Office leasing expected to reach 70 million sq ft in 2024
office space market in India is set to break records in 2024, with absorption projected to exceed 70 mn sq. ft., according to Savills India, a global real estate advisory firm.
The demand reached 55.1 mn sq. ft. between January and September 2024, marking a 30% year-on-year (YoY) increase across six major cities.
The Year-To-Date (YTD) leasing activity has set a new benchmark for the January-September period, aligning with 2022’s full-year performance. With only 7 mn sq. ft. remaining to surpass 2023’s total, 2024 is expected to achieve absorption levels in the range of 70-74 mnsq. ft.
The third quarter of 2024 saw office absorption hit 20.2 mn sq. ft., a 28% increase from Q3 2023. Bengaluru, Delhi-NCR, and Mumbai collectively contributed 66% of the overall leasing activity during this period.
The IT-BPM sector led the market with a 29% share in Q3, followed by Flexible Workspaces (23%) and the BFSI sector (22%). Additionally, large deals accounted for 50% of total leasing activity, with Bengaluru, Delhi-NCR, and Pune driving more than 50% of their respective leasing through such transactions.
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