Greater Noida in the National Capital Region (NCR) saw the 8th highest annual growth in rental values in the world in December 2008, according to real estate consultant, Cushman & Wakefield’s report Industrial Spaces Across The world 2009. NCR’s Greater Noida area, which has been developed to attract medium to large scale industries, recorded an annual growth of 25 per cent in industrial rental values in 2008. The location is particularly promoted for campus development and has in recent past not received much supply.
Peenya Industrial area and Bommasandra Industrial Areas in Bangalore recorded the 12th and the 16th highest annual growth in rental values respectively, the report added. Peenya Industrial Area (19 per cent) and Bommasandra Industrial Area (11per cent) around Bangalore also recorded healthy growth in rental values in 2008. These established industrial locations around the IT city of Bangalore witnessed demand from small and medium scale industries.
Mumbai’s Thane – Turbhe Creek, which had recorded the highest growth last year and had finished on the 26th position as the most expensive industrial locations , slipped eleven places to settle on the 37th spot, said the report.
Meanwhile, London’s Heathrow retained its top position in the report as the most expensive industrial location for the eighteth year. Tokyo and Dublin switch places to settle at 2nd and third positions respectively.
According to the report, industrial areas in India saw the highest growth in rental values amongst the locations in Asia Pacific. Greater Noida , Peenya Industrial Area, Bommasundra Industrial Estate and Jigani Industrial took the top 4 positions in the Asia Pacific region.
Harleen Oberoi, executive director, industrial services, Cushman & Wakefield, said “Traditionally expensive industrial locations like Mumbai (Thane Turbhe Creek), Pune (Talegaon, Chakan, Ranjangaon), Chennai (Sriperumbudur), have seen a slowdown due to high price points and large scale development in recent years.”
‘‘Slowdown in the economy has affected the general uptake of industrial spaces especially by large multi-national corporations who were in the past few years keenly looking at India. However, the demand from indigineous industrial sector, including medium to small operations, has not decreased that rapidly and therefore new locations and locations providing smaller industrial sheds continued to grow in 2008,“ he further added.
— IndiaRetailing Bureau