As one of the most dynamic cities of India, Noida has evolved into major commercial area. With premium amenities and a thriving business environment, global organizations and SMEs find commercial office space for rent in noida an ideal spot for economic and financial advancements.
Commercial property in the nation has seen rising demand in recent years, that is uplifting news for the real estate industry. The market for commercial office space in Noida Expressway is increasing rapidly, with last year alone witnessed consistent increase in office rentals across the nation. The top cities are Bangalore, firmly followed by Kolkata, Pune and Chennai. Delhi NCR region particularly Noida has seen increase in demand and supply of commercial properties in Noida.
According to a CII gauge, the net absorption of commercial office space in India is crossed by 39 million sq. ft in 2020. The coworking space is doing really well, with both demand and supply of quality shared spaces growing steadily over the last two years. According to the strategy, the assimilation of the shared office space was 1.11 million sq. ft from January to September 2017 though it significantly increased the following year to 3.44 million sq. ft for a similar period.
Let’s explore the key factors contributing to the increasing popularity of office space in Noida Expressway.
1. Massive Labor Accessibility
The mechanical and economic headways have presented an abundance of skilled job positions for individuals ready to work in Noida. Numerous eminent organizations have set themselves up in IT and ITES opening recruitment opportunities for people all through the country.
As per reports, Noida received the highest investment among all Indian districts, which was an astounding INR 64,000 crore. This monstrous venture has made more than 4.5 lakh new jobs, fueling demand for commercial space in Noida for rent.
2. Growing Market Demand
Over the years, Noida has become a sought-after location for commercial property investment. The value of Office space in Noida are becoming extraordinarily productive making it long term investment. Further expansion in India’s economy brings about popularity for office space.
As per reports by the property expert Anarock, the share of coworking spaces rose from 6% to 20% in the first half of 2022. NCR region holds the highest vacancy among India’s top seven cities at 28.5%, followed by Kolkata (23.5%) and the Mumbai Metropolitan Region (~16%)—indicating massive growth potential.
3. Prime Location and Major Projects
An ideal area is considered as a fundamental component that assumes an essential part in the reputation of your business. Noida is viewed as one of India’s most evolved and deliberately arranged city, with a modern infrastructure.
The upcoming Noida International Airport (Jewar Airport) is poised to be India’s biggest air terminal covering an area of 4 thousand acres of land. It is expected to finish the first phase by September 2024. On completion of this mammoth venture, the demand for commercial property in Noida will outperform assumptions.
4. Easy Connectivity
Connectivity has become an essential part of business success. Noida excels in this regard, offering access to five expressways and 21 metro stations, making commuting easy and efficient. The Government of India is additionally empowering ways of further developing availability through wide streets/roadways, Delhi Metro, and Noida Metro Rail Company (NMRC).
5. Developing Economy
Noida is home to various ventures, including IT, assembling, and medical care. The city’s economy is developing quickly, and this is supposed to continue in the long run. Its fast-growing economy has created a fertile environment for business expansion and office space demand.
6. High Demand for Commercial office space for rent in Noida
There is a huge popularity for commercial office space for rent in Noida. This is because of the city’s essential area, strong availability, and developing economy. The interest for business space is supposed to keep on filling before very long, which is uplifting news for financial investors.
7. Great Rental Yields
Commercial properties in Noida offer great rental yields. This implies that financial investors can procure a decent profit from their venture by leasing their property. The rental yields for business properties in Noida are ordinarily higher than those for private properties
There are various different elements that make Noida a decent spot to put resources into commercial property. These include:
- The city’s advanced foundation
- The accessibility of skilled Employees
- The government authority’s help for the land area
Conclusion
By and large, Noida is an exceptionally appealing commercial sector for business property speculation. The city has various variables that make it a decent spot to invest, including its essential area, strong network, developing economy, and popularity for business space.
Investing in Noida’s commercial property could be a highly profitable and future-ready decision. However, like any investment, it’s crucial to conduct thorough research and assess market trends before making a commitment.
