and technology companies strong demand
drivers
During the first quarter of 2016, Bengaluru witnessed
total office sector absorption of 2.65 million sq ft noting a
13% quarterly uptick over the last quarter. IT-ITeS, (also
comprising of technology start-ups and e-commerce
companies) continued to remain the leading sector driving
office sector demand with 88% share in overall absorption.
Apart from this, BFSI comprised 6% share in total deal
volume.
Notable transactions during this quarter were HP leasing
nearly 500,000 sq ft in Maruthi Concorde Tower on Hosur
Road - Electronic City and JP Morgan taking up 200,000 sq ft
in Embassy Golf Links Business Park on Intermediate Ring
Road. Of the total deals transacted in this quarter, nearly
62% is attributed to pure expansions, while another 35% is
accounted for by relocation and consolidation activity in the
market.

INDICATORS
Q3 2015
Q4 2015
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QOQ
YOY
CBD
90 - 130
0%
0%
Outer Ring Road

(Marathahalli Sarjapur)
68 - 75
8%
21%
Outer Ring Road

(North)**
60 - 70
2%
15%
Bannerghatta Road
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
Due to some large sized ticket transactions, Hosur RoadElectronic City accounted for 25% of total gross absorption,
followed by EPIP Zone/Whitefield and Outer Ring Road
Marathahalli to Sarjapur Road, each of which comprised a
14% and 13% share, respectively. Limited supply availability
at Outer Ring Road resulted in demand spillover to above
mentioned areas.
Million Sq.ft
8
6
4
2
0
2010
2011
2012
2013
Q4
Q3
2015
2014
Q2
2016
Q1

Forecast
60
50
10,000
8,000
40
6,000
30
4,000
20
2,00
10
Q1 2017F
Q1 2016
Q1 2015
Q1 2014
Q1 2013
Q1 2012
Q1 2018F

CLIENT
BUILDING NAME
HP
Maruthi Concorde Towwer
JP Morgan
AREA (sq ft)
LOCATION
LEASE / SALE
500,000
Electronic City
Lease
Embassy Golf Links
220,000
Intermediate Ring Road
Lease
Arris India Pvt. Ltd.
Senate
187,000
Ulsoor Road
Lease
GE
Prestige Shantiniketan
185,000
Whitefield
Lease
Infosys
Confident Octans
150,200
Electronics City
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
Brigade Lakeshore
Brigade Group
600,000
Whitefield
2016
Notes:
1. Office Market: Prime office properties in Bengaluru can be divided into three principal sub-market CBD/O 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).
15
12,000
70
Q1 2011
Going forward, the growth of new sectors such as

e-commerce, technology giants and entrepreneurial
ventures will drive strong office sector demand in the city.
New space take-ups, for both small and large office formats
will push the vacancy downwards for most micro markets,
mainly EPIP Zone/Whitefield and Electronic City, amongst
others. Rents are likely to witness an upswing in Outer Ring
Road Marathahalli- Sarjapur Road and CBD due to limited
availabilities.
10
Q1 2010
Colliers View
12
Q1 2009
Rents and capital values largely remained stable across

micro markets. However, office rentals on Outer Ring Road
(Marathahalli - Sarjapur) appreciated by 8% due to low
vacancy and continually high demand. Outer Ring Road
(North) office rentals too, saw a 2% uptick due to demand
spillover from other micro markets.
16
14
Q1 2008
New project launches during this quarter stood at nearly

