Total monthly leasing activity down 56% MoM in January, but up 93% YoY

Delhi NCR, Chennai, and Mumbai accounted for around 77 per cent of monthly leasing activity in January 2023, according to the data

Total monthly leasing activity declined 56.4 per cent on a month-on-month (MoM) basis in January 2023, while it registered a 93.1 per cent increase on a year-on-year (YoY) basis.

The total monthly leasing activity for January in the calendar year 2023 (CY23) stood at 3.2 million square feet against 7.4 million square feet in December (CY22), according to JLL’s office lease tracker.

On expected lines, December 2022 saw significant deal closures, though the total leasing volumes were down by 12.5 per cent on a YoY basis. The total number of deals stood at 162 in January (CY23) as against 317