1.
India Q2 2016

2.
Table of Contents
INDIA
Restricted Supply will put upward pressure on asking rents in most cities 4
MUMBAI
Mumbai Office Inventory geared up with new completions 6
DELHI
CBD and Aero City witnessed maximum leases 8
GURGAON
Leasing activity rebounded with 46% QoQ increase 10
NOIDA
Office market remained alive with about 1 million sq ft office absorption 12
BENGALURU
Office Q2 2016 recorded robust demand and supply scenario 14
CHENNAI
Demand revival leads to highest leasing in three consecutive quarters 16
PUNE
Pune market experiences high rental values across all micro markets 18
HYDERABAD
Healthy leasing activities by technology firms increased office absorption 50% QoQ 20
KOLKATA
Office market maintained status quo in Q2 2016 22

3.
4 Research & Forecast Report | September 2014 | Colliers International
Return on Alternative Investments
Economic Barometer
Note:
1
Estimates as per International Monetary Fund
2
Wholesale Price Index (WPI), Latest estimates for Feb 2016
3
SBI interest rate < INR 1 crore Term Deposits for ≤ 1 Year
Foreign Exchange
INR - USD 67.60 67.37
INR- Euro 74.35 74.95
Parameters Q1 2016 Q2 2016
QOQ %
Change
Gold 27,583 31,507 14.23%
Silver 35,403 44,755 26.42%
Equity (BSE
Sensex)
24,346 27,144 11.49%
Realty Index 1,176 1,542 31.12%
Research &
Forecast Report
India | Office
July 2016
Restricted Supply will
put upward pressure
on asking rents in most
cities
Upward leap maintained in Q2 2016 with 10.4
million sq ft of office space absorption
Notwithstanding the global headwinds fostering slower growth
in the developed world, India appeared to remain the bright
spot evincing interest from leading fund managers. 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.
Office absorption numbers recorded 18% increase qoq.The
growth was underpinned by positive economic data; despite a
dip in Business confidence index, which stood at 43.8 in April
GDP for Q4 2015 (Jan – Mar 2016) was recorded at 7.9%,
an increase of 0.3% qoq. WPI inflation was recorded in the
positive territory at 0.79 %.
Technology, BFSI and Manufacturing firms dominated
expansion activities across all cities. Bengaluru remained the
top contributor with 30% share of the absorption pie followed
by NCR (21%), Hyderabad (20%), Chennai (15%), Mumbai
(8%), Pune (5%) and Kolkata (1%). Few notable transactions
include expansion by TCS, leasing 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.
The demand was well supplemented by the new supply and
existing vacant stock, but vacancy levels have gone down in
most of the cities due to limited addition of new supply. This
Indicators Q2 2015 Q2 2016
Gross Domestic
Product
7.50% 7.90%
Business Confidence
Index
56.40% 43.80%
Repo Rate 6.75% 6.50%
Reverse Repo Rate 5.75% 6.00%
Cash Reserve Ratio 4.00% 4.00%
Inflation (WPI)2
-0.91% 0.79%
Prime Lending Rate 9.70% - 10% 9.70% - 10%
Deposit Rate3
7.75% - 8% 7% - 7.75%
Source: Government of India, Colliers International India Research

4.
5 Research & Forecast Report | July 2016 | <<India>> | Colliers International
0
10
20
30
40
50
60
70
80
90
100
Jan10
Jul10
Jan11
Jul11
Jan12
Jul12
Jan13
Jul13
Jan14
Jul14
Jan15
Jul15
Jan16
Index
FDI in Construction Development Sector
Gross Domestic Product at Factor Cost
Nikkei India Services Business Activity Index
quarter about 7.0 million sq ft was added to India’s total grade
A office inventory.
Rentals for Grade A buildings remained stable in majority of
micro markets. Bengaluru, Hyderabad and Pune experienced
an upward trajectory with 3-6% qoq average growth while
Gurgaon, Noida, Delhi and Mumbai remained stable in terms
of rents. Across cities, there a was high demand for Grade A
office spaces in SBD areas. The micro markets which have
recorded highest qoq rental appreciation across cities were
CBD and Outer Ring Road in Bengaluru, Hadapsar/Fursungi
in Pune and SBD in Hyderabad. Though steady numbers were
recorded for Grade A capital values in most cities, an upward
trend was also observed in Bengaluru, Noida, and Mumbai
across a few micro markets.
Now that the political uncertainty has dissolved, Hyderabad is
an up and coming market to watch out for as several leading
companies especially in the IT/ITeS sector are looking at
Hyderbad as a preferred destination. Bangalore and Mumbai
markets are expected to act as frontrunners on the supply
side owing to expected completion of several new anticipated
projects in coming quarters.
Colliers View
Slight expansion in business activity was recorded as
seasonally adjusted Nikkei India Services Business Activity
Index contracted by 5% and was registered at 51.0 in May
2016. Increased input costs contributed to the softer growth
rate recorded in manufacturing production and services
activity.There are other concerns over the uncertainty in
direction of monetary policy on account of recent change
in leadership at RBI and international happenings such
as BREXIT. Although the UK exit from EU was unexpected
and is affecting most global markets, in our opinion impact
on the business outlook in India will be miniscule. Global
investors are skeptical about reforms in China and Japan,
but India will remain an emerging economy for potential
investors. The Real Estate (Regulation and Development)
Bill that was introduced in 2013 got President’s clearance on
25 March 2016 and as per Gazette Notification, Real Estate
(Regulation and Development) Act (RERA) came into force
from 1 May 2016. We expect that RERA will bring about
much awaited discipline in the real estate sector affecting
micro markets across India.
Owing to these results we ought to alter our strong outlook
for office market a little and expect marginal improvement
in leasing activities for rest of the year. New supply is likely
to remain restricted in most of the cities which will put an
upward pressure on asking rents in preferred micro markets.
Bengaluru will continue to lead the overall absorption but
cities like Hyderabad, NOIDA will continue to outpace other
Tier I cities due to affordable rents and availability of Grade
A supply.
Source: Government of India, Colliers International India Research
0%
2%
4%
6%
8%
10%
12%
Q12005
Q32005
Q12006
Q32006
Q12007
Q32007
Q12008
Q32008
Q12009
Q32009
Q12010
Q32010
Q12011
Q32011
Q12012
Q32012
Q12013
Q32013
Q12014
Q32014
Q12015
Q32015
Percentage(%)
0
5000
10000
15000
20000
25000
30000
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
INRCrore
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Mumbai Delhi-NCR Bengaluru Chennai Pune Hyderabad Kolkata
MillionSqFt
2015 H1 2016
Office Absorption

