Gross leasing of office space rises 14% in top six cities: Colliers India
- IBEF
- December 26, 2024
As per Colliers India, office space demand remained robust in 2023, with gross leasing rising 14% to 66.4 million square feet across six major cities. Of this, 58.2 million square feet of Grade A office space was leased. The data, covering India's top office markets, revealed notable regional trends.
Bengaluru led the demand surge, with a 39% increase in office leasing to 21.7 million square feet, compared to 15.6 million square feet in the previous year. Hyderabad also saw strong growth, with a 56% rise in leasing to 12.5 million square feet. Mumbai witnessed a 43% increase to 10 million square feet, while Pune's leasing grew by 4% to 5.7 million square feet. However, leasing activity fell in Chennai and Delhi-NCR. Chennai saw a 35% decline to 6.8 million square feet, while Delhi-NCR experienced a 16% drop to 9.7 million square feet. Technology firms, engineering and manufacturing companies, and financial services providers primarily drove the demand.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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