Office space leasing in India reaches a record high in 2023
- IBEF
- December 27, 2023
In 2023, India's six major cities witnessed a record-breaking gross absorption of office space, reaching an unprecedented 62.3 million square feet, reflecting a remarkable 12% growth compared to the previous year, as international real estate advisory firm Savills India reported.
Bengaluru, Delhi-NCR, and Mumbai were the top-performing cities driving this surge, collectively contributing to nearly 60% of the total gross leasing activity in 2023. CEO of Savills India, Mr. Anurag Mathur, noted the significant turnaround in the Indian office market, marking an all-time high in leasing activities. He highlighted the robust recovery in Mumbai and Chennai during the latter half of 2023, contrasting with subdued demand in the preceding twelve months (June 2022-June 2023). Mr. Anurag Mathur expressed optimism about the renewed market confidence, considering it as a positive indicator for both the real estate industry and the broader economy, particularly as major democratic elections loom on the horizon in India and the United States.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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