5.
6 Research & Forecast Report | September 2014 | Colliers International
*Indicative Grade A rentals in INR per sq ft per month
**Nariman Point, Ballard Estate and Fort
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
CBD** 200 - 250 0% 0%
Worli/Prabhadevi 180 - 210 0% -5%
Lower Parel 145 - 190 0% 0%
BKC 225 - 320 0% 0%
Kalina 150 - 220 0% 0%
Goregaon / JVLR 120 - 140 0% 24%
Andheri East 90 - 130 0% 5%
Malad 80 - 100 0% 0%
Powai 120 - 130 0% 0%
Navi Mumbai 70 - 100 0% 6%
Thane / LBS 60 - 75 0% 0%
Rental Values
Mumbai Office
Inventory geared
up with new
completions
With about 1.8 million sq ft of new supply added
in Q2 2016, rents are likely to remain stable in
coming quarters
Mumbai office absorption at 0.71 million sq ft has witnessed
a downward spiral with a 23% decrease in total absorption
since Q1 2016 as mostly mid-sized transactions have
occurred in Q2 2016 . The average deal size was about 14,000
sq ft this quarter, showing a decrease of 36% since last
quarter.
IT/ITeS, Engineering & Manufacturing and BFSI remained
primary drivers of this demand with 25%, 23% and 23%
share respectively. Location wise, about 38% of transactions
were concluded in western suburbs followed by Central
suburbs (24%), Central Mumbai (16%) and Navi Mumbai
(14%). With a number of small and mid-sized transactions,
Andheri remained the most active micro market this
quarter.
Around 10.5 million sq ft of Grade A supply is available for
fit-outs in the Mumbai office market. Navi Mumbai and
BKC contributed about 24% each in this supply, trailed by
Western suburbs (21%) in Andheri, Goregaon, Malad and
Kalina, followed by Central locations (24%) in Lower Parel,
Worli, Prabhadevi, Powai, then Thane (5%) and CBD (2%).
About 1.8 million sq ft of grade A new supply was added to
the city inventory. Projects completed this quarter include
Art Guild House (0.8 million sq ft) by Phoenix Market City at
Source: Colliers International India Research
Research &
Forecast Report
Mumbai | Office
July 2016
Source: Colliers International India Research
INDICATORS Q4 2015 Q1 2016 Q2 2016 Q3 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

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7 Research & Forecast Report | July 2016 | <<India>> | Colliers International
Key under construction projects
Notes:
1. Office Market: The major business locations in Mumbai are the CBD (Nariman Point, Fort and Ballard Estate), Central Mumbai (Worli, Lower Parel and Parel), Bandra Kurla
Complex (BKC) and Andheri Kurla stretch. Powai, Malad and Vashi are the preferred IT/ITES destinations, while Airoli at Navi Mumbai and Lal Bahadur Shastri Marg are
emerging as new office and IT/ITeS submakets.
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 figures in the report are based on market information as on 25th June 2016.
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
Here Solutions Gigaplex 65,000 Airoli Lease
Siemens Birla Aurora 60,000 Worli Lease
Zee Empire Park 54,000 Vikhroli Lease
Learning Mate Dee Gee IT Park 45,000 Andheri MIDC Lease
Spykar Lotus Corporate Park 27,000 Goregaon East Lease
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
Seawoods Grand Central
Tower I & II
L&T Infrastructure 1,350,000 Navi Mumbai 2018
Kanakia Wall Street Kanakia 1,000,000 Andheri East 2018
Top 5 Transactions of Q2 2016
Source: Colliers International India Research
Kurla, K-Raheja Corp Building (0.3 million sq ft) by K-Raheja
Corp and Boomerang (0.1 million sq ft) by Kanakia Spaces
both at Andheri, Century Greenspan (0.4 million sq ft) by
Century Estates at Worli and L&T Technology Center-IV (0.2
million sq ft) by L&T Realty at Powai.
There was only one new launch this quarter, L&T
Technology Center-V admeasuring 0.5 million sq ft; it is
expected to be completed by 2017. Apart from this, K Raheja
Corp is also planning to invest INR 2,000 crore in acquiring
land and building 6 million sq ft of commercial space in the
next two-and-a-half years in Navi Mumbai.
Rental values remained stable in Q2 2016 in all micro-
markets mirroring the pattern in previous quarters.
However, a significant increase was observed in Goregaon/
JVLR, Andheri East and Navi Mumbai since last year.
This change can be attributed to the limited supply and
preference for these micro-markets among occupiers.
Rental values also declined in Worli/Prabhadevi since last
year due to limited demand in this micro-market.
Colliers View
We expect absorption to gain momentum looking at the
current RFPs floating in the market. However, demand
will be driven by Non-IT sectors. With new supply being
introduced in the market, rents are likely to remain stable
in the upcoming quarters with minor changes in some
micro-markets in Central locations. Sanction of the new
Development Plan prepared by BMC is eagerly awaited as it
talks about an increase in FSI to 2 in selected locations.
150
200
250
350 8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
100
50
0
10.00
8.00
9.00
2.00
3.00
4.00
5.00
6.00
7.00
1.00
0.00
Q4 Q3 Q2 Q1
2010 2011 2012 2013 2014 2015 2016
Forecast
Q22008
Q22009
Q22010
Q22011
Q22012
Q22013
Q22014
Q22015
Q22016
Q22017F
Q22018F
Q22019F
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental And Capital Value Trend
MillionSq.ftRentalValuesINRPerSFPerMonth
CaptialValuesINRPerSF

