Office Leasing

Average office rents across top 6 cities breach pre-pandemic levels: Report

Office rents in Delhi-NCR clock the highest increase, rising by 8.3% in 2024 compared to 2019

Office demand high as leasing to cross 80 mn sq ft in top 8 cities: C&W

Gross leasing of office space across top eight cities is likely to cross 80 million square feet this calendar year, beating a record 74.5 million square feet during 2023, according to Cushman & Wakefield. Real estate consultant Cushman & Wakefield on Wednesday released its report on the office market for the third quarter of this calendar year. The gross leasing of office space rose 66 per cent to 24.8 million square feet across the top eight cities in Q3 2024, marking the second highest quarterly leasing volume in the sector's history. During January-September, the gross leasing has reached 66.7 million square feet. Office leasing stood at 49.1 million square feet in 2018; 67.7 million square feet in 2019; 46.6 million square feet in 2020; 50.4 million square feet in 2021; 72 million square feet in 2022; and 74.5 million square feet in 2023. "Strong market fundamentals have sustained extraordinary leasing momentum in the Indian office market, as evidenced by the remarkably ...

India office leasing to hit record in 2024, tech firms lead demand: Report

Companies expanding operations and consolidating facilities, according to CBRE

Flex spaces record their highest contribution to office leasing in India

In the last five years, the total footprint of flex space operators in India has doubled owing to high demand as well as supply, according to Cushman & Wakefield

Green-certified buildings account for 82% of all office leasing: Colliers

Sebi's mandatory sustainability reporting norm also playing a key role in rising interest in green buildings India, led by tech-hub Bengaluru

GCCs drove India office demand with 37% share in leasing activity in Q1

India's prime office markets saw a 4-8 per cent year-on-year rise in rentals in the first quarter, propelled by strong demand and an influx of high-quality supply, according to Colliers' latest report

India saw highest Q1 office leasing in 5 years this year: Savills India

In Bengaluru, engineering & manufacturing sector leads the demand, trumps those from technology sector occupiers

Byju's shuts down offices across India amid cash crunch; implements WFH

Amid legal battles and financial disruptions, the edtech has gradually rolled back its office leasing to prioritise financial stability and paying employees

Share of GCCs in office transactions rose to 35% in 2023: Knight Frank

Chennai witnessed the highest GCC focussed transactions at 6 msf, followed by Hyderabad at 4.1 msf and Bengaluru at 3.8 msf

Gross leasing of office space up 12% this year across 6 cities: Savills

Gross office space leasing rose 12 per cent to a record 62.3 million square feet this year, while fresh supply remained flat across six major cities, according to Savills India. The absorption of office space stood at 55.4 million square feet in the previous year. New supply of office space stood at 53.3 million square feet, as against 53.4 million square feet in the previous year. "Office gross absorption across India's six major cities is recorded at a new all-time high of 62.3 million square feet in 2023, registering a 12 per cent growth over last year," Savills said in a statement. Bengaluru saw a decline of 10 per cent to 15.6 million square feet this year, from 17.3 million square feet in the previous year. "Mumbai saw record leasing activity at 10.1 million square feet owing to large transactions by tech and consulting occupiers. Gross absorption increased by 51 per cent compared to 2022," Savills said. Delhi-NCR saw similar absorption levels as last year at 11.3 million s

Tech continues to lead; diversification shapes demand in real estate sector

By the end of 2023, office leasing space is expected to cross 50 million sq ft according to CBRE's 2023 Real Estate Overview and Outlook

Office leasing up 33% in July-September quarter to 15.8 mn sq ft: CBRE

Mumbai, Bangalore and Hyderabad dominated the absorption in the September quarter, collectively accounting for about 60% of the total transaction activity

Net office leasing rises to 18-month high of 10.37 mn sq ft in Jul-Sep: JLL

However, in the first nine months of 2023, the office space absorption was 13.9 per cent lower than in the same period last year

Strong economy to take office leasing to 40-45 mn sq ft in 2023: Colliers

In the quarter that ended on June 31, the highest QoQ change in demand for offices was noted in Chennai at 113 per cent to 3.3 mn sq ft

