Noida, touted as the National Capital Region’s satellite town, holds enormous potential for real estate development, particularly in the office leasing market. The real estate firm Colliers India’s Managing Director (North), Bhupindra Singh, stated that since 2020, approximately 10 million square feet of office space had been leased out, reflecting the increasing demand for office space in the city.
Singh further stated, “Office leasing in Noida was approximately 10 msf between 2010 and 2020, however, so far between 2020 and 2023, a comparable 10 msf space has only been rented for three years. This clearly illustrates Noida’s success story in terms of the demand for office space and office real estate.
In the upcoming years, A-grade office space rentals and IT/ITeS park rentals will rise, but inventories will sharply decline. Office space in Noida is being rented for between Rs 40 and Rs 80 per square foot (psf). In the upcoming years, these leases will increase, and due to growing demand, there will be limited inventory for office space.
Vidhi Dheri, Director-Real Estate at CBRE, stated, ‘’Unlike other NCR cities like Gurugram, Noida’s development is authority-driven, meaning that projects come after the necessary infrastructure is built by the local development authorities. This attracted good-quality tenants to Noida, such as corporate and retail spaces. ‘’
The key factors that have drawn investors attention to Noida include the availability of land, strong infrastructure, skilled labor, and sub-dollar rentals. According to realty experts, after the launch of the Jewar airport, more high-quality enterprises, infrastructure, and investments will be attracted to Noida and Greater Noida through property leasing.