7.
8 Research & Forecast Report | September 2014 | Colliers International
CBD and Aero
city witnessed
maximum leases
Small and mid-size transactions will dominate the
office demand; rents likely to remain stable
The second quarter of 2016 saw softer leasing demand for
Grade A office premises with total absorption recorded at
0.09 million sq ft down from 0.34 million sq ft in the last
quarter. BFSI remained the leading driver of office demand
with over 52% share followed by IT/ITeS and Manufacturing
companies taking up 20% share each. Connaught Place
remained the most sought after location as about 48% of
the total deals having taken place in this area. Small and
mid-sized transactions kept the market alive with deal
size averaging 8,000 sq ft. Besides this, Aero City emerged
as the preferred destination with 31% share in total
leasing activities. However, most of them were small sized
transactions ranging from 2,000 to 18,000 sq ft.
Most prominent office transactions of this quarter
were lease of about 18,000 sq ft by Airtel and Power
Finance Corporation each in Okhla and Connaught
Place, respectively and 15,000 sq ft by Softbank in Bharti
Worldmark located at Aero City.
Rents witnessed downward pressure in Nehru Place due
to overall lower leasing transactions. Jasola, Saket, Netaji
Subhash Place and Aero city recorded largely stable rents
both on quarterly and annual basis. On the other hand, due
to lack of investment sales, capital values have registered an
average 10% decline with maximum dip recorded in areas of
Jasola, Saket and Netaji Subhash Place.
About 1.4 million sq ft of Grade A office stock was available
for lease and fit-outs this quarter. The city witnessed
completion of two new Grade A projects in CBD area this
Research &
Forecast Report
Delhi | Office
July 2016
Source: Colliers International India Research
Rental Values
*Indicative Grade A rentals in INR per sq ft per month
**Connaught Place
***Netaji Subhash Place
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
CBD** 180 - 450 0% 0%
Nehru Place 175 - 235 -5% -2%
Saket 130 - 200 0% 3%
Jasola 90 -130 0% 0%
NSP*** 70 - 120 0% 0%
Okhla 30 - 100 0% -1%
Source: Colliers International India Research
INDICATORS Q4 2015 Q1 2016 Q2 2016 Q3 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

8.
9 Research & Forecast Report | July 2016 | <<India>> | Colliers International
quarter. They were Redfort Capital Tower 2 by Parasvnath
Developers at Bhaiveer Singh Marg with area of 85,000 sq ft
and another commercial development at Shivaji Marg with
a built up area over 2,00,000 sq ft. Also, two new projects
were launched in the quarter with expected completion by
2017. Both these projects have a built up area of 40,000 sq
ft each and are located at Okhla Phase III. Apart from this,
another office building admeasuring about 100,000 sq ft
area in Mohan Cooperative area is under renovation and
likely to see completion by the end of 2016.
In a move to boost the investor sentiments, the government
is mulling plans to slash the circle rates in industrial areas of
Udyog Nagar, Bawana and Narela which will help rationalize
the gap between market rates and circle rates and revive
interest among traders.
Colliers View
Overall rents are expected to remain stable in the short
term. CBD and Aero city would remain the most preferred
micro markets due to their location specific advantages.
However, other micro markets such as Okhla and Netaji
Subhash place will continue to garner interest of small and
mid-size businesses looking to expand in Delhi at affordable
rents.
0.20
0.40
0.60
0.80
1.00
1.20
1.40
0.00
2010 2011
Q4 Q3 Q2 Q1
2012 2013 2014 2015 2016
250
300
30,000
35,000
40,000
25,000
20,000
15,000
10,000
5,000
0
200
150
100
50
0
Forecast
Q22008
Q22009
Q22010
Q22011
Q22012
Q22013
Q22014
Q22015
Q22016
Q22017F
Q22018F
Q22019F
Key under construction projects
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
Power Finance Corporation Statesman House 18,000 Connaught Place Lease
Airtel Plot 249 18,000 Okhla Lease
Softbank Bharti Worldmark 15,000 Aero City Lease
Dalmia Narain Manjil 14,000 Connaught Place Lease
SBI Life Insurance Statesman House 8,500 Connaught Place Lease
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
NBCC Plaza NBCC Ltd. 1,300,000 Kidwai Nagar 2016
RPS Infi nia RPS Developer 1,200,000 Mathura Road 2016
Skipper House Govt. Trust 160,000 Barakhamba Road 2016
Top 5 Transactions of Q2 2016
Source: Colliers International India Research
Notes:
1. Office Market: The commercial areas in New Delhi can be broadly classified into the CBD (Connaught Place), SBD Nehru Place, Bhikaji Cama Place, Netaji Subhash Place,
Jasola and Saket .
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 figures in the report are based on market information as on 25th June 2016.
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental And Capital Value Trend
MillionSq.ftRentalValuesINRPerSFPerMonth
CaptialValuesINRPerSF

9.
10 Research & Forecast Report | September 2014 | Colliers International
Leasing activity
rebounded with
46% QoQ increase
Rents are likely to remain stable with upward bias
due to limited supply of quality space in preferred
micro markets.
Gurgaon office property market witnessed about 1.02
million sq ft of office absorption this quarter, totaling
to about 1.72 million sq ft YTD. On quarterly basis, this
was about 46% increase. IT/ITeS and BFSI remained
the key occupiers this quarter with about 32% and 25%
share respectively in total lease volume. Apart from this,
manufacturing and consulting firms looking to expand or
enter the market, leased smaller office spaces, which formed
the bulk of transactions.
NH8 and Sohna Road remained the most preferred
micro markets sharing about 32% and 24% of total office
absorption indicating an increased inclination towards cost
effectiveness among corporate occupiers.
About 6.8 million sq ft of Grade A office space was available
for lease in Gurgaon this quarter. Nearly 27% of this available
stock was located in NH8, 25% in Golf Course Extension
Road and Sohna Road followed by 15% at Manesar and 11%
at Golf Course Road. MG Road is left with limited vacant
stock amounting to only 7% .
Only 0.65 million sq ft was added to the city’s total inventory
this quarter. Two new projects with a scheduled completion
by the first quarter of 2018 have been launched at Golf
Course Extension Road which include IREO City (1.5 million
sq ft) and International Tech Park, Phase 1 (0.95 million sq
ft). A small project Adipta Tower, with a built up area of 0.18
million sq ft was also launched in supply constrained micro
Research &
Forecast Report
Gurgaon | Office
July 2016
Source: Colliers International India Research
Source: Colliers International India Research
*Indicative Grade A rentals in INR per sq ft per month
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
MG Road 110 - 140 0% -4%
Golf Course Road 95 - 210 5% 22%
Institutional Sectors
(Sec 44, 32, 18)
60 - 90 0% -3%
Golf Course Road Ext./
Sohna Road
60 - 75 0% 8%
National Highway 8 50 - 130 0% 0%
Udyog Vihar & Industrial
Sectors
30 - 45 0% 10%
Manesar 38 - 45 0% -2%
DLF Cyber City (IT) 100 - 110 0% 4%
Rental Values
INDICATORS Q4 2015 Q1 2016 Q2 2016 Q3 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

10.
11 Research & Forecast Report | July 2016 | <<India>> | Colliers International
market of Udyog Vihar.
Rents remained stable in most of the micro markets with
the only exception of Golf Course Road, that registered a
5.2% surge on quarterly basis. Capital Values have remained
stagnant qoq.
In a move to align the prevailing ground realities and
rejuvenate the buyer sentiments, the Haryana government
slashed the circle rates by 15% which were held constant for
the last two years. In another initiative, the district planning
committee gave a green signal to the Transit Oriented
Development Policy. Accordingly, the policy provided
increased FAR upto 3.5 in the TOD zone, which shall be
designated up to 800 meters width on both sides from the
boundaries of the Right of Way (ROW) of MRTS corridor.
Colliers View
We anticipate demand momentum to continue from sectors
like IT/ITeS, BFSI and Manufacturing. Due to connectivity
enhancement, Golf Course Road will garner the occupier
interest while traditional micro markets such as Udyog
Vihar, Institutional Sectors and NH8 will continue to see
transaction due to advantages in location and affordable
rents. Rents are likely to remain stable with upward bias
due to limited supply of quality space in preferred micro
markets.
1
2
3
4
6
5
0
2010 2011
Q4 Q3 Q2 Q1
2012 2013 2014 2015 2016
100
120
140
8,000
10,000
14,000
12,000
6,000
4,000
2,000
0
80
60
40
20
0
Forecast
Q22008
Q22009
Q22010
Q22011
Q22012
Q22013
Q22014
Q22015
Q22016
Q22017F
Q22018F
Q22019F
Notes:
1. Office Market: The prime business locations in Gurgaon are MG Road, Golf Course Road, Cyber City and Udyog Vihar. Manesar on the outskirts of Gurgaon is also
emerging as the city’s new office destination.
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 figures in the report are based on market information as on 25th June 2016.
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
XL Catlin DLF Silokhera 150,000 DLF Silokhera Lease
Amazon
Ambience Corporate
Tower II
90,000 NH 8 Lease
Schneider Electric Individual Building 80,000 Sector 44 Lease
Data Telesis Brookfield SEZ 80,000 Tikri Lease
Guardian Insurance Brookfield SEZ 80,000 Tikri Lease
Top 5 Transactions of Q2 2016
Key under construction projects
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
IREO City IREO 1,500,000 Golf Course Road Extn 2018
International Tech Park Phase 1 Ascendas 950,000 Golf Course Road Extn 2018
New Office Development DLF 700,000 NH 8 2017
Source: Colliers International India Research
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental And Capital Value Trend
MillionSq.ftRentalValuesINRPerSFPerMonth
CaptialValuesINRPerSF

11.
12 Research & Forecast Report | September 2014 | Colliers International
Office market
remained alive with
about 1 million sq ft
office absorption
Leasing momentum to strengthen; Sector 62 and
Noida Expressway will remain preferred locations
on account of improved metro connectivity
Noida recorded significant transaction volume with
absorption being registered at about 1.0 million sq ft in
Q2 totaling to YTD figure of 1.4 million sq ft. Demand
largely remained concentrated in IT developments and
manufacturing setups in Institutional and Industrial sectors.
About 45% of transactions were concluded in Sector 62
followed by 30% in Industrial Sectors like Sector 63 and
Sector 58 and 25% on Expressway indicating increased
inclination towards affordable spaces by corporate
occupiers.
Noida is witnessing increased attention from electronics
manufacturing companies and is gradually ensconcing itself
as the Manufacturing hub. This quarter, Vivo Mobile has
leased 0.25 million sq ft area in World Trade Centre which is
an R&D and manufacturing facility at Greater Noida. Oppo
Mobile and Lava Mobile have leased 0.16 and 0.10 million
sq ft in Sector 63. Noida is already home to leading vendors
like LG, Samsung, Spice, Karbonn and has evinced interest
from companies like Salcomp, a mobile phone charger
maker. Companies like to remain in the vicinity of other
vendors to leverage common component suppliers and
economies of scale.
This quarter witnessed the launch of a few new projects
on Noida Expressway with scheduled completion by 2019.
Research &
Forecast Report
NOIDA | Office
July 2016
Source: Colliers International India Research
Indicative Grade A rentals in INR per sq ft per month
*Sector 18
**Sector 16A, 62, 125-142
***Sector 124, 57-60, 63-75
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
Commercial Sectors* 70 - 110 0% -10%
Institutional Sectors
(Non IT)**
80 - 100 0% 6%
Institutional Sectors
(IT)**
40 - 55 -10% -14%
Industrial Sector (IT)*** 35 - 55 0% 0%
Rental Values
Source: Colliers International India Research
INDICATORS Q4 2015 Q1 2016 Q2 2016 Q3 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

12.
13 Research & Forecast Report | July 2016 | <<India>> | Colliers International
Alphathum by Bhutani Infra, is an integrated development
spread across 25 acres in the prime location of Sector 90.
Antriksh India Complex, launched in a low density region
of Sector 150 with FSI of 1.5 offers both office and retail
spaces. Advant Solaris/Navis with 3.3 million sq ft area was
launched in Sector 142 on Noida Expressway.
Increased transaction activity in IT and Manufacturing
sectors, resulted in tightening in vacancy with overall vacant
stock available for fit out recorded at 8.5 million sq ft down
by 25% on quarterly basis. About 0.2 million sq ft was added
to the stock with completion of ATS Towers in Sector 135 of
Noida Expressway.
Rents in largely remained stable in most of the micro
markets. However, tightening of vacancy levels particularly
in the Industrial Sectors of Noida resulted in a slight upsurge
in rents qoq.
Colliers View
With favorable incentives for IT and Manufacturing units in
place, and work on infrastructure projects like Metro Rail in
Sector 62 and Noida Expressway in good progress, upswing
in leasing activity will continue to persist in the short term.
On account of its affordable rents, Industrial Sectors in
Noida will continue to witness demand putting an upward
bias on rents. Increasing supply side competition in Noida
Expressway will weigh down on rents in this region.
70
80
90
8,000
10,000
12,000
14,000
6,000
4,000
2,000
0
60
50
40
30
10
20
0
1.00
0.50
1.50
2.00
2.50
3.50
3.00
0.00
Forecast
2010 2011 2012 2013 2014 2015 2016
Q4 Q3 Q2 Q1
Q22009
Q22010
Q22011
Q22012
Q22013
Q22014
Q22015
Q22016F
Q22017F
Q22018F
Q22019F
Source: Colliers International India Research
Notes:
1. Office Market: NOIDA market is comprised of sectors broadly classified as institutional, industrial and commercial sectors. Institutional sectors include sec 16A, 62 and
125-142, industrial sectors include Sec 1-9, 57-60 and 63- 65 while sector 18 is the most developed commercial sector.
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 figures in the report are based on market information as on 25th June 2016.
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
TCS Okaya Tower 400,000 Sector 62 Lease
Vivo Mobile World Trade Center 250,000 Greater Noida Lease
Oppo Mobile ASF Synergy 160,000 Sector 63 Lease
Lava Mobile Sector 63 100,000 Sector 63 Lease
Indus Tower Okaya Tower 25,000 Sector 62 Lease
Top 5 Transactions of Q2 2016
Key under construction projects
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
Assotech Business Cresterra Assotech 500,000
Greater Noida
Expressway
2017
World One
CBS International Projects
Pvt. Ltd.
100,000 Sector 90 2017
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental And Capital Value Trend
MillionSq.ftRentalValuesINRPerSFPerMonth
CaptialValuesINRPerSF

13.
14 Research & Forecast Report | September 2014 | Colliers International
Q2 2016 recorded
robust demand and
supply scenario
ORR loses share in overall leasing activity while
Whitefield and North Bengaluru picked up; rents
are likely to inch up in coming quarters
In Q2 2016, Bengaluru’s total office sector leasing stood at
3.6 million sq ft registering a hefty appreciation on the back
of continued demand momentum across major sectors.
In line with the trend witnessed in Q1 2016, IT/ITeS sector
accounted for a majority share (71%) in the overall leasing
followed by BFSI (17%).
As per our earlier predictions, due to a dearth of vacant
spaces on Outer Ring Road, the leasing has slowed down
in this micro market and accounted for only 20% of the
total absorption this quarter. EPIP Zone/Whitefield and
North Bengaluru were the primary beneficiary of this spill
over demand and garnered about 12% and 11% share
respectively in total leasing this quarter. Significant tenants
that leased space in North Bengaluru included Apple India
Pvt. Ltd. And Comviva leasing about 38,000 sq ft and 85,000
sq ft respectively.
Apart from leasing, we have also recorded couple of sales
transactions this quarter. The most prominent one includes
the purchase of 120,000 sq ft office space by E Clinical
Research Centre in Whitefield. Healthy demand was well
complimented by robust supply and about 2.5 million sq ft
of grade A office space was added to city’s inventory in Q2
2016 registering a 30% appreciation on a quarterly basis.
Substantial new supply was concentrated in peripheral
micro markets of Sarjapur Road and EPIP Zone/Whitefield.
IT-SEZs constituted 76% of the total new supply this quarter
as one project each became operational in both Sarjapur
Road (1 million sq ft) and EPIP Zone/Whitefield (0.54
Research &
Forecast Report
Bengaluru | Office
July 2016
Source: Colliers International India Research
Source: Colliers International India Research
*Indicative Grade A rentals in INR per sq ft per month
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
CBD 90 - 150 9% 9%
Outer Ring Road
(Sarjapur - Marathahalli)
75 - 80 9% 30%
Outer Ring Road
(K.R. Puram - Hebbal)
65- 75 8% 24%
Bannerghatta Road 55 - 68 3% 3%
Hosur Road 25 - 40 2% 2%
EPIP Zone/Whitefield 32 - 38 9% 9%
Electronic City 28 - 36 0% 0%
Rental Values
INDICATORS Q4 2015 Q1 2016 Q2 2016 Q3 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

14.
15 Research & Forecast Report | July 2016 | <<India>> | Colliers International
million sq ft).
Buoyed by steady demand from IT/ITeS occupiers, all
new launches in this quarter comprised of IT Parks and
IT-SEZs. Nearly 3.5 million sq ft new space was launched,
out of which 70% was in North Bengaluru locations such as
Yelahanka and Thanisandra Road.
Despite healthy demand supply equation, most of the
micro markets recorded rental appreciation this quarter.
CBD, EPIP Zone/Whitefield and Outer Ring Road witnessed
7-9% qoq appreciation as demand continued to outpace
supply. Capital values largely remained stable in most of the
markets except EPIP Zone/Whitefield.
Colliers View
We expect leasing momentum to continue in coming
quarters. However, despite being a preferred location, ORR
will continue to lose its share in total leasing activity, while
other micro markets such as Whitefield, North Bengaluru
and Sarjapur Road will see maximum leasing due to
availability of vacant stock and relatively affordable rents.
Overall rental values are likely to inch up further due to
limited supply in almost all preferred micro markets.
6,000
8,000
10,000
4,000
2,000
0
70
90
80
60
50
40
30
10
20
0
4.00
2.00
6.00
8.00
10.00
12.00
14.00
16.00
0.00
Forecast
Q4 Q3 Q2 Q1
Q22008
Q22009
Q22010
Q22011
Q22012
Q22013
Q22014
Q22015
Q22016
Q22017F
Q22019F
Q22018F
Notes:
1. Office Market: Prime office properties in Bengaluru can be divided into three principal sub-market— CBD/Off CBD (MG Road, Millers Road, Vittal Mallya Road etc.) the
SBD (Banerghatta Road & Outer Ring Road (ORR) and PBD (Hosur Road, EPIP Zone, Electronic City and Whitefield).
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 figures in the report are based on market information as on 25th June 2016.
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
Tata Consultancy Services Brigade Bhuwalka Icon 375,000 Whitefield Lease
Broadridge Financial Solutions Divyasree NR Enclave 156,000 Whitefield Lease
Infosys Karle IT Park 150,000 Outer Ring Road Lease
Ingersoll Rand IBC Knowledge Park 120,000 Bannerghatta Road Lease
Google
Bagmane Constellation
IT Park
105,000 Outer Ring Road Lease
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
Embassy Tech Village Embassy Group 2,900,000 Outer Ring Road 2018
Prestige Technostar Prestige Group 1,050,000 Whitefield 2018
Bagmane Constellation -
Block Carina
Bagmane Group 1,100,000 Outer Ring Road 2017
Top 5 Transactions of Q2 2016
Key under construction projects
Source: Colliers International India Research
2010 2011 2015201420132012 2016
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental And Capital Value Trend
MillionSq.ftRentalValuesINRPerSFPerMonth
CaptialValuesINRPerSF

