01 November 2022 The CW Team
Companies continue to prefer Gurgaon over Noida for new office space, with the satellite city southwest of Delhi leasing 80% of the national capital region in the April-June quarter, according to a Cushman & Wakefield report.
Companies started shifting to Noida after the first lockdown in March 2020, as rents were less than half of those in Gurgaon, and as a result, Noida’s overall leases surpassed Gurgaon’s share in April–June 2020. However, this has changed again, partly due to a lack of new office space in Noida to meet demand.
According to the report, NCR recorded strong leasing of 3.63 million square feet in the second quarter, up 6.13% sequentially and 46% year-on-year.
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