No show for Kolkata office market in Q1 2016
KOLKATA : With only 170,000 sq ft of Grade A office space absorbed, according to a report by Colliers International, in Q1 2016, Kolkata office absorption remained weak due to gloomy response from the occupiers.
The total office space absorbtion in this period stood 32 per cent less as compared to the previous quarter’s absorption of 250,000 sq ft. IT-ITeS occupiers topped the chart with over 37 per cent of the total, followed by FMCG with 16 per cent and pharmaceuticals with 14 per cent.
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 marketwise, Sector V/New Town remained the preferred micro market among occupiers, with 95 per cent share in the total absorption. More than 3.8 million sq ft of vacant office space was available for fit-out, of which 46 per cent was located in micro markets like New Town and Rajarhat, 45 per cent was located in Sector V and rest 8 per cent was located in CBD, SBD and other peripheral areas like Narendrapur, Sonarpur and Madhyamgram.