Centre drill down

A centre open nine months and a centre open six years should never appear in the same average. Growth centres are shown against their own fill trajectory, not against portfolio occupancy.

Centres in scope

The full national portfolio

Growth centres

Open 24 months or less

Desks below target in growth centres

451

Carrying full lease and fit-out cost

Mature centre occupancy

87.1%

The number the ramp is diluting

All centres

Sorted by city, with ramp status separated

Centre	City	Micro-market	Desks	Occupancy	Months open	On notice	Committed in	Rate	NPS	Status
Table Space Bagmane Luxor	Bengaluru	Central Business District	1,650	90.9%	61	41	115	₹25,500	91	Mature · full
Table Space Embassy Onyx	Bengaluru	North Bengaluru	1,400	80.8%	72	53	52	₹24,200	81	Mature · below target
Table Space Gopalan Fortune City	Bengaluru	Outer Ring Road	2,050	86.8%	71	70	181	₹23,300	90	Mature · on target
Table Space Manyata Embassy Business Park (L6)	Bengaluru	North Bengaluru	1,350	91.4%	23	78	81	₹21,100	89	Ramp · 0 mo to target
Table Space MFAR Manyata Greenheart 2B	Bengaluru	North Bengaluru	1,900	83.5%	25	127	101	₹24,100	79	Mature · below target
Table Space Prestige Tech Park (Valence)	Bengaluru	Outer Ring Road	1,700	79.9%	50	94	139	₹26,800	68	Mature · below target
Table Space Zonasha Frontier	Bengaluru	Outer Ring Road	1,300	84.4%	50	34	48	₹22,400	79	Mature · below target
Table Space Towers Whitefield	Bengaluru	Whitefield	1,850	83.0%	69	116	73	₹27,200	86	Mature · below target
Table Space International Tech Park (ITPL)	Bengaluru	Whitefield	1,300	90.9%	43	68	27	₹22,100	83	Mature · full
Table Space Prestige Shantiniketan	Bengaluru	Whitefield	1,750	91.8%	54	118	119	₹25,200	89	Mature · full
Table Space Bagmane Solarium	Bengaluru	Central Business District	1,300	97.0%	64	51	61	₹26,500	88	Mature · full
Table Space Prestige Tech Park (Etamin)	Bengaluru	Outer Ring Road	1,350	93.2%	20	33	80	₹21,600	83	Ramp · 0 mo to target
Table Space SJR PrimeCo Union City	Bengaluru	Outer Ring Road	1,750	91.2%	46	118	108	₹23,500	85	Mature · full
Table Space Bren Optimus	Bengaluru	Outer Ring Road	2,250	93.5%	32	56	98	₹23,100	83	Mature · full
Table Space DivyaSree Greens	Bengaluru	Bannerghatta Road	1,400	97.0%	32	76	117	₹24,600	86	Mature · full
Table Space Godrej Center Indiranagar	Bengaluru	Indiranagar	1,500	95.7%	35	56	53	₹24,600	90	Mature · full
Table Space Embassy Golf Links	Bengaluru	Indiranagar	2,000	82.4%	38	120	154	₹26,300	77	Mature · below target
Table Space Vaswani Augusta	Bengaluru	Whitefield	2,400	87.7%	49	104	80	₹21,000	85	Mature · on target
Table Space Vaswani Oakmont	Bengaluru	Outer Ring Road	1,950	87.7%	24	60	69	₹27,900	78	Ramp · 0 mo to target
Table Space Towers Vittal Mallya Road	Bengaluru	Central Business District	1,750	95.4%	58	104	45	₹24,300	77	Mature · full
Table Space Prestige Trade Towers	Bengaluru	Central Business District	2,450	88.4%	56	59	211	₹22,100	77	Mature · on target
Table Space Sobha 1	Bengaluru	Ulsoor Road	1,300	90.7%	17	35	108	₹28,000	85	Ramp · 0 mo to target
Table Space UB City	Bengaluru	Central Business District	2,300	94.9%	84	109	49	₹23,400	82	Mature · full
Table Space Prestige Obelisk	Bengaluru	Ulsoor Road	1,600	88.4%	38	98	55	₹28,000	80	Mature · on target
Table Space Prestige Khoday Tower	Bengaluru	Ulsoor Road	1,400	85.4%	30	32	100	₹23,900	81	Mature · on target