Net leasing of office space down 6.5% in Apr-Jun across 7 cities: JLL India

Net leasing of office space across seven major cities fell 6.5 per cent to 7.95 million square feet during the April-June period, mainly on lower demand in Bengaluru amid global economic uncertainties, according to JLL India. Net leasing of office space stood at 8.5 million square feet in the year-ago period (April-June 2022), real estate consultant JLL India had said in July last year. Net absorption/leasing is calculated as the new floor space occupied less floor space vacated. Floor space that is pre-committed is not considered to be absorbed until it is physically occupied. As per the data, the net leasing of office space in Bengaluru declined 55 per cent to 1.87 million square feet in April-June from 4.12 million square feet a year ago. Mumbai saw a dip of 26 per cent to 0.98 million square feet from 1.33 million square feet. In Chennai, the net leasing jumped to 1.76 million square feet from 0.53 million square feet. Net absorption of office space grew marginally in Delhi-N

Leasing of industrial space up 7% in Jan-Jun across tier I, II, III cities

Leasing of industrial and warehousing space rose 7 per cent during January-June to 22.4 million square feet across tier I-III cities mainly on better demand from third party logistics players and manufacturing units, according to property consultant Savills India. The absorption of industrial and warehousing space stood at 20.9 million square feet in the same period last year. Tier I cities accounted for 75 per cent of the total absorption in the first half of 2023, while tier II and III contributed the remaining 25 per cent, the consultant highlighted. Tier I includes cities like Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR, and Pune. Tier II and Tier III cities include Guwahati, Bhubaneshwar, Patna, Hosur, Coimbatore, Rajpura, Lucknow, Jaipur, Nagpur, Indore and Surat. As per the data, the leasing in Tier I cities rose 4 per cent to 17.4 million square feet during January-June from 16.8 million square feet in the year-ago period. In tier II and III cities

India Inc beats US firms in office leasing for first time in 2022: CBRE

Indian companies have overtaken American firms in gross leasing of office space for the first time, with almost a 50 per cent share in the total demand, according to CBRE India. In its report released on Thursday, CBRE said that the gross leasing of office space rose 40 per cent in 2022 to 56.6 million square feet across nine major cities from 40.5 million square feet in the previous year. Out of the total absorption of office space in 2022, 27.73 million square feet area was leased by domestic firms while 20.37 million square feet by American companies, according to CBRE. The total gross leasing of office space in 2022 was the second-highest leasing activity ever after it touched the peak in 2019 with a 65 million square feet area. "In a first, domestic firms overtook American firms in annual leasing, accounting for nearly half of the leasing share in 2022, mainly led by flexible space operators, technology corporates and BFSI firms," CBRE said. Bengaluru, Delhi-NCR and Mumbai ..

Office leasing dips 13% MoM to 5.8 mn sq ft in Nov, up 60% YoY: JLL study

Experts cite global headwinds for the month-on-month dip

Office leasing set to grow 10-15% in current, next fiscal year: Report

In spite of ebbing growth momentum, commercial leasing activity is likely to grow at a healthy 10-15 per cent this fiscal and the next, a report said on Wednesday. At this growth rate, commercial leasing space will touch 28-30 million sq ft (msf) this fiscal and grow further to 31-33 msf, riding on the improvement in demand as more and more employers are going back to working from office, the report by Crisil said. It added that even at this rate of growth, demand will be below the pre-pandemic high of 42 msf in fiscal 2020, but within sniffing distance of fiscal 2019 level of 34 msf. This is attributable to growing global recessionary headwinds and slower hiring in technology companies, subduing demand growth. It also said credit profiles of commercial realtors will continue to be healthy during these two years, backed by adequate leverage. The report is based on an analysis of players with over Rs 63,000 crore debt and total leasable area of 170 msf. Grade-A office space has an

Start-ups to take up nearly 30% of gross office leasing in 2022: Study

Bengaluru leads in terms of space leased by such companies, says JLL report