Office leasing across 9 cities increased by 33% Y-o-Y : CBRE
leasing across 9 cities increased by 33% Y-o-Y and touched 15.8 mn. sq.
ft. during the Jul-Sep quarter, according to CBRE.
The share of Banking, Financial Services and Insurance (BFSI) firms constituted 29% of total leasing in office sector during the quarter.
Mumbai, Bengaluru and Hyderabad dominated the absorption in Jul-Sep ’23 period, collectively accounting for about 60% of the transaction activity.
The BFSI firms’ leasing share surged from 16% in the Apr-Jun’23 quarter to 29% during the Jul-Sept’23, driven by significant deal closures by global capability centres of BFSI corporates, while Indian banks and insurance firms continued to expand their footprint in the country.
During the Jul-Sep’23 quarter, leasing activity was also driven by technology companies, comprising a 23% share, followed by engineering and manufacturing companies (10%), life sciences firms (10%), flexible space operators (8%), and research, consulting, and analytics firms (7%). American and domestic firms equally lead the absorption in Jul-Sep ‘23 period with a share of 42% each.
“India's office sector has outperformed expectations this year with sustained absorption, driven by optimistic occupier sentiment and a surge in inquiries.
