Veera Babu, Managing Director, Tenant Representation, Cushman & Wakefield, said, “Gross leasing volume has already crossed 66 msf, reaching almost 90 per cent of the total GLV recorded in 2023. It is highly likely that the full year The total will exceed 80 MSF, setting a new record.” Gross leasing volume, which incorporates all leasing activity in the market, including renewals of contractual terms by corporates, is indicative of overall market activity. Anshul Jain, Chief Executive, India, Southeast Asia and APAC Tenant Representation, Cushman & Wakefield, said, “Strong market fundamentals have driven exceptional leