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Business Standard
a day ago
- Business
- Business Standard
Top 10 micro markets to drive 80% of India's office space growth: Colliers
High-activity micro markets across the top seven Indian cities are likely to witness at least 1 million square feet (msf) of average annual office demand and supply and collectively drive more than 80 per cent of the demand and new supply in the next few years, according to a report by Colliers. Of all the micro markets, four high-activity micro markets are in Bengaluru, three each are in Delhi NCR and Pune, two each are in Chennai and Hyderabad, and one in Mumbai. These high-activity micro markets are spread across secondary and peripheral business districts (SBDs and PBDs). These micro markets are expected to continue to drive India's office market over the next few years amidst city expansions, ongoing infrastructure developments, and evolving work models. While the existing high-activity micro markets will continue to grow, other emerging micro markets too are expected to increasingly complement the larger micro markets. 'India's office market is poised for steady strong growth, led by 15–20 high-activity micro markets. While some of these micro markets are already established commercial real estate hubs, emerging micro markets can potentially scale up and witness heightened traction in the upcoming years. Interestingly, India will continue to be strategically positioned in terms of rental arbitrage, with more than half of the Grade A demand expected in micro markets having sub or near-dollar rentals,' said Arpit Mehrotra, Managing Director, Office Services, India, Colliers. Of the total 38 msf of flex space leasing across the top seven Indian cities since 2020, 59 per cent corresponded to the top 10 micro markets. Within these, SBD-Hyderabad, ORR-Bengaluru, and Baner-Balewadi, Pune, cumulatively drove around one-third of the flex space uptake in India. Overall, the annual flex space demand in these top 10 micro markets has surged from 1.3 msf in 2020 to 7.3 msf in 2024 at a compound annual growth rate (CAGR) of 54 per cent. On the global capability centre (GCC) front, nearly 70 msf of GCC demand during the last five years has been concentrated in the top 10 micro markets, accounting for 73 per cent of the total GCC leasing in India. Micro markets such as ORR, Whitefield, SBD 1, and North in Bengaluru, SBD and Off SBD in Hyderabad, and OMR Zone 1 and MPR in Chennai collectively have accounted for two-thirds of the country's Grade A space uptake by GCCs since 2020. Although most micro markets in India have seen rental appreciation compared to pre-pandemic levels, select micro markets in Mumbai and Delhi NCR continue to lead in terms of average rentals. BKC, CBD, Lower Parel, Worli-Prabhadevi, Goregaon/JVLR, and Kalina in Mumbai, and CBD, Aerocity, Golf Course Road, and South Delhi in Delhi NCR feature prominently in the list of micro markets having the highest rentals in India. Almost 30 per cent of the office micro markets in India have sub-10 per cent vacancy levels, compared to the 16.2 per cent vacancy at the India level. 'Majority of these high-activity micro markets will continue to have potentially higher rental upside and are likely to lean towards landlords and developers. In addition to the preference for premium offerings, occupiers will increasingly prefer sustainable elements and green-certified office buildings,' said Vimal Nadar, National Director and Head of Research, Colliers India. Of the 488 msf of REIT-worthy office stock in India, 56 per cent is in the top 10 micro markets. Meanwhile, 275 msf of Grade A inventory (as of Q1 CY25) corresponding to 72 per cent of the overall stock in these micro markets is already under REITs or has the potential to be listed as future REITs. Key micro markets in Bengaluru (ORR and Whitefield) and Hyderabad (SBD and Off SBD) collectively hold 38 per cent of India's REIT-worthy office stock. These four micro markets cumulatively have more than 35 msf of office stock already under existing REITs.
Time of India
2 days ago
- Business
- Time of India
India's top 15 high-activity micro markets drive 65% of office demand, 76% of new supply
Bengaluru : India's office real estate market is being driven by 15 high-activity micro markets , which together have accounted for two-thirds of the country's office demand and over three-fourths of new supply since 2020, according to a new report by Colliers titled 'India Office: Micro Market Insights.' Spread across major cities — including Bengaluru, Delhi NCR , Pune, Hyderabad, Chennai, and Mumbai — these micro markets are expected to each witness at least 1 million sq ft of average annual demand and new supply over the next few years. Their prominence marks a clear shift in how India's commercial real estate ecosystem is evolving, both in scale and investment potential. 'These 15 micro markets have become the backbone of India's Grade A office demand and are expected to remain the top destinations for occupiers and investors alike. In fact, annual demand and supply in each of these high activity micro markets is likely to be at least 2-3X times vis-à-vis average of othermarkets,' said Arpit Mehrotra, Managing Director, Office Services, Colliers India. Between 2020 and Q1 2025, these 15 micro markets accounted for 166.8 million sq ft of office space absorption out of the total 255.1 million sq ft across top Indian cities. At the same time, 172.2 million sq ft of new supply was added in these markets — amounting to 76% of the nationwide figure. The high-activity micro markets include four in Bengaluru, three each in Delhi NCR and Pune, two each in Hyderabad and Chennai, and one in Mumbai. Notably, most of them fall within secondary and peripheral business districts (SBDs and PBDs), which are increasingly favored by Global Capability Centers (GCCs) and flex space operators. Leading micro markets have also seen a major concentration of GCC and flexible workspace demand. Since 2020, 73% of GCC leasing — around 70 million sq ft — has been in the top 10 micro markets, with ORR, Whitefield, SBD 1 and North in Bengaluru, SBD & Off SBD in Hyderabad and OMR Zone 1 & MPR in Chennai, accounting for the lion's share. Flex space operators have similarly gravitated toward select commercial real esate hubs. Of the total 38 million sq ft of flex leasing in India since 2020, 59% took place in the top 10 micro markets. The segment has grown at a CAGR of 54%, with SBD Hyderabad, ORR Bengaluru, and Baner-Balewadi Pune leading flex space absorption. While the overall vacancy in India's Grade A office stock stands at 16.2%, nearly 30% of micro markets are operating at sub-10% vacancy levels. High-demand markets like CBD Bengaluru, Guindy in Chennai, and Delhi NCR's Aerocity , Cybercity and MG Road continue to show resilience with tight occupancies and rising rentals. Micro markets in Mumbai and Delhi NCR dominate the list of most expensive locations, with Andheri East, BKC, CBD ,Lower Parel, Worli-Parabhadevi, Goregaon/JVLR and Kalina in Mumbai, and Golf Course Road, South Delhi, Aerocity and CBD in NCR among the top. 'Markets with significant rental appreciation post-2020 are also those with the highest demand and supply. This trend is expected to continue in favor of landlords, particularly in sustainable, green-certified office buildings,' said Vimal Nadar, Head of Research, Colliers India. The report also notes that India has 488 million sq ft of REIT-worthy Grade A office space, of which 56% lies within the top 10 micro markets. Impressively, 72% of the stock in these micro markets is either already listed under REITs or has the potential to be listed. Key markets in Bengaluru and Hyderabad alone account for 38% of this REIT-qualified inventory. With improving infrastructure, emerging locations are also gaining momentum and are likely to complement the established hubs. India's competitive rentals — with nearly 60% of active markets offering near- or sub-dollar rates — make it an attractive destination for global occupiers seeking consolidation and cost arbitrage.
Wales Online
5 days ago
- Business
- Wales Online
Transport for Wales rail passenger numbers soar
Transport for Wales rail passenger numbers soar Latest figures from the Office for Road and Rail show that a huge rise to 31.3 million and the highest percentage rise for any UK rail operator A Transport for Wales (TFW) train at Cardiff Central Station. (Image: Matthew Horwood ) Transport for Wales (TfW) has seen the biggest percentage rise in passenger numbers of any train operator in the UK, new official figures show. TfW, which operates the Wales and Borders network, saw passenger journey numbers climb 19% from April 2024 to the end of March to 31.3 million on a year earlier. Of the 24 train operators assessed by the Office for Road and Rail (ORR), the second highest year-on-year increase was experienced by TransPennine Express, up 17% to 27.5 million and CrossCountry (whose services operate in Wales) up 15% to 37.8 million. The significant increase by TfW comes it starts to reap the benefits of the £800m of new trains across its network funded by the Welsh Government. Welsh retail footfall numbers fell in May READ MORE: Its services also operate in England, including a popular Cardiff to Manchester route. Its passenger numbers will accelerate in the future as it introduces a fleet of 35 new tram-trains on the south Wales Metro. A fully operational turn-up-and-go tram train network is expected to be fully operational by next year. The ORR figures show that the number of kilometres travelled by TfW passengers also grew 13% to 1.2 billion. TFW is the transport body of Welsh Government. Its executive director for customer and communications, Lewis Brencher, said: "The latest ORR figures are a result of the significant investment and years of hard work which are now coming to fruition, with more brand-new trains in service, new and increased services, improvements in our stations and easier and cheaper ways to pay for tickets. Article continues below "The improvements in the reliability and punctuality of our new trains, part of an £800m investment on behalf of the Welsh Government, and the better on-board customer experience are attracting more and more people to travel on the Wales and Borders network and we are proud to be the fastest growing train operating company in the UK." Like many train operators, TfW receives a public subsidy (from the Welsh Government). With its revenues increasing from fares there is potential, particularly via a turn-up-and-go Metro network, to see that subsidy reduced over the long-term. With increased services the Metro network is targeting growing passengers from ten million to 12 million per annum. However, one of the main inhibitors to growth beyond that is the fact that on the parts of the network with the highest population density, the City and Coryton Lines that running through Cardiff, the £1bn Metro electrification programme will see no uplift on the current number of services of just two per hour. In her spending review last week Rachel Reeves committed to funding a Cardiff west junction and TfW being assigned £48m for rail enhancement on the Core Valley Lines, that if deployed for a loop on the Coryton Line, that would allow for four trains an hour on both lines. Both projects would be key in helping to see passenger numbers on the Metro network moving upwards towards 20 million per annum. For the UK as a whole the ORR figures show that 1.73 billion journeys were made by rail passengers in Great Britain - up 7% (1.61 billion) on the previous year. The number of passengers was just below the pre-pandemic (2018-19) level of 1.75 billion. From April 2024 to March 2025, passenger revenues for all the train operators assessed was £11.5bn, up on the £10.6bbn in the previous year Revenues were below the £12.9bn generated pre-pandemic) (April 2019 to March 2020). Passenger revenue has been impacted by inflation over the last four years. Recently, the cap for annual regulated fare increases has been set at values below the Retail Price Index (RPI) measure of inflation, which means in real terms the cost of tickets has decreased. Article continues below Govia Thameslink Railway carried the biggest number of passengers with 298 million (up 10%) followed by the Elizabeth Line with 242.9 million (also up 10%). Operator of Paddington to South Wales services, Great Western Railway, handled 89 million passengers (up 8%).
The Hindu
5 days ago
- Science
- The Hindu
CeNS develops new catalyst for sustainable oxygen electrocatalysis
A new catalyst has been designed by the researchers from the Centre for Nano and Soft Matter Sciences, (CeNS) in Bengaluru which apart from making oxygen-related catalytic reactions faster is also affordable and environment friendly. According to the Department of Science and Technology, electrocatalysis involving oxygen underpins numerous clean energy technologies, such as splitting water to produce hydrogen, creating clean fuels, and manufacturing chemicals like hydrogen peroxide. However, these technologies typically face challenges like slow reaction speeds, high energy demands, and high costs due to the limited availability and expense of the precious metals involved. Besides, traditionally, catalysts used in these processes rely on expensive precious metals like platinum or ruthenium making the processes costly. The CeNS researchers have developed a new catalyst that uses nickel selenide enhanced by precisely adding a small amount of iron (Fe) which has the potential of not only reducing costs significantly, but also improving the performance. The team of scientists from CeNS began with a special material known as a metal-organic framework (MOF) which are porous, crystalline structures useful for chemical reactions but have limited electrical conductivity. 'The electronic structure of the MOF has been modulated by Fe doping to improve catalytic active sites. To improve conductivity, researchers converted MOFs into carbon-rich materials through a heating process known as pyrolysis, enhancing their ability to conduct electricity effectively,' the department said. It added that after pyrolysis, researchers introduced selenium, creating two highly effective catalysts known as NixFe1−xSe₂–NC and Ni₃−xFexSe₄–NC. 'Iron doping significantly improved the catalyst's electronic interactions, creating more active sites for reactions and optimizing how reaction intermediates bind to the catalyst surface. These enhancements made the catalyst exceptionally efficient for two key processes: the Oxygen Evolution Reaction (OER), which produces oxygen, and the Oxygen Reduction Reaction (ORR), which converts oxygen into valuable chemicals,' it added. Extensive testing by the researchers showed that the catalyst, NixFe1−xSe₂–NC@400, achieved impressive performance 'In ORR tests for hydrogen peroxide production, this catalyst also exceeded the performance of industry-standard platinum-based catalysts, providing better reaction speeds and higher efficiency,' it said. The department said that detailed analysis revealed that iron doping changed the catalyst's electronic structure in a beneficial way, increasing active sites and facilitating better electron transport.
Time of India
11-06-2025
- Time of India
Rachakonda police bust interstate hash oil smuggling racket, arrest two persons
1 2 Hyderabad: Rachakonda police busted an interstate hash oil smuggling racket and arrested two persons—one each from Andhra Pradesh and Odisha—on Wednesday. Hash oil weighing 20 kg and worth around Rs 1.2 crore was seized from them. Cops nabbed them when the duo travelled from AP to Hyderabad to hand over the contraband to a Bengaluru-based peddler, who is now absconding. It is learnt that approximately 40 kg of ganja is used for making 1 kg of hashish oil, said Rachakonda commissioner G Sudheer Babu. Based on a tip-off on the peddlers, special operations team (SOT) sleuths, along with Abdullapurmet police, nabbed them near the ORR at Abdullapurmet. The accused, Pangi Keshava Rao, a farmer from ASR district in AP, and Jayaram Khemundu, a civil contractor from Koraput district, Odisha, were procuring hashish oil from AP and Odisha, supplying it to peddlers in Bengaluru via Hyderabad. Police said that Keshava Rao's friend, a man named Krishna, helped him enter the drug trade and later introduced him to Khemundu. Keshava Rao was earlier arrested in a drugs case in AP and is currently out on bail. The accused sold the hash oil to peddlers in Bengaluru at nearly ten times their buying price. On Monday, a buyer from Bengaluru placed an order for 20 kg of hash oil, following which they procured the contraband from Krishna and travelled to Hyderabad to hand over the same to the buyer, Sudheer Babu added. Along with hash oil, three mobile phones and Rs 870 in cash were seized from them, and they were remanded to judicial custody. The Bengaluru-based receiver and the supplier Krishna are absconding.
