Kolkata, one of the largest metropolitan cities, is the economic hub of the eastern and north-eastern states of the country. The city, home to the Calcutta Stock Exchange; has a major riverine port, an international airport and many higher education institutes contributing to a highly skilled workforce for the local economy. The key sectors influencing the city’s economy are manufacturing, textiles, BFSI and IT/ITeS and had witnessed an economic upsurge owing primarily to IT/ITeS sector in 2007-08. Kolkata is also home to many industrial facilities operated by large Indian corporations; their products ranging from electronics to jute manufacture. The city offers the corporate sector a large ready available pool of educated human resources which coupled with lower real estate and other operating costs, makes Kolkata a highly attractive location for office operations and has resulted in its emergence as a commercial hotspot of Eastern India. Presently, the Kolkata office market has a stock of 23.06 million sq. ft. of Grade A office space with overall vacancy rate of 28.0%. The rise in vacancy rate has been largely due to the increase in the supply of Grade A office stock in the city on the back of few project completions this quarter.
Kolkata office market is divided into four main submarkets housing one Central Business District, one Secondary Business District and two Peripheral Business Districts of Salt Lake and New Town-Rajarhat. CBD includes Park Street, Camac Street, AJC Bose Road and BBD Bag/Dalhousie primarily housing government and corporate offices. SBD includes relatively new areas along EM Bypass, Topsia and Ruby crossing and houses non-IT corporate offices. The PBD submarkets of Salt Lake and New Town are the emerging office micro-markets of Kolkata, housing both IT & Non-IT offices. The SBD and PBD submarkets tend to attract occupiers and companies with requirement for Grade A office space, large floor plates and sufficient space for back office operations.