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Net leasing of office spaces across India's top seven cities grew significantly during the first nine months of this year, as stronger corporate demand boosted occupier activity, according to data from JLL India. Bengaluru, Delhi-NCR, Hyderabad, Pune and Chennai all reported notable increases in leasing activity, while Mumbai and Kolkata witnessed marginal declines. Overall net absorption reached nearly 40 million sq ft, marking a 28 per cent year-on-year rise.
Net leasing of office spaces across the top seven Indian cities increased by 28 per cent during the January to September period this year, with total absorption nearing 40 million sq ft, as reported by real estate consultancy JLL India. The consultant stated that net leasing rose to 39.85 million sq ft in the first nine months of the current calendar year, up from 31.03 million sq ft recorded during the same period last year. Advertisement
Net absorption represents the difference between newly occupied office space and vacated floor area, with pre-committed spaces counted only after physical occupancy. Bengaluru continued to lead with a 31 per cent increase in leasing activity, reaching 10.55 million sq ft compared to 8.05 million sq ft a year earlier. The Delhi-NCR market followed closely, recording a 50 per cent surge in net leasing to 9.89 million sq ft from 6.60 million sq ft.
Hyderabad registered a 25 per cent increase in net absorption, reaching 5.45 million sq ft against 4.34 million sq ft previously. Pune's market grew by 43 per cent to 4.51 million sq ft, while Chennai witnessed a 38 per cent rise to 3.95 million sq ft. In contrast, Mumbai saw a slight decline of 4.5 per cent, with leasing activity dipping to 4.74 million sq ft from 4.96 million sq ft. Kolkata also reported a contraction of 28 per cent, with net leasing dropping to 0.76 million sq ft compared to 1.07 million sq ft in the corresponding period last year.
The steady increase in office space leasing across key Indian cities highlights the resilience of the commercial real estate market, supported by expanding corporate operations and strong occupier sentiment. Although Mumbai and Kolkata showed minor slowdowns, other cities continued to drive overall growth. Market analysts anticipate this upward trend to persist in the coming quarters, reflecting positive business confidence and sustained demand for modern workspaces.
Source - PTI
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