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Research &

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.

City Office Barometer


INDICATORS

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%

*Indicative Grade A rents in INR per SF per month


**Park Street, Camac Street, Chowranghee Road, AJC Bose Road
***EM Bypass, Topsia, Ruby
****Salt Lake, New Town, Rajarhat

Similarly, the city did not witness any major completion


during the quarter due to cautious approach from
developers and low absorption levels seen in the past few
quarters. Meanwhile, PS Group completed its Non-IT
building, PS-Arcadia (0.1 million sq ft), located in Camac
Street area, which is part of CBD.
Rents across Kolkata remained stable during the quarter,
with a marginal decline recorded in Sector V / New Town
micro market due to large availability of supply and limited
demand pipeline. Similarly, capital values declined in Sector
V / New Town and PBD micro markets in the range of 23%
QoQ. The rest of the micro markets remained stable.

1Q 2015

Research & Forecast Report | April 2015 | Colliers International

Quarter Wise Absorption


1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20

1Q 2015

4Q 2014

3Q 2014

2Q 2014

1Q 2014

3Q 2013

2Q 2013

4Q 2013

0.10
0.00

1Q 2013

The overall market sentiment improved in the first quarter.


However, developers are not very optimistic about the
continuation of this absorption trend. The city is expected
to see very limited supply in the form of small- to mediumsized projects as developers are focusing on finishing
projects with small- to medium-sized floor plates, which
are relatively easy to lease. Rentals are expected to remain
stable primarily because of existing vacancy and low
absorption base.

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

Capital Values INR Per Sq.ft.

120

1Q 2008

Rental Values INR Per Sq Ft Per Month

Average Rental And Capital Value Trend

Top 5 Transactions of the Quarter


CLIENT

BUILDING NAME

AREA (SF)

LOCATION

LEASE / SALE

Siemens VAI

Godrej Water Side

46,769

Sector V

Lease

NIIT

Eco Space

18,000

New Town

Lease

PWC

South City Pinacle

13,777

Sector V

Lease

Religare

PS Arcadia Central

10,000

Camac Street

Lease

Honda Motors

Eco Space

9,167

New Town

Lease

Key Under Construction Projects


BUILDING NAME

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.

Research & Forecast Report | April 2015 | Colliers International

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

billion square feet


under management

16,300

professionals

About Colliers International

colliers.com

2015

Bengaluru: Goutam Chakraborty I Director


goutam.chakraborty@colliers.com
Pune: Rishav Vij I Senior Associate Director
rishav.vij@colliers.com
Chennai: Kaushik Reddy I Director
kaushik.reddy@colliers.com
Kolkata: Swapan Dutta I Senior Associate Director
swapan.dutta@colliers.com
Colliers International
Technopolis Building, 1st Floor,
DLF Golf Course Road,
Sector 54, Gurgaon - 122 002
TEL +91 124 456 7500

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