Office space leasing expected to cross 60 million sq ft in 2024
2024 witnessed absorption of over 30 million sq ft of office space, registering an uptick of 18% compared to H1 2023, according to property consultant Vestian. As the demand for grade-A office spaces is robust across the top seven cities of India, the entire year (2024) is expected to cross the 60 million sq ft mark again after peaking in 2023.
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“Despite global geopolitical challenges, India’s office markets reported robust real estate activities during Q2 2024. The quarter has already set the tone for robust leasing and construction activities for the current calendar year,” said Shrinivas Rao, FRICS, CEO, Vestian.
Bengaluru contributed the highest to pan-India absorption with 25% share in Q2 2024, followed by Hyderabad and Mumbai at 20% each. Pune reported the highest quarterly growth, around 307%, in value terms whereas absorption declined by 48% in Chennai during Q2 2024.
NCR also witnessed a quarterly decline of 37% during the above-mentioned period. All the cities except Chennai and NCR reported an increase in absorption on quarter and on year. IT-ITeS sector dominated absorption with 38% share in Q2 2024, followed by BFSI and Consulting Services at 12% and 10% respectively. Flex Spaces accounted for 8% of the total absorption during the current quarter.
Absorption reached 17 million sq ft in Q2 2024, registering an
