New Delhi [India], Thanks to strong economic activities in the country, Global Capacity Centers (GCCs) accounted for 37 percent of total office leasing in the first half of 2024, highlights CBRE India Office Figures Q2 report , 2024 .
The CBRE report further noted that overall office leasing deals remained strong in the country, with gross office leasing reaching 32.8 million sq ft during January-June 2024. This was a year-on-year increase from 14 percent nationwide. the nine major cities of India.
Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Chennai, Pune, Kochi, Kolkata and Ahmedabad are the cities where office leasing activities increased during the first half of the current year.
Bengaluru had the highest proportion of office leasing at 39 per cent, followed by Pune at 20 per cent. The shares of Hyderabad and Chennai are 17 per cent and 11 per cent respectively.
Anshuman Magazine, Chairman and CEO, CBRE India, Southeast Asia, Middle East and Africa, said: “Towards the end of 2024, demand for quality office space will remain strong as portfolios expand and conversion rates Utilization increases. India's attractiveness, supported by a skilled workforce and stable governance, continues to drive transformative changes in the office sector, marked by diversified tenant demand and economic resilience. leasing, along with expected growth in BFSI and Engineering & Manufacturing sectors As confidence rises and infrastructure advances, Tier II cities like Ahmedabad, Coimbatore, Indore and Nagpur may witness strategic expansions. underlines the dynamic evolution of the Indian office market.”
Bengaluru led office space absorption with about a quarter of the total leasing during January-June 2024. It was followed by Delhi-NCR at 16 per cent, Chennai at 14 per cent, Pune and Hyderabad each contributing 13 per cent. percent. Bengaluru, Hyderabad and Mumbai led the supply additions, together accounting for 69 per cent of the total in the same period.
The report indicates that technology companies had the highest share and accounted for 28% of total office rentals, followed by flexible space operators at 16%, BFSI companies at 15%, engineering and manufacturing companies ( E&M) with 9% and research. consulting and analysis firms (RCA) at 8 percent during January-June 2024.
Additionally, domestic companies led the absorption, accounting for 43 percent of the market during January-June 24. Flexible space operators, technology companies and BFSI companies predominantly drove domestic leasing activity in the first half of 2024.
GCCs are established by organizations around the world to leverage global talent, resources and expertise. They are typically part of larger corporations and provide a variety of services such as research and development, IT services, business process outsourcing, and engineering services, among other functions.
The CBRE report further noted that overall office leasing deals remained strong in the country, with gross office leasing reaching 32.8 million sq ft during January-June 2024. This was a year-on-year increase from 14 percent nationwide. the nine major cities of India.
Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Chennai, Pune, Kochi, Kolkata and Ahmedabad are the cities where office leasing activities increased during the first half of the current year.
Bengaluru had the highest proportion of office leasing at 39 per cent, followed by Pune at 20 per cent. The shares of Hyderabad and Chennai are 17 per cent and 11 per cent respectively.
Anshuman Magazine, Chairman and CEO, CBRE India, Southeast Asia, Middle East and Africa, said: “Towards the end of 2024, demand for quality office space will remain strong as portfolios expand and conversion rates Utilization increases. India's attractiveness, supported by a skilled workforce and stable governance, continues to drive transformative changes in the office sector, marked by diversified tenant demand and economic resilience. leasing, along with expected growth in BFSI and Engineering & Manufacturing sectors As confidence rises and infrastructure advances, Tier II cities like Ahmedabad, Coimbatore, Indore and Nagpur may witness strategic expansions. underlines the dynamic evolution of the Indian office market.”
Bengaluru led office space absorption with about a quarter of the total leasing during January-June 2024. It was followed by Delhi-NCR at 16 per cent, Chennai at 14 per cent, Pune and Hyderabad each contributing 13 per cent. percent. Bengaluru, Hyderabad and Mumbai led the supply additions, together accounting for 69 per cent of the total in the same period.
The report indicates that technology companies had the highest share and accounted for 28% of total office rentals, followed by flexible space operators at 16%, BFSI companies at 15%, engineering and manufacturing companies ( E&M) with 9% and research. consulting and analysis firms (RCA) at 8 percent during January-June 2024.
Additionally, domestic companies led the absorption, accounting for 43 percent of the market during January-June 24. Flexible space operators, technology companies and BFSI companies predominantly drove domestic leasing activity in the first half of 2024.
GCCs are established by organizations around the world to leverage global talent, resources and expertise. They are typically part of larger corporations and provide a variety of services such as research and development, IT services, business process outsourcing, and engineering services, among other functions.
