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Most office space lease in Gurgaon ending this year!
The urban Gurgaon is made up of only two things- malls and corporate spaces. Although residential areas are fast growing in the city, corporates take up more than half of the land, which is rented out to them on lease by builders.

2014-15 is the year when many such office spaces' lease would end and have to be renewed. As their contract started on 2004-06, the lease of these places is up for renewal now.

As reported by the Business Standard, a report by Colliers International said that these companies, who has office space in lease in Gurgaon would have to pay the rentals at the current market rate, which is remarkably high than the renewal charges of the lease.

After Bangalore, the Delhi NCR region is the second place to have the highest market for office spaces with 8.31 million sq ft of cumulative office leases.

The report also stated that, “These companies will need to choose between staying at the current location at higher rentals and relocating to peripheral micro-markets offering cheaper rentals. Gurgaon will thus witness further segmentation of micro-markets in cost terms this year.”

IT companies are the biggest occupant of these spaces followed by Engineering and BFSI.

As per the report, in 2013 NCR region saw a growth of 22 percent in the commercial space absorption as compared to the previous year. Rentals in Gurgaon and Noida for office spaces remained stable in 2013.

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