Office space net leasing up 44% at 115L sft during Jan-Mar: C&W report
However, leasing in Hyderabad declined marginally by 2 per cent to 16,05,953 sft during January-March 2024 from 16,40,242 sft in the year-ago period
New Delhi: Net leasing of office space rose 44 per cent annually in this quarter across eight major cities on higher demand from corporates for expansion of their businesses, according to Cushman & Wakefield.
According to data released by real estate consultant Cushman & Wakefield (C&W) India, the net leasing of office space stood at 115.14 lakh (11.5 million) square feet (sq ft) during January-March as against 80.09 lakh (8 million) sq ft in the year-ago period.
“This is the third-highest level recorded in the last five years, demonstrating a robust appetite for office space among businesses,” the consultant highlighted. Net absorption or leasing rose in Bengaluru, Mumbai, Delhi-NCR and Chennai but fell in Pune, Hyderabad, Kolkata and Ahmedabad.
The net office space leasing in Hyderabad declined marginally by 2 per cent to 16,05,953 sq ft during January-March 2024 from 16,40,242 sq ft in the year-ago period. Gross leasing of office space means all leasing activity in the market, including renewals of contracted term by corporates. Net absorption or leasing means new space occupied, adjusted for exits, if any.
Besides Hyderabad, the demand for net leasing fell in Pune, Kolkata and Ahmedabad. In Kolkata, the net leasing fell 82 per cent to 1 lakh sq ft from 5.51 lakh sq ft.
