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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Kolkata office transactions at 0.16 mn sq ft, residential sales reach 3,858 units in Q1 2025
Kolkata’s real estate market exhibited a mix of trends in the first quarter of 2025, with office space transactions witnessing a decline, while residential sales remained steady despite a slight dip.
According to Knight Frank India’s latest report, India Real Estate: Residential and Office January — March 2025 Q1 2025, a total of 0.16 million square feet (mn sq. ft.) of office space was leased in Kolkata during Q1 2025. This marks a 16% decline from Q1 2024, when 0.20 mn sq. ft. was transacted.
However, despite the drop in leasing activity, average transacted office rents rose by 9% to Rs 42 per sq. ft. per month, making it the highest among India’s top eight cities, alongside Hyderabad.
Joydeep Paul, Senior Director — Occupier Strategy & Solutions, Knight Frank India, commented, “The growing presence of India-focused businesses in Kolkata’s commercial market indicates a promising growth trajectory for the sector in the coming years. With average transacted rents steadily increasing, the market is set for multifaceted expansion. Coupled with sustained demand for premium housing and major infrastructure developments, the city is well-positioned for continued growth in 2025.”
The office market in Kolkata saw significant activity in key segments despite the overall decline in transactions. Flex spaces dominated the office leasing sector, accounting for 0.08 mn sq. ft., nearly 50% of total transactions. This was followed by Global Capability Centers (GCCs), which recorded 0.04 mn sq. ft., contributing 24% of the
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