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Full article: India Office Market Sees Strong Leasing Momentum in Q1 2024.
India Office Market Sees Strong Leasing Momentum in Q1 2024
Leasing activity across the top 7 cities rises 18% YoY, driven by IT-BPM and GCC demand. Bengaluru, Hyderabad and Pune lead the growth.
Neha Kapoor, Industry Expert • 20 May 2024 • 6 min read • 2.4K views
Key Takeaways
- ✓ Overall office leasing touches 16.8 mn sq. ft. in Q1 2024, up 18% YoY
- ✓ Bengaluru leads with 4.2 mn sq. ft., followed by Hyderabad and Pune
- ✓ IT-BPM and GCCs drive 72% of total leasing activity
- ✓ Flexible workspace absorption grows 30% YoY
| City | Q1 2024 (mn sq. ft.) | YoY Change |
|---|---|---|
| Bengaluru | 4.2 | +22% |
| Hyderabad | 3.1 | +19% |
| Pune | 2.6 | +21% |
| Chennai | 2.1 | +16% |
| Mumbai | 2.0 | +14% |
| NCR | 1.6 | +12% |
| Kolkata | 1.2 | +10% |
Outlook
Experts believe the strong momentum will continue throughout 2024, supported by economic growth, rising business confidence and continued expansion by GCCs in tier-1 and emerging cities.
#Office Leasing#Commercial Real Estate#GCC
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