15.
16 Research & Forecast Report | September 2014 | Colliers International
Demand revival
leads to highest
leasing in three
consecutive
quarters
Occupier preference to remain concentrated
in OMR Pre-Toll and CBD; leading to upward
pressure on rentals in these micro markets
During Q2 2016, Chennai witnessed substantial gross
leasing of nearly 1.3 million sq ft as the commercial office
sector rebounded post state elections recently. This is
primarily due to stable macroeconomic fundamentals
coupled with pent-up demand which led occupiers to
execute expansion strategies in the city.
OMR Pre - Toll remained the most preferred micro market
and accounted for 43% share in total leasing volume
followed by CBD and Mount Poonamalle Road sharing 21%
and 17% respectively.
IT/ITeS sector continued to remain the catalyst behind
increased leasing volumes accounting for 73% of total
demand followed by BFSI which had a 7% share. IBM, Ford,
Athena Healthcare and BNP Paribas are major tenants who
leased spaces in this quarter. Apart from leasing, this quarter
also witnessed a a notable sales transaction as Mysys
brought 30,000 sq ft and 13,000 sq ft space in ASV Chandilya
located at OMR Post-Toll.
In Q2 2016, the city witnessed minimal new supply infusion
of about 0.2 million sq ft, out of which 70% became
Research &
Forecast Report
Chennai | Office
July 2016
*Indicative Grade A rentals in INR per sq ft per month
Source: Colliers International India Research
Source: Colliers International India Research
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
CBD 65 - 85 0% 3%
Off CBD 55 - 65 4% 9%
Ambattur 30 - 40 3% 21%
OMR (Pre Toll) 55 - 65 2% 9%
OMR (Post Toll) 25 - 40 0% 0%
Mount Poonamalle Road 50 - 60 0% 0%
GST Road 35 - 45 0% 0%
Rental Values
INDICATORS Q3 2015 Q4 2015 Q1 2016 Q2 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

16.
17 Research & Forecast Report | July 2016 | <<India>> | Colliers International
operational in CBD itself. For the sixth consecutive quarter,
new IT-SEZ supply remained absent in the city pushing
occupiers to consider alternate options, including OMR
Post-Toll and even in non IT spaces in central city areas.
Capital values and rents largely remained stable in this
quarter. However, OMR Pre-Toll, Ambattur and Off CBD
noted 2-4% marginal rental uptick over the previous quarter
as vacancy dipped and no new supply entered these micro
markets.
Colliers View
We expect, demand momentum to remain upbeat over the
coming quarters due to positive occupier sentiments and a
number of RFPs floating in the market. Also, planned IT-SEZ
supply set for completion in the next two years is eagerly
awaited by corporates looking at establishing or expanding
presence in Chennai. Rents are expected to further
appreciate in OMR Pre-Toll and CBD micro markets due to
limited supply availability and occupier preference for these
micro markets.
1
2
3
4
5
6
0
2010 2011 2012 2013 2014 2015 2016
Q4 Q3 Q2 Q1
6,000
7,000
8,000
9,000
5,000
4,000
3,000
2,000
1,000
0
90
70
60
80
50
40
10
30
20
0
Forecast
Q22008
Q22009
Q22010
Q22011
Q22012
Q22013
Q22014
Q22015
Q22016
Q22017F
Q22018F
Q22019F
Notes:
1. Office Market: Prime office properties in Chennai are located in seven principal sub markets: CBD, Off CBD, Ambattur, OMR I, II & III, Mount-Poonamallee Road, GST Road.
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 June 2016.
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
IBM DLF Cybercity 57,000 Mount Poonamalle Road Lease
Athena Health SP Info City 52,000 Old Mahabalipuram Road Lease
Ford SP Info City 52,000 Old Mahabalipuram Road Lease
Caibre Point Chennai One Magnum 45,000 Old Mahabalipuram Road Lease
BNP Paribas SP Info City 45,000 Old Mahabalipuram Road Lease
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
Chennai One SEZ - South Block IG3 Infra Ltd. 1,200,000
Pallavaram Thoraipakkam
Road
2016
Ramanujan IT City (Cambridge
Block)
TRIL 750,000 Taramani 2016
Ramanujan IT City (Infinity Block) TRIL 550,000 Taramani 2016
Top 5 Transactions of Q2 2016
Key under construction projects
Source: Colliers International India Research
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental And Capital Value Trend
MillionSq.ftRentalValuesINRPerSFPerMonth
CaptialValuesINRPerSF

17.
18 Research & Forecast Report | September 2014 | Colliers International
Rents surging up in
the wake of limited
new supply
Vacancy rate is at an all time low; restricted
future pipeline for office supply will push the rents
upward in short to medium term.
Keeping up with trends in previous quarters, IT/ITeS
sector was a frontrunner in the Pune office market scene
with 56% share in overall leasing volume followed by BFSI
(22%), Engineering & Manufacturing (11%) and others
(11%). The city absorption was about 51% lower in Q2 2016
when compared to last quarter. The total office absorption
recorded this quarter was 0.6 million sq ft totalling to 1.8
million sq ft YTD. The decrease in office absorption on QoQ
basis was primarily due to a few big transactions concluded
in Q1 2016.
Kharadi, Hinjewadi and CBD locations were primary
preferences among office occupiers with 21%, 20% and 15%
share respectively. These were followed by Airport Road/
Pune Station (14%), Bavdhan (8%), Kalyani Nagar (7%),
Hadapsar/Fursungi (5%), Nagar Road (5%), Baner and
Aundh (5%).
Notable transactions this quarter include Citibank which
leased about 80,000 sq ft of office space in the SEZ EON
Cluster – E at Kharadi. Fiserv took about 33,000 sq ft in
Kumar Cerebrum IT Park 2 at Kalyani Nagar and other
transactions were concluded by Innoplexus and Msys
Technologies which secured 28,000 sq ft each in Midas
Tower at Hinjewadi.
Office space stock of over 3.7 million sq ft is available in
Research &
Forecast Report
Pune | Office
July 2016
Source: Colliers International India Research
Source: Colliers International India Research
*Indicative Grade A rentals in INR per sq ft per month
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
Baner 50 - 60 3% 10%
Bund Garden 53 - 67 3% 4%
Airport road/pune
station
56 - 87 2% 12%
Aundh 50 - 64 4% 9%
Senapati Bapat Road 65 - 110 6% 25%
Bavdhan 39 - 50 3% 11%
Kalyani Nagar 52 - 65 4% 9%
Nagar Road 52 - 65 4% 11%
Hinjewadi 42 - 55 5% 13%
Hadapsar/Fursungi 55 - 72 9% 23%
Kharadi 48 - 90 6% 22%
Rental Values
INDICATORS Q4 2015 Q1 2016 Q2 2016 Q3 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