2.19 million sq ft comprising upcoming developments from
Fern & Prestige, RMZ Corp and Bonsai, all of which are set
for completion next year. Nearly 60% of new projects were
launched on Outer Ring Road.
New supply more than quadrupled on a quarter on quarter

basis and stood at about 1.96 million sq ft. Of the total
completions, most significant was the completion of RGA
Tech Park admeasuring 1.0 million sq ft which became
operational on Sarjapur Road. Other locations which
witnessed the remainder supply included Whitefield,
Bannerghatta Road, Electronic City, Hosur Road, Jayanagar
and Kanakpura Road.
Research &
Forecast Report
Chennai | Office
April 2016
Chennai oce
sector absorption
drops significantly
on a QOQ basis
IT-ITeS continues to drive demand for expansion
and new occupiers
Even though Chennais office sector continued to witness
interest from corporate occupiers for expansion and entry
of new players, absorption levels dipped by nearly 34% over
the previous quarter as a number of transactions are still in
execution stages. The first quarter of 2016 recorded nearly
0.77 million sq ft absorption volume, out of which 86% is
attributed to the IT-ITeS sector. Other sectors such as BFSI
and Consulting, too, accounted for nearly 7% and 4% share
each in the total transaction volume.
Despite moderate absorption recorded in this quarter,
expansions by existing corporates accounted for nearly
66% of entire leasing volume, while entry of new corporates
was noted nearly at 7%. Relocations by existing corporates
within different micro markets accounted for the remainder
of transaction volume.
Renault Nissan Technology Business Centre (RNTBCI)
(180,000 sq ft), Citibank (48,000 sq ft), Lennox (38,000 sq
ft) and Barry Wehmiller International (38,000 sq ft) were
amongst some prominent corporate occupiers that leased
spaces on GST Road, Old Mahabalipuram Road (OMR -Pre
Toll) and Guindy micro markets respectively.

INDICATORS
Q3 2015
Q4 2015
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
RENTAL
VALUE*
QOQ
YOY
CBD
65-85
3%
7%
O CBD
50-65
5%
5%
Ambattur
30-38
0%
17%
OMR (Pre Toll)**
55-62
7%
12%
OMR (Post Toll)***
25-40
7%
7%
Mount-Poonamallee
Road
50-60
0%
0%
GST Road
35-45
0%
7%
MICRO MARKETS

**OMR I (Madhya Kailash Perungudi- Toll gate I)
***OMR II (Thoraipakkam to Sholinganallur)
& OMR III (Semmencherry to Siruseri)
Approximately 33% of total absorption in this quarter was

concentrated in OMR-Pre Toll corridor as this remains a
preferred location for occupiers to consolidate and expand
Only 200,000 sq ft new supply became operational during

this quarter, of which 71% came up in OMR Pre Toll in
the form of non-IT space. Off-CBD witnessed the influx of
remainder 55,000 sq ft non-IT space on Nelson Manickam
Road.

6.00
5.00
Million Sq.ft
operations. GST Road (23%) and OMR Post Toll (12%) too
accounted for substantial share of leasing in this quarter due
to availability of vacant stock comprising large floor plates.
4.00
3.00
2.00
Rents across some micro markets increased slightly. OMR

- Pre Toll noted a 7% quarterly uptick due to persistent
high demand coupled with low supply infusion. CBD and
Off CBD, too, witnessed 3-5% rental appreciation due to
preference for inner city areas.
1.00
0.00
2010
2011
2012
Q4
2013
Q3
2014
Q2
2015
2016
Q1

Forecast
90
9,000
75
7,500
60
6,000
45
4,500
30
3,000
15
1,500
10,500
105
0
Q1 2018F
Q1 2017F
Q1 2016
Q1 2015
Q1 2014
Q1 2013
Q1 2012
Q1 2011
Q1 2010
Q1 2009
0
Q1 2008
Expansion and consolidation plans by corporate occupiers,

mainly in the IT-ITeS, BFSI and technology sectors coupled
with the entry of new companies may lead to stronger
office sector absorption in the upcoming quarter. Paucity
of new supply coupled with lower vacancy may put upward
pressure on office rents in micro markets such as OMR-Pre
Toll, CBD and Mount Poonamallee Road. Overall vacancy
in Chennai may further dip from the current 11% levels
to single digit owing to steadily improving office sector
demand and continual supply crunch.
Colliers View

