India Office market remained strong in Q2 2016 with 10.4 million sq ft of office absorption totaling to about 19.2 million sq ft YTD. The office absorption recorded an 18% increase QoQ, with Bangalore being the top contributor with a 30% share, followed by NCR (21%), Hyderabad (20%), Chennai (15%), Mumbai (8%), Pune (5%) and Kolkata (1%).
The leading transactions included expansion by TCS, leasing of over 4,00,000 sq ft in Noida and 3,75,000 sq ft in Bengaluru. IBM and Value Labs have expanded their footprint in Hyderabad by leasing about 3,00,000 sq ft and 2,20,000 sq ft respectively in Western suburbs. Noida established its position as an Electronic manufacturing hub with leading mobile manufacturers like Vivo Mobile and Oppo Mobile taking up 2,50,000 and 1,60,000 sq ft of office space respectively.