Office Space Demand Strong in India’s Major Cities, Reports Colliers India
India’s Office Market Sees 15 Percent Growth in Gross Leasing
New Delhi, March 26 – Demand for office space remained robust across India’s major cities during the first quarter of 2024, according to Colliers India. Gross leasing of workspace increased by 15 percent to 18.3 million sq ft across seven key cities – Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai, and Pune – compared to 15.9 million sq ft in the same period last year.The growth was attributed to strengthening occupier demand across various sectors and the expansion of Global Capability Centres (GCCs).
Here’s a breakdown of leasing activity by city:
- Bengaluru: Office leasing increased by 18 percent to 5.3 million sq ft, up from 4.5 million sq ft in the prior year.
- Hyderabad: Leasing doubled to 3.4 million sq ft from 1.7 million sq ft.
- Pune: Gross leasing more than doubled to 2.5 million sq ft from 1.2 million sq ft.
- Mumbai: Office demand rose 23 percent to 2.7 million sq ft, compared to 2.2 million sq ft the previous year.
- Delhi-NCR: Gross leasing decreased by 30 percent to 2.3 million sq ft from 3.3 million sq ft.
- Chennai: Demand fell 31 percent to 2 million sq ft from 2.9 million sq ft.
- Kolkata: Gross leasing remained flat at 0.1 million sq ft.
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