CLIENT
BUILDING NAME
AREA (sq ft)
LOCATION
LEASE / SALE
RNTBCI
Ascendas Cybervale
180,000
GST Road
Lease
Citibank
Ramanujan IT City
48,000
OMR
Lease
Lennox
Ascendas International
Technology Park
38,000
OMR
Lease
Barry Wehmiller International
Tamarai Tech Park
38,000
OMR
Lease
Virtusa
AKDR Tech Park
34,000
OMR
Lease
LOCATION
POSSESSION
Pallavaram
Thoraipakkam Road
2016

BUILDING NAME
DEVELOPER
AREA (sq ft)
Chennai One SEZ South Block
IG3 infra Ltd
Ramanujan IT City Cambridge Block
TRIL
800,000
OMR
2016
Ramanujan IT City - Infinity Block
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, O CBD, Ambattur, OMR I, II & III, Mount-Poonamallee Road, GST Road.
17
Research &
Forecast Report
Pune | Office
April 2016
Pune continued
its progression
towards a
dominant IT-ITeS
destination
About 1.15 million sq ft of oce space leased in
Q1 2016
Pune witnessed healthy demand from the IT-ITeS sector as
the market experienced over 1.15 million sq ft of absorption
in Q1 2016. The overall absorption in this quarter is 16%
lower than the previous quarter. Hinjewadi and Airport
Road / Pune Station continued to remain as the most
preferred locations by major occupants with about 56% and
26% share respectively, in the total absorption, followed by
CBD (7%), Nagar Road (5%), Hadapsar / Fursungi (4%) and
Kalyani Nagar and Bavdhan (2%). Occupiers from the ITITeS sector were the primary contributors to this demand,
sharing a whopping 94% of the total absorption. The average
deal size was about 45,000 sq ft which is 36% more than
the previous quarter. Few notable transactions concluded
this quarter include the 620,000 sq ft lease by Infosys
in Ascendas Phase II (ITTP) - Juniper building located at
Hinjewadi Phase 3.In another major transaction, Northern
Trust Bank has pre-committed nearly 250,000 sq ft at EON
Free Zone - Phase II which is currently under construction.

INDICATORS
Q3 2015
Q4 2015
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QOQ
YOY
Baner
49 - 58
2%
7%
Bund Garden
52 - 65
2%
2%
Airport road/pune station
55 - 85
0%
17%
Aundh
48 - 62
5%
5%
Senapati Bapat Road
65 - 100
6%
18%
Bavdhan
38 - 48
8%
8%
Kalyani Nagar
48 - 65
6%
8%
Nagar Road
50 - 62
7%
12%
Hinjewadi
40 - 52
5%
16%
Hadapsar/Fursungi
45 - 72
9%
14%
Kharadi
45 - 85
7%
19%

Over 4 million sq ft was available for fit outs in Pune office

market, of which 24% was located in Hinjewadi. The city
witnessed new supply of about 0.64 million sq ft, in the form
of few small projects, at Baner, Phugewadi, Chinchwad,

6
5
2010
2011
2012
Q4
2013
Q3
2015
2014
Q2
2016
Q1
80
Forecast
70
8,000
7,000
60
6,000
50
5,000
40
4,000
30
3,000
20
2,000
1,000
10
Q1 2017F
Q1 2016
Q1 2015
Q1 2014
Q1 2013
Q1 2012
Q1 2011
Q1 2010
Q1 2018F
0
Q1 2008
The commercial supply will remain restricted in short term,

thus rents may go up marginally in most of the markets.
Moreover, new buildings with better amenities will continue
to charge premium and push the average rents upwards.
Vacancy levels are on the decreasing trend since last eight
quarters and continue to remain so due to limited new
completion in the coming quarters. However, the increased
tenant demand will now start to trigger the new launches in
the city.
Colliers View
3
2
During the quarter, the rents for prime office property

increased in the range of 2 8% QOQ across all the micro
markets, except Airport road/Pune station, where rents
remain unchanged. Capital values also increased on an
average by 7% QOQ across Pune.
Reportedly, Prestige Group is under talks with B U Bhandary
Builders to set up an 800,000 sq ft IT park on a six acre land
parcel in Pune.
Q1 2009
Occupier interest led various developers to launch many

small and mid sized projects admeasuring over 1 million sq
ft. Major projects includes, Nandan Probiz (0.3 million sq
ft), Prestige Point (0.15 million sq ft) and Gravity. These
projects are currently in various phases of construction and
are expected to be completed in next two years.
Million Sq.ft
Bhosari and Bavdhan locations.