18.
19 Research & Forecast Report | July 2016 | <<India>> | Colliers International
Pune market as of Q2 2016. Around 26% of this stock is at
Pune’s IT hub, Hinjewadi followed by 15% at Airport road/
Pune station, 13%, 11% and 10% at Nagar Road, Bund
Garden and Kharadi respectively, while 26% was available in
other locations.
New supply remained restricted and only a small
development Power One admeasuring 0.03 million sq ft
by Spara Properties at Mudhwa witnessed completion.
Similarly, a few small new projects were launched this
quarter totaling to about 0.21 million sq ft. Sai Square at JM
Road, SBH at Wakad and Global Business Hub at Kharadi
are to be completed in the next 1-2 years.
Limited supply and continued dip in vacancy levels have
led to a significant increase in rental values across all micro
markets in Pune, with Hadapsar/Fursungi leading the way
with a 9% increase since last quarter.
Colliers View
Pune market has experienced a supply crunch and rent
escalation for past few quarters. In long run limited supply
pipeline and continued escalation in rentals has the
potential to decrease the overall attractiveness of the city
for IT majors and other large occupiers. Thus rents will
continue to rise for a short term but will stabilize within
most micro markets in longer term. The recent launch of 14
smart city projects in Pune will trigger rapid development
leading to an increased demand across commercial markets,
however city will need new supply to adhere to this demand.
6,000
7,000
8,000
5,000
4,000
3,000
2,000
1,000
0
80
70
60
50
20
10
40
30
0
1
2
3
4
5
6
0
Forecast
2010 2011 2012 2013 2014 2015 2016
Q4 Q3 Q2 Q1
Q22008
Q22009
Q22010
Q22011
Q22012
Q22013
Q22014
Q22015
Q22016
Q22017F
Q22019F
Q22018F
Source: Colliers International India Research
Notes:
1. Office Market: The prime office sub-markets of Pune include CBD (Deccan Gymkhana, Bund Garden Road, Senapati Bapat Road & Camp), Off CBD (Aundh, Airport Road
and Kalyani Nagar) and the eastern corridor, along with Nagar Road and Kharadi, which have emerged as a preferred location for financial and IT/ITES companies.
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 figures in the report are based on market information as on 25th June 2016.
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
Citi Bank EON Cluster – E 80,000 Kharadi Lease
Fiserv Kumar Cerebrum IT Park 2 33,000 Kalyani Nagar Lease
Innoplexus Midas Tower 28,000 Hinjewadi Lease
MSys Technologies Midas Tower 28,000 Hinjewadi Lease
True Connect Suzlon 25,000 Kharadi Lease
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
Global Business Hub Shubh Developers 100,000 Kharadi 2018
SBH Chordia Group 100,000 Wakad 2017
Sai Square Jalan Group 10,000 JM Road 2017
Top 5 Transactions of Q2 2016
Key under construction projects
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental And Capital Value Trend
MillionSq.ftRentalValuesINRPerSFPerMonth
CaptialValuesINRPerSF

19.
20 Research & Forecast Report | September 2014 | Colliers International
Healthy leasing by
Technology firms
increased office
absorption 50%
QoQ
Demand to strengthen further in coming quarters;
rents to see upward trends in SBD as demand
likely to outstrip supply
During Q2 2016, Hyderabad witnessed about 1.9 million sq
ft total absorption across the city. Widespread expansion
coupled with entry of new companies brought about
vigorous qoq appreciation of 54% in overall leasing volumes.
Prominent tenants such as IBM leased nearly 300,000 sq ft
in Phoenix Avances in HITEC City. Value Labs also took up
almost 220,000 sq ft in Lanco Hills in Manikonda.
New age technology driven data analytics and Internet of
Things (IoT) companies were the prime demand driver and
accounted for about 76% of the overall leasing share. HITEC
City remained the preferred micro market with 85% share in
total leasing volume due to presence of several IT Parks and
IT-SEZs.
Apart from SBD, Central Business District (CBD) also
commanded a 12% share in total leasing volume as some
companies across IT/ITeS, Media and BFSI with mid-sized
space requirements continued to prefer CBD due to ease of
connectivity and proximity to other business hubs.
Since SBD has traditionally witnessed maximum share in
overall leasing, most of the upcoming supply is concentrated
in locations within this micro market. This quarter, too, we
Research &
Forecast Report
Hyderabad | Office
July 2016
Rental Values
*Indicative Grade A rentals in INR per sq ft per month
Source: Colliers International India Research
Source: Colliers International India Research
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
CBD 45 - 50 -4% -4%
Off CBD 45 - 50 -9% -13%
SBD 50 - 55 10% 18%
PBD 25 - 30 0% 0%
Rental Values
Source: Colliers International India Research
INDICATORS Q1 2016 Q2 2016 Q3 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

20.
21 Research & Forecast Report | July 2016 | <<India>> | Colliers International
noted new supply influx of 1.1 million sq ft in Raidurgam
and Nanakramguda which is 19% higher compared to the
last quarter. While the entire supply comprises of IT-SEZ
spaces, Grade A spaces account for 88% of the total supply.
As vacancy levels are consistently decreasing in HITEC
City, developers have started planning new projects in
areas around HITEC City. In Q2 2016, three new projects
comprising a total of 4.7 million sq ft were launched, out
of which 85% will be concentrated in Nanakramguda and
Raidurgam. These new projects are expected to become
operational by December 2018.
High demand for prime office spaces in SBD led to a 10%
qoq rental appreciation in this micro markets. Rents in CBD
decreased by 4% due to lack of grade A spaces.
Colliers View
We expect leasing volumes to strengthen in the second
half of the year as a stable political climate and incentives
provided by state government will help propel Hyderabad’s
image as a leading center for innovation and design for IT/
ITeS companies. SBD will continue to remain the preferred
micro market amongst occupiers. While new supply of
nearly 1.2 million sq ft is likely to see completion in SBD
in Q3 2016, rents may still appreciate further in this micro
market due to a steady demand.
40
30
20
10
0
2010 20122011 2013 2014 2015 2016
Q4 Q3 Q2 Q1
Q22011
Q22012
Q22013
Q22014
Q22015
Q22017F
Q22016F
Q22018F
Q22019F
Source: Colliers International India Research
0
1
2
3
4
5
6
7
Notes:
1. Office Market: The prime office sub markets of Hyderabad include CBD (Banjara Hills Road No. 1,2, 10 and 12), Off CBD (Begumpet, Somajiguda, Raj Bhavan Road,
S.P. Road, Himayath Nagar, Off Banjara Hills and Jubilee Hills), SBD (Madhapur, Gachibowli, Manikonda, Kondapur, Nanakramguda) and PBD (Pocharam, Uppal and
Shamshabad)
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 figures in the report are based on market information as on 25th June 2016.
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
IBM Avances Business Hub 300,000 HITEC City Lease
Value Labs Lanco Hills 220,000 Manikonda Lease
Development Bank of Singapore Wave Rock 148,000 Nanakramguda Lease
HDFC Bank Roxana Palladium 100,000 Banjara Hills No.1 Lease
DE Shaw Raheja Mindspace 87,000 HITEC City Lease
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
My Home Divija My Home Group 3,000,000 Raidurg 2018
Knowledge City Salarpuria Sattva 1,540,000 Raidurg 2017
Laxmi Cyber Towers Gar Corp 1,000,000 Nanakramguda 2018
Top 5 Transactions of Q2 2016
Key under construction projects
50
60
Forecast
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental Trend
MillionSq.ftRentalValuesINRPerSFPerMonth