Table Space SJR PrimeCo Towers	Bengaluru	Outer Ring Road	1,400	80.0%	30	65	79	₹27,200	82	Mature · below target
Table Space Senate	Bengaluru	Koramangala	1,600	96.5%	74	81	45	₹22,100	84	Mature · full
Table Space MFAR 2B Embassy Manyata Business Park	Bengaluru	North Bengaluru	2,250	80.7%	21	72	88	₹27,200	85	Ramp · 2 mo to target
Table Space Amar Tech Park	Pune	Kharadi	1,450	89.1%	42	40	72	₹20,600	77	Mature · on target
Table Space Balewadi Tech Park	Pune	Balewadi	1,200	84.1%	84	51	83	₹16,800	88	Mature · below target
Table Space GLT Raheja Woods	Pune	Kalyani Nagar	1,300	89.2%	43	89	35	₹22,000	79	Mature · on target
Table Space Godrej Yerwada	Pune	Yerwada	1,150	86.8%	47	46	66	₹19,100	83	Mature · on target
Table Space AP4 Tech Park	Pune	Kharadi	1,800	85.6%	23	60	38	₹17,800	90	Ramp · 0 mo to target
Table Space International Tech Park Pune (ITPP)	Pune	Kharadi	1,950	87.7%	15	72	114	₹17,400	84	Ramp · 0 mo to target
Table Space World Trade Center	Pune	Koregaon Park	1,650	83.8%	34	54	53	₹17,300	79	Mature · below target
Table Space Godrej Koregaon Park	Pune	Koregaon Park	1,350	88.4%	48	50	28	₹20,600	86	Mature · on target
Table Space ABIL Boulevard	Pune	Shastrinagar	1,250	84.3%	71	31	96	₹19,400	78	Mature · below target
Table Space Eon West	Pune	Wakad	1,150	82.9%	43	42	89	₹20,700	84	Mature · below target
Table Space Tech Park One	Pune	Yerwada	1,500	86.2%	23	76	122	₹17,400	81	Ramp · 0 mo to target
Table Space Panchshil Business Park	Pune	Viman Nagar	1,750	83.2%	45	95	40	₹22,300	84	Mature · below target
Table Space Fountain Head	Pune	Kalyani Nagar	1,100	84.5%	55	35	96	₹22,400	84	Mature · below target
Table Space Phoenix Centaurus	Hyderabad	HITEC City	2,000	92.8%	78	53	113	₹23,300	76	Mature · full
Table Space KRC Raheja Mindspace	Hyderabad	Madhapur	1,500	90.7%	43	36	34	₹24,400	74	Mature · full
Table Space Aurobindo Galaxy	Hyderabad	HITEC City	1,400	86.5%	82	75	75	₹18,700	82	Mature · on target
Table Space My Home Twitza	Hyderabad	Neopolis	2,100	82.3%	22	120	111	₹22,800	81	Ramp · 1 mo to target
Table Space Jyothi Galaxy	Hyderabad	Gachibowli	1,250	88.0%	72	55	58	₹22,800	77	Mature · on target
Table Space Sohini Tech Park	Hyderabad	Gachibowli	1,850	83.1%	32	67	121	₹19,100	76	Mature · below target
Table Space Grava Business Park	Hyderabad	Neopolis	1,750	82.7%	26	95	117	₹24,900	82	Mature · below target
Table Space Raheja Mindspace B10	Hyderabad	Madhapur	1,100	85.7%	39	39	28	₹24,400	82	Mature · on target
Table Space Aparna Technopolis	Hyderabad	Gachibowli	1,950	73.4%	63	59	168	₹25,000	81	Mature · below target
Table Space GigaPlex	Mumbai	Airoli	1,050	83.2%	39	58	87	₹35,600	82	Mature · below target
Table Space R Square	Mumbai	Andheri	1,800	91.6%	68	104	143	₹30,200	76	Mature · full
Table Space Solitaire Corporate Park	Mumbai	Andheri	1,550	83.9%	69	70	51	₹35,900	74	Mature · below target
Table Space Trent House	Mumbai	Bandra Kurla Complex	1,300	88.0%	84	61	91	₹35,400	69	Mature · on target
Table Space Godrej BKC	Mumbai	Bandra Kurla Complex	1,600	85.7%	20	104	93	₹29,500	68	Ramp · 0 mo to target
Table Space The Capital	Mumbai	Bandra Kurla Complex	1,300	85.3%	65	68	53	₹32,900	86	Mature · on target
Table Space Commerz-III	Mumbai	Goregaon	1,250	87.2%	77	59	64	₹35,300	80	Mature · on target
Table Space The ORB	Mumbai	Vile Parle East	1,050	82.4%	25	37	48	₹28,500	75	Mature · below target
Table Space KRC Altimus	Mumbai	Worli	1,250	88.6%	40	48	54	₹33,800	72	Mature · on target