CLIENT
BUILDING NAME
Infosys
Ascendas Phase II (ITTP)Juniper Tower
Concentrix
AREA (sq ft)
LOCATION
LEASE / SALE
620,750
Hinjewadi Phase III
Lease
Tech Park One Tower D
60,000
Yerwada
Lease
Vodafone
Business @ Mantri
47,330
Nagar Road
Lease
Qlogic
Tech Park One Tower C
40,000
Yerwada
Lease
Tata Consultancy Services
Suzlon Sun Lounge
31,000
Hadapsar
Lease
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
AREA (sq ft)
Acendas Phase II
Acendas
615,000
Hinjewadi
2016
Nandan Probiz
Nandan Buildcon
300,000
Balewadi
2017
Prestige Point
Amba Group
150,000
Bajirao Road
2018
Notes:
1. Office Market: The prime office sub-markets of Pune include CBD (Deccan Gymkhana, Bund Garden Road, Senapati Bapat Road & Camp), O 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.
19
Research &
Forecast Report
Hyderabad | Office
April 2016
Demand revival
for oce sector;
nearly 1.27 million
sq ft absorbed in
Q1 2016
Expansion by technology companies attracts more
occupiers
Hyderabad witnessed robust demand from corporate
occupiers in the first quarter of 2016 as gross leasing
volume of 1.27 million sq ft was noted in the city. Though
this represents a quarterly decline of 15%, major IT,
digital and e-commerce companies announced plans
for huge investments to bolster their expanding network
of technology development centers and facilities in
Hyderabad. IT-ITeS sector accounted for 82% of cumulative
deal volume.

INDICATORS
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
RENTAL
VALUE*
QOQ
YOY
CBD
45-55
0%
0%
O CBD
50-60
0%
0%
SBD
45-50
0%
12%
PBD
25-30
0%
0%
MICRO MARKETS

Leading e-commerce player, Amazon committed huge

investments to set up its largest facility outside United States
and leased approximately 350,000 sq ft in Raheja Mindspace
in HITEC City. Apple, Inc. is opening its first technology
development center in India and has leased 250,000 sq ft in
WaveRock facility in Nanakramguda.
Despite a dip in absorption, it is evident that the state
governments measures to attract leading global players are
paying off as expansions by existing tenants accounted for as
much as 37% of total deal volume. New entrants to the city
accounted for more than a third of the total leasing volume
in this quarter.
Availability of large floor plates and quality office spaces
New supply influx of 0.93 million sq ft was noted as two

blocks of an IT-Special Economic Zone (IT-SEZ), Phoenix
Avance Business Hub in HITEC City were completed in this
quarter. However, no new projects were launched in this
quarter as developers concentrated on completing existing
projects.
Million Sq.ft
at competitive rents led to 76% gross absorption being

concentrated in Suburban Business District (SBD).
Nanakramguda with 40% and HITEC City with 32% share
respectively, have emerged as the two most sought after
locations by corporate occupiers in this micro market.
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
2013
Rents and capital values remained stable across micro

markets.
2014
Q4
2015
Q3
Q2
2016
Q1

9000
Forecast
45
8000
40
7000
35
6000
30
5000
25
4000
20
3000
15
Q1 2017F
Q4 2016F
Q3 2016F
Q2 2016F
0
Q1 2016
1000
Q4 2015
5
0
Q3 2015
2000
Q2 2015
10
50
Q1 2015
With a change in occupier sentiment and large scale

developments coming up, transaction activity is expected to
further firm up in the upcoming quarter. A strong demand
and supply scenario is expected to prevail in the city going
forward. Locations such as Gachibowli, Madhapur, IT
corridor of HITEC City, Kondapur, Nanakramguda will
continue to witness strong demand as the city emerges as a
preferred location for technology firms due to comparatively
cheaper rents. While rents will largely remain stable, large
scale space take up in SBD may put an upward pressure
on rents in the short term. Vacancy levels may increase in
medium to long term due to substantial new supply influx.
Colliers View

