The first three quarters of calendar year 2024 (January to September 2024) saw office space leasing of 53.43 million square feet (msf) in India, the highest ever recorded for the period, with a year-on-year increase (YoY) of 27.1. percent, according to a report by JLL, a global real estate services firm. During the same period in 2023, an office space of 42.04 msf was rented.
In Q3 2024 (Q3 2024), 19.89 msf of office space was leased, with Bengaluru leading the way with a 24.6 per cent share in quarterly leasing activity. The city also witnessed the highest leasing activity (14.12 msf) in the first nine months of the current year.
Speaking on the sectoral trend, Samantak Das, Chief Economist and Head of Research & REIS, India, JLL, said: “Flexible operators have claimed an unprecedented 22 per cent of Q3 leasing activity, outperforming traditional leaders. such as technological and banking, financial services and insurance (BFSI)”.
“For the January-September 2024 period, technology led with a 24.4 percent share, and flexibility accounted for a 19.2 percent share.” BFSI and manufacturing/engineering occupied 17.8 per cent and 16.8 per cent of the space, respectively.
Additionally, it is estimated that the gross lease for the year will be about 70 msf. Gross lease refers to all lease transactions recorded during the period, including confirmed prior commitments; It does not include renewals of deadlines or agreements in the discussion stage.
First published: October 2, 2024 | 20:51 IS
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