New Delhi [India], Colliers, a global commercial real estate services company, indicating strong business activities in the country, said the office market continued its strong performance in the second quarter (Q2) of calendar year (CY) 2024, recording 15.8 million square feet of office leasing in top 6 cities.
In the second quarter of 2024, the number of new office spaces in the top six cities increased 6 percent compared to the same period last year, totaling 13.2 million square feet, the report added. This is a notable 16 percent increase over the previous quarter.
The report further added that 4 out of 6 cities saw an increase of more than 20 percent in office leasing in the second quarter on a sequential basis, indicating strong occupier confidence and market sentiment.
Bengaluru and Mumbai led office demand between April and June 2024, together accounting for more than half of India's leasing activity.
The demand for offices in these two cities was driven by occupiers from various sectors such as BFSI, Technology and Engineering & Manufacturing.
After a prolonged phase of steady demand, Mumbai has seen significant leasing of 3.5 million sq ft during this quarter, double the levels compared to Q2 2023.
Mumbai added the most new space, accounting for 30 per cent of the total, followed by Hyderabad with 27 per cent. Mumbai saw a huge jump in new office space, reaching 4.0 million sq ft, thanks to the completion of several major projects. This is the largest quarterly increase in the last 3 or 4 years.
According to the report, the office market in Mumbai was strong as many projects were completed and deals were closed in the city in the first half of the current year.
Technology engineering and manufacturing continued to lead the way during the second quarter of 2024, accounting for almost half of total demand during the quarter.
Flex spaces also recorded a healthy leasing of 2.6 million square feet across the top 6 cities, the highest in any quarter. Bengaluru and Delhi-NCR accounted for 65 per cent of flexible space leasing activity, indicating growing demand for such spaces in these markets.
In the second quarter of 2024, the number of new office spaces in the top six cities increased 6 percent compared to the same period last year, totaling 13.2 million square feet, the report added. This is a notable 16 percent increase over the previous quarter.
The report further added that 4 out of 6 cities saw an increase of more than 20 percent in office leasing in the second quarter on a sequential basis, indicating strong occupier confidence and market sentiment.
Bengaluru and Mumbai led office demand between April and June 2024, together accounting for more than half of India's leasing activity.
The demand for offices in these two cities was driven by occupiers from various sectors such as BFSI, Technology and Engineering & Manufacturing.
After a prolonged phase of steady demand, Mumbai has seen significant leasing of 3.5 million sq ft during this quarter, double the levels compared to Q2 2023.
Mumbai added the most new space, accounting for 30 per cent of the total, followed by Hyderabad with 27 per cent. Mumbai saw a huge jump in new office space, reaching 4.0 million sq ft, thanks to the completion of several major projects. This is the largest quarterly increase in the last 3 or 4 years.
According to the report, the office market in Mumbai was strong as many projects were completed and deals were closed in the city in the first half of the current year.
Technology engineering and manufacturing continued to lead the way during the second quarter of 2024, accounting for almost half of total demand during the quarter.
Flex spaces also recorded a healthy leasing of 2.6 million square feet across the top 6 cities, the highest in any quarter. Bengaluru and Delhi-NCR accounted for 65 per cent of flexible space leasing activity, indicating growing demand for such spaces in these markets.