CLIENT
BUILDING NAME
AREA (sq ft)
LOCATION
LEASE / SALE
Amazon
Raheja Mind Space
350,000
HITEC City
Lease
Apple
WaveRock
250,000
Nanakramguda
Lease
Development Bank of Singapore
WaveRock
200,000
Nanakramguda
Lease
Incessant Technologies
Q City
60,000
Nanakramguda
Lease
Deloitte
DivyaSree Trinity
32,000
HITEC City
Lease
LOCATION
POSSESSION

BUILDING NAME
DEVELOPER
AREA (sq ft)
Knowledge City
Salarpuria Sattva
1,540,000
Raidurg
2016
Meenakshi IT Campus
Meenakshi Group
1,300,000
Gachibowli
2017
Amsri Brain Storm
Amsri Builders
900,000
Gachibowli
2017
Notes:
1. Office Market: The prime office sub markets of Hyderabad include CBD (Banjara Hills Road No. 1,2, 10 and 12), O CBD (Begumpet, Somajiguda, Raj Bhavan Road,
S.P. Road, Himayath Nagar, O Banjara Hills and Jubilee Hills), SBD (Madhapur, Gachibowli, Manikonda, Kondapur, Nanakramguda) and PBD (Pocharam, Uppal and
Shamshabad)
21
Research &
Forecast Report
Kolkata | Office
April 2016
No show for
Kolkata oce
market in Q1 2016
Only 170,000 sq ft of Grade A oce space
absorbed
In Q1 2016, Kolkata office absorption remained weak due
to gloomy response from the occupiers and only 170,000
sq ft of absorption was witnessed, which is 32% less than as
compared to the previous quarters absorption of 250,000
sq ft. IT-ITeS occupiers topped the chart with over 37% of
the total, followed by FMCG with 16% and pharmaceuticals
with 14%. Major transactions during the quarter included
the lease of 30,000 sq ft office space by Fosma Meritime
in Godrej Water Side and the lease of 26,000 sq ft by ICFAI
Business School in an Individual Building. Micro market
wise, Sector V / New Town remained the preferred micro
market among occupiers, with 95% share in the total
absorption. A few small deals were also concluded in the
CBD micro markets. Developers continued to remain
watchful in launching new projects because many of the
large office spaces are currently struggling with leases /
sales due to the limited new entrants and the absence of
expansion plans of existing occupiers.

INDICATORS
Q3 2015
Q4 2015
Q1 2016
Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
% CHANGE
MICRO MARKETS
RENTAL
VALUE*
QOQ
YOY
CBD**
85 - 115
0%
0%
SBD***
62 - 72
-4%
-4%
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
This quarter, the city witnessed completion of Srijan

Corporate Park II by Srijan Group admeasuring 0.92 million
sq ft, located at Sector V. In Kolkata, more than 3.8 million
sq ft of vacant office space was available for fit-out, of which
46% was located in PBD, which includes micro markets like
New Town and Rajarhat, 45% was located in Sector V and
rest 8% was located in CBD, SBD and other peripheral areas
like Narendrapur, Sonarpur and Madhyamgram.
Rents across Kolkata remained stable during the quarter,
except SBD which recorded a 4% quarterly decline due to
On the investment front, Chennai-based Shriram Group

is planning to invest INR 10,000 crores for developing a
mixed-use project at Uttarpara, Hooghly. The project will
consist of affordable housing ranging from INR 12 lakh
to INR 30 lakh and IT complex, hospital and educational
institutions. The first phase of the project is likely to start in
the second quarter of 2016.