Table Space Mindspace Airoli East	Mumbai	Airoli	1,200	89.3%	41	29	99	₹32,700	82	Mature · on target
Table Space DLF Cyber Greens	Gurugram	DLF Cyber City	2,150	85.1%	30	110	122	₹30,700	77	Mature · on target
Table Space DLF Building 10	Gurugram	DLF Cyber City	1,200	82.8%	47	37	74	₹26,200	91	Mature · below target
Table Space DLF Building 6	Gurugram	DLF Cyber City	2,000	92.5%	74	92	116	₹32,200	75	Mature · full
Table Space DLF Building 8	Gurugram	DLF Cyber City	1,850	89.0%	67	44	66	₹32,200	79	Mature · on target
Table Space DLF Downtown	Gurugram	DLF City Phase 3	2,000	83.8%	64	59	151	₹27,700	68	Mature · below target
Table Space Godrej GCR	Gurugram	Golf Course Road	2,100	90.0%	43	90	80	₹31,600	77	Mature · full
Table Space DLF Two Horizon Center	Gurugram	Golf Course Road	1,200	78.8%	21	80	36	₹28,800	69	Ramp · 3 mo to target
Table Space DLF Atrium Place	Gurugram	Golf Course Extension Road	1,950	87.1%	64	82	136	₹25,100	79	Mature · on target
Table Space Global Gateway	Gurugram	NH8	1,100	87.7%	81	63	24	₹30,200	81	Mature · on target
Table Space Good Earth Business Bay II	Gurugram	Sector 26	1,250	84.9%	49	30	61	₹24,600	81	Mature · below target
Table Space Global Infocity Park	Chennai	Perungudi	1,350	83.6%	60	45	117	₹20,600	76	Mature · below target
Table Space KRC Commerzone	Chennai	Manapakkam	1,350	81.6%	22	28	49	₹17,100	78	Ramp · 2 mo to target
Table Space DLF Downtown 3	Chennai	Tharamani	1,400	80.5%	77	37	76	₹19,600	76	Mature · below target
Table Space DLF Downtown 1	Chennai	Tharamani	1,750	82.2%	54	75	131	₹18,400	70	Mature · below target
Table Space DLF Cyber City	Chennai	Secondary Business District	1,050	85.6%	75	50	44	₹20,900	79	Mature · on target
Table Space DLF Tech Park	Noida	Sector 143 A	1,700	88.0%	48	65	121	₹17,000	79	Mature · on target
Table Space BPTP Capital City	Noida	Sector 94	1,500	87.1%	55	34	56	₹18,500	82	Mature · on target
Table Space Worldmark 4	New Delhi	Aerocity	2,300	82.8%	20	67	202	₹31,100	93	Ramp · 1 mo to target
Table Space SRB Towers	Bhubaneswar	Infocity	1,400	76.0%	18	53	41	₹13,300	68	Ramp · 4 mo to target

A worked example

Sort by months open and the two problems separate

Sort this table by months open and the ramp problem separates itself from the performance problem. A centre fourteen months old sitting eight hundred basis points below target is on schedule. A centre six years old sitting at the same number is not, and the two are indistinguishable in any portfolio average. Every growth centre in the table carries desks at full lease, fit-out and community cost with no revenue against them, and the honest question is never why they are behind, it is whether the current fill rate is the fastest available given the unserved demand logged in the same micro-market.

Why ramp is separated

Arithmetic, not failure

Front-loaded expansion depresses the occupancy ratio by arithmetic, not by failure: desks enter the denominator on the day the centre opens and enter the numerator over the following two years. Blending them into one portfolio number makes a good quarter look flat and hides a genuinely underperforming mature centre behind a well-ramping new one. Two numbers, always reported separately, is the only honest way to read this.

Demo dataFigures on this screen are illustrative, from a deterministic model, for walkthrough purposes only.