In 2022, nearly 8 million square feet of office space will be leased in Delhi-NCR

by Shakti Deen SEO ! Content Marketing ! PR !

According to multinational real estate advising firm Savills India, the NCR is predicted to grow to 8.1 million square feet in 2022 as a result of a vigorous vaccination programme and as people

progressively return to work.

During the year, gross absorption reached 7.8million square feet, a considerable rise of 79 percent year over year,indicating a robust rebound in office demand. In 2022, the IT sector is predicted to remain one of the most important occupiers, with demand from other sectors such as BFSI and coworking set to improve.

"After the second wave in H2 2021, theleasing velocity accelerated dramatically. The resurgence of the office marketin NCR has been supported by a widespread immunisation programme and the

opening up of the economy.

Large-scale leases of 100,000 square feet ormore dominated leasing activity in the NCR, accounting for over 41% of total office space demand "n 2021," said Shweta Sawhney, MD, Savills India, Delhi-NCR.

Rentals are predicted to grow steadily as themarket recovers from the impact of COVID-19, resulting in increased demand. Andthe property in noida is expected toincrease,

According to the research, vacancies coulddrop to 17-19 percent in 2022.

In 2022, the Delhi-NCR region will have apipeline of roughly 5.1 million square feet. The majority of the upcomingsupply is anticipated to be 4.6 million square feet and is focused along Golf Course Extension Road, NOIDA Expressway, and the NH-8micro-market.

With a share of 63 percent, Gurugram led the leasing activity,followed by NOIDA with a share of 32 percent. NOIDA Expressway and Golf Course Extension Road were the most popular micro-markets in 2021, accounting for 19% and 15% of total leasing activity, respectively.

Mid-size (25,000-99,999 sq. ft.) and small-size(25,000 sq. ft.) sales accounted for 34% and 25% of the total, respectively.

"Also, due to marginal rentalcorrections, Gurugram contributed the most to leasing activity, accounting for 63 percent, followed by NOIDA with 32 percent." According to Shweta

Sawhney, "These micro-markets are continuing to witness very solid demand,

driven by both expansions and relocations, and thus 2022 is anticipated to be

the year of revival for the NCR office market."