1.80
1.60
1.40
Million Sq.ft
limited demand. Similarly, capital values remained stable

across all the micro markets.
1.20
1.00
0.80
0.60
0.40
0.20
Colliers View
0.00
2010
2011
2012
Q4
2013
Q3
2015
2014
Q2
2016
Q1

12,000
120
100
10,000
80
8,000
60
6,000
40
4,000
20
2,000
Forecast
Q1 2017F
Q1 2016
Q1 2015
Q1 2014
Q1 2013
Q1 2012
Q1 2011
Q1 2010
Q1 2009
Q1 2018F
0
Q1 2008
The overall market sentiment remained dull in the first

quarter. However, developers are optimistic about the
upward absorption trend in the coming quarters. The city is
expected to witness only a few new launches, as developers
are more focused on finishing their existing ventures. On the
infrastructure front, with the current pace of construction
work of Metro line 2 & 3, it is likely to be operational by
end of 2018, with which the real estate activities between
Howrah Maidan to Salt Lake, Sector V and Diamond Park
to Mahakaran will improve further. In the mid-term, rents
are expected to remain stable in across Kolkata, primarily
because of existing vacancy and low absorption base.

CLIENT
BUILDING NAME
Fosma Meritime
Godrej Waterside
ICFAI Business School
AREA (sq ft)
LOCATION
LEASE / SALE
30,350
Sector V
Sale
Plot no. Y1
26,000
Sector V
Lease
Nestle
DLF IT Park
16,000
Rajarhat
Lease
Pantaloons
Megatherm
10,000
Sector V
Lease
Oracle
Martin Burn
9,000
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.
23

Colliers Office

Загружено:

Сведения о документе

Исходное описание:

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Colliers Office

Загружено:

Авторское право:

Доступные форматы

INDIA

Reverse Repo Rate

Cash Reserve Ratio

Prime Lending Rate

Return on Alternative Investments

4 Research & Forecast Report | September 2014 | Colliers International

Gross Domestic Product at Factor Cost

of technology development centers and facilities in the

Grade A asking rents remained stable in both CBD and SBD

With limited new launches in the market, the office

Source: Government of India, Colliers International India Research

We anticipate positive momentum in the coming quarter

Colliers anticipates further decline in vacancy with an uptick

Source: Government of India, Colliers International India Research

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

FDI in Real Estate

The office market sentiments were further boosted due

City Office Barometer

The year started with a good note as the office absorption

*Indicative Grade A rents in INR per sq ft per month

During Q1 2016, no major project was added into the city

6 Research & Forecast Report | September 2014 | Colliers International

Source: Colliers International India Research

Average Rental And Capital Value Trend

Captial Values INR Per SF

We anticipate an increase in absorption momentum in the

In a major acquisition this quarter, RMZ Corp has acquired

Quarter Wise Absorption

Rental Values INR Per SF Per Month

by K-Raheja Group at Andheri (East); these projects are

Source: Colliers International India Research

Top 5 Transactions of Q1 2016

Quintiles Research India Pvt Ltd

AREA (sq ft)

One India Bulls

Lotus Corporate Park

AREA (sq ft)

Seawood Grand Central Tower I & II L & T Infrastructure

Key under construction projects

Source: Colliers International India Research

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

City Office Barometer

*Indicative Grade A rentals in INR per sq ft per month

In this quarter, a trend was seen, where occupiers who are

8 Research & Forecast Report | September 2014 | Colliers International

Quarter Wise Absorption

Rents in Delhied remained stable in Q1 2016 across all the

Average Rental And Capital Value Trend

Captial Values INR Per SF

We expect similar momentum to continue in coming

Rental Values INR Per SF Per Month

During the quarter, no new project/ parts of the project were

Source: Colliers International India Research

Top 5 Transactions of Q1 2016

AREA (sq ft)

Transaction Solution International

DLF Prime Tower

Redfort Capital Tower

Bhushan Auto Finance

AREA (sq ft)

Key under construction projects

Source: Colliers International India Research

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