New Delhi [India], Indian cities Chennai, Delhi NCR, Mumbai and Pune achieved unprecedented levels of office leasing in Q1 2021, outperforming all previous Q1 performance, according to a report released by JL India. The report highlights that demand is accelerating in the four Indian cities of Chennai, Delhi NCR, Mumbai and Pune, led by domestic occupiers, especially in the BFSI (banking, financial services and insurance), flex, manufacturing/engineering sectors. Increase has been observed. The report highlights the resilience and adaptability of India's office market post-pandemic. Combined gross leasing across these four cities increased to 10.6 million square feet, an important milestone. Additionally, total gross leasing activity across India reached 15.16 million sq ft in Q1 2024, showing a significant growth of approximately 13.8%.Percentage compared to the same period last year. This surge represents the second-highest gross leasing recorded in the first quarter of any year, setting the stage for India's office market to exceed and even surpass the peak activity levels seen in 2023. Sets the stage for moving forward. This accounts for about 53 percent of the gross leasing activity. This is in line with the trend seen over the last 2 years, where domestic occupiers are increasingly competing with their global counterparts in space acquisition. Additionally, it also highlights the flexibility and adaptability of India's office market,” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, JLL India. The flex and manufacturing/engineering sectors have maintained a strong growth path, while the tech industry is struggling with the slowdown.Despite the challenges, flex space contributed 21 per cent to gross leasing during the quarter. The share of the manufacturing/engineering sector also increased to 20.2 per cent, the highest in almost three years, driven by India's growing ecosystem attracting high-end R&D jobs. Delhi NCR and Bengaluru emerged as the leaders, collectively accounting for about 47 per cent of gross leasing in the quarter. Chennai accounts for 17.6 per cent of the overall leasing activity, followed by Mumbai and Pune. The report said the surge in office leasing demand post-pandemic reflects India's resilience and strong fundamentals, which position the market for continued growth.With the entry of new Global Capability Centers (GCCs), expansion of existing GCCs and favorable manufacturing policies, India's office market is set to surpass the peak levels seen in 2023, indicating a promising outcome for the future.