Clarivate leases 170,000 sq ft of space at Embassy Oxygen office park

13 Nov 2024 CW Team

Data intelligence firm Clarivate has leased 170,000 sq ft of space at Embassy Oxygen office park in Noida, said two people aware of the development. Global companies have been expanding office presence in India, leading to an increase in leasing activity.

Recently, NYSE-listed Ciena, a global leader in networking systems, services and software, leased 135,000 sq ft of office space at Gurgaon’s TRIL tower by Tata realty.

Embassy REIT, which owns and operates a 51.1 million square feet portfolio of 14 office parks, leased 2.1 million sq ft of space across 24 deals during the July-September quarter.

Global capability centres (GCCs) accounted for about half the leasing activity during the quarter, with Bengaluru leading the demand, contributing to 77% of the total quarterly leasing activity.In the National Capital Region (NCR), the information technology-business process management sector led the quarterly demand with a 29% share, followed by flexible workspaces with a 15% share.

In terms of net absorption, NCR recorded 1.8 million sq ft during the September quarter, witnessing 24% growth on quarter-on-quarter basis and 50% growth in year-n-year terms.At a submarket level, Gurgaon continued to lead demand within NCR, securing a 77% share in demand mostly in prime submarkets such as Golf Course Road Extension, Cybercity and NH 8 Prime. Noida Expressway contributed 14% to the overall guideline value in NCR during the quarter. Guideline value is the minimum value a property can be registered for, as specified by the government.During the September quarter, Delhi-NCR saw rents increase 2-7% quarter-on-quarter. The rentals are expected to remain range-bound for the rest of the year, according to experts.

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