New Delhi [India]: Office real estate in India performed well in the first quarter of 2024, rising to 13.40 million sq ft from 11.85 million sq ft in the same quarter last year, according to the latest office market report from US-headquartered Vestian. Done. , Done. The workplace solutions firm saw a 13 per cent rise in absorption in the office market during the January-March 2024 quarter. However, absorption declined by 31 percent on a quarterly basis. The southern cities of Bengaluru, Chennai and Hyderabad accounted for 61 per cent of all-India absorption in the first quarter of 2024, up from 54 per cent a year ago.According to the Vestian report, absorption more than doubled within a year in Chennai and Mumbai, while Hyderabad grew by 51 per cent. All other cities saw a decline over the same period a year ago, apart from this, the IT-ITeS sector dominated the absorption. 47 percent share, followed by BFSI sector with 11 percent share. Flexible spaces attracted interest from large groups post-pandemic, accounting for 8 per cent of pan-India absorption in 2024, said Srinivas Rao, CEO, FRICS, Vestian, adding that the 'back to office' mandate has led to a surge in offices across the country. Demand for places will increase in the country. There is a possibility of renewal. The next wave of growth could be underway amid domestic and global headwinds, Rao said. “The beginning of 2024 was positive as India's key office markets witnessed sustained absorption activities,” he said, adding that new completions of projects would follow the same trend. Do it.And an annual increase of 26 has been observed. percent, reaching 10.8 million square feet in the first quarter. However, new completions declined 27 percent compared to the previous quarter. While Bengaluru dominates new completions with 3.7 million sq ft, Hyderabad reported supply of around 2.5 million sq ft during the first quarter of 2024, with vacancy levels currently at 13.8 per cent, expected in the second half of 2024. Growth. Could be even better.The report notes the increasing prominence of the 'back to office mandate'. Rao further added, “Domestic investors are enthusiastic about India Vikas Store and can significantly contribute to the future growth of office space in India."