21.
22 Research & Forecast Report | September 2014 | Colliers International
Office market
maintained status
quo in Q2 2016
Despite restricted supply in coming quarters,
rents are likely to remain stable due to high
vacancy levels
In the last two quarters, Kolkata market has seen marginal
improvement in enquiries mostly into Non-IT segment for
expansion requirements. However, with an average deal size
of 7500 sq ft the overall leasing volume was unable to pick
up this quarter as well. We recorded about 0.12 million sq ft
of office absorption this quarter totalling to about 0.3 million
sq ft YTD. Sector V remained the occupier preference due to
availability of grade A buildings and about 70% of the leasing
took place in this location. Besides this, traditional CBD
locations continued to see small transactions and shared
about 17% in the total absorption pie. Most of the demand
was catered to local companies looking for expansion.
One of the notable transactions this quarter includes
Senrysa Technologies lease of 18,000 sq ft space in Godrej
Watersode located at Sector V. Financial Services firms
like Karvy Financial and Destimoney have leased about
14,000 sq ft each in CBD zone and Sector V, respectively.
Besides this we have also witnessed couple of small outright
purchase transactions in a few recently completed grade A
buildings.
No major commercial project witnessed completion this
quarter. City level vacancy was recorded at 24% with IT
Zones in the micro markets of Sector 5, New Town and
Rajarghat witnessing high vacancy level of about 30% and
East Kolkata registered a vacancy level of 15%. Over 90%
of the vacant stock is available in Rajarhat, New Town and
Sector V, however, in recent times these micro markets
Research &
Forecast Report
Kolkata | Office
July 2016
Source: Colliers International India Research
Source: Colliers International India Research
*Indicative Grade A rentals in INR per sq ft per month
**Park Street, Camac Street, Chowranghee Road, AJC Bose Road
***EM Bypass, Topsia, Ruby
****Salt Lake, New Town, Rajarhat
MICRO MARKETS
RENTAL
VALUE*
% CHANGE
QOQ YOY
CBD** 85 - 115 0% 0%
SBD*** 60 - 70 -3% -7%
Sector V 40 - 45 -3% 0%
PBD **** 34 - 35 0% 0%
Rental Values
INDICATORS Q4 2015 Q1 2016 Q2 2016 Q3 2016F
Vacancy
Absorption
Construction
Rental Value
Capital Value
City Office Barometer

22.
23 Research & Forecast Report | July 2016 | <<India>> | Colliers International
witnessed a marginal decline in vacancy levels due to
limited supply. In the coming quarters as well, supply will
remain restricted apart from small office supply in a few
mixed use projects.
Rents and capital values in most of the micro markets
remained largely unchanged however, a few buildings
continued to demand premium over average market rents.
This quarter IT/ITeS major, Wipro had proposed to set up an
IT/ITeS SEZ over an area of 19.76 hectares in Rajarhat, but
is now rethinking its strategy of expanding its business on
account of deferment on part of government in giving SEZ
status to the project.
Colliers View
Looking at the current stage of construction, the market is
unlikely to see any major new supply of commercial space
in the remaining quarters of 2016. However, rents are likely
to remain stable due to high vacancy level. In the backdrop
of sluggish real estate market, unless the government adopts
a more investor friendly approach the status quo is expected
to continue.
Source: Colliers International India Research
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 figures in the report are based on market information as on 25th June 2016.
CLIENT BUILDING NAME AREA (sq ft) LOCATION LEASE / SALE
Senrysa Technologies Godrej Waterside 18,000 Sector V Lease
Karvy Financial Apeejay House 14,000 CBD Lease
Destimoney Sugam Business Park 14,000 Sector V Lease
MET Technologies Brookfield Infospace 11,000 Rajarhat Lease
ATO Engg. Srijan Corporate Park 10,700 Sector V Lease
BUILDING NAME DEVELOPER AREA (sq ft) LOCATION POSSESSION
Technopolis 2 Forum Projects 1,200,000 Bantala 2016
PS Srijan Tech Park II PS Group & Srijan 925,000 Sector V 2016
Primac Tower Primac Group 47,000 Sector V 2016
Top 5 Transactions of Q2 2016
Key under construction projects
Rental Values Capital Values
8,000
10,000
12,000
6,000
4,000
2,000
0
100
120
80
60
20
40
0
0.80
0.60
0.40
0.20
1.00
1.20
1.40
1.60
1.80
0.00
2010 2011 2012 2013 2014 2015 2016
Q4 Q3 Q2 Q1
Q22008
Q22009
Q22010
Q22011
Q22012
Q22013
Q22014
Q22015
Q22016
Q22017F
Q22018F
Q22019F
Forecast
Source: Colliers International India Research
Source: Colliers International India Research
Office Absorption
Average Rental And Capital Value Trend
MillionSq.ftRentalValuesINRPerSFPerMonth
CaptialValuesINRPerSF

23.
Copyright © 2016 Colliers International.
ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult
their professional advisors prior to acting on any of the material contained in this report.
About Colliers International Group Inc.
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occupiers, owners and investors worldwide. Services include strategic advice and execution for property
solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
help clients accelerate their success. Colliers has been ranked among the t
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$2.5
billion in
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under management
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professionals
Primary Authors:
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Senior Associate Director | Research
+91 124 456 7500
surabhi.arora@colliers.com
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Senior Manager | Research
Uttara Nilawar
Manager | Research
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Senior Analyst | Research
Amit Oberoi I National Director
Valuation & Advisory Services & Research
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