Office leasing recorded 79 million sq ft across nine cities this year: Report, ET RealEstate

January 8, 2025
1 min read
Office leasing recorded 79 million sq ft across nine cities this year: Report, ET RealEstate


<p>Representative image </p>
Representative image

NEW DELHI: On a pan-India basis, office leasing recorded 79 million sq ft this year across nine cities, according to a report by CBRE.

The absorption marked a 16% year-on-year growth and total supply stood at 52.3 million sq ft this current year.

Bengaluru dominated office space absorption during the year, accounting for approximately 28% share of the total, followed by Hyderabad with 16% and Mumbai with 15% share.

In 2024, approximately 52.3 million sq ft of new office space was completed, with Bengaluru, Hyderabad, and Pune collectively accounting for 67% of the total supply addition.

Anshuman Magazine, chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE said, “The momentum seen in 2024 is expected to persist, with technology, BFSI, and engineering sectors, along with global capability centers (GCCs), driving the need for both traditional and flexible office spaces. Companies are increasingly prioritizing operational efficiency, which would further enhance demand for premium, future-ready assets that are designed to foster employee well-being and provide a competitive edge in talent retention.”.

Global Capability Centres (GCC) maintained leasing at 29.4 million sq ft this year with a share of 37% of the overall leasing activity across the nine cities and registering about 29% year-on-year growth.

In Q4 FY25 GCC leasing represented 34% of the total leasing activity, amounting to 7.6 million sq ft.

Bengaluru led the GCC leasing segment with a 34% share, followed by Hyderabad at 20%, Delhi-NCR at 12%, Mumbai at 11%, Pune at 10%, and Chennai at 9%.

Ahmedabad, Kolkata and Kochi together accounted for 4% of the GCC leasing in Q4 2024.

  • Published On Jan 8, 2025 at 03:30 PM IST

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