Forecast Report
Kolkata | Office
April 2015
Transaction
volumes picks up
in 1Q 2015
During 1Q 2015, Kolkata office market showed signs of
improvement with over 0.22 million sq ft of absorption
compared to the previous quarters absorption of only 0.15
million sq ft. IT / ITeS occupiers topped the chart with over
36% of the total, followed by manufacturing 29% and BFSI
13%. Major transactions during the quarter included the
lease of 0.05 million sq ft office space by Siemens VAI in
Godrej Water Side and the lease of 0.02 million sq ft by NIIT
in Eco Space. Sector V / New Town remained the preferred
micro market among occupiers, with 79% share in the total
absorption. A few small deals were also concluded in the
CBD and SBD micro markets. Developers continued to
remain watchful in launching new projects because many
of the large office spaces are currently struggling with leases
/ sales due to the limited new entrants and the absence of
expansion plans of existing occupiers.
2Q 2015 F
Vacancy
Absorption
Construction
Rental Value
Capital Value
Rental Values
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QoQ
YoY
CBD**
85 - 115
0%
-7%
SBD***
65 - 75
0%
-7%
Sector V
40 - 45
-8%
-11%
PBD****
34 - 35
0%
-3%
1Q 2015
1Q 2015
4Q 2014
3Q 2014
2Q 2014
1Q 2014
3Q 2013
2Q 2013
4Q 2013
0.10
0.00
1Q 2013
Million Sq.ft
Colliers View
Forecast
12,000
100
10,000
80
8,000
60
6,000
40
4,000
20
2,000
1Q 2017F
1Q 2016F
1Q 2015
1Q 2014
1Q 2013
1Q 2012
1Q 2011
1Q 2010
1Q 2009
120
1Q 2008
BUILDING NAME
AREA (SF)
LOCATION
LEASE / SALE
Siemens VAI
46,769
Sector V
Lease
NIIT
Eco Space
18,000
New Town
Lease
PWC
13,777
Sector V
Lease
Religare
PS Arcadia Central
10,000
Camac Street
Lease
Honda Motors
Eco Space
9,167
New Town
Lease
DEVELOPER
AREA (SF)
LOCATION
POSSESSION
Mani Twin
Mani Group
1,800,000
Rajarhat
2015
Technopolis 2
Forum Projects
1,200,000
Bantala
2015
Magnacon
Infinity Group
Salt Lake
2015
740,000
Notes:
1. Office Market: The major business locations in Kolkata are CBD (Park Street, Camac Street, Chowranghee Rd, AJC Bose Rd), East Kolkata (EM Bypass, Topsia, Ruby), Salt Lake/
Sector V and New Town / Rajarhat.
2. Rents/Capital Value: Market average of indicative asking price for Grade A office space.
3. Available Supply: Total Grade A office space being marketed for sale or lease in surveyed quarter.
4. City Barometer: Represents increase, decrease or stable scenario; as compared to previous quarter.
5. All the figures in the report is based on market information as on 25th March 2015.
Primary Authors:
502
67 countries on
6 continents
United States: 140
Canada: 31
Latin America: 24
199
EMEA: 108
Surabhi Arora
Associate Director | Research
+91 124 456 7500
surabhi.arora@colliers.com
Sachin Sharma
Manager | Research
Amit Oberoi I National Director
Valuation & Advisory Services & Research
For Oce Services:
Mumbai: George Mckay I South Asia Director
george.mckay@colliers.com
Delhi / NCR: Vikas Kalia | National Director
vikas.kalia@colliers.com
$2.3
billion in
annual revenue
1.7
16,300
professionals
colliers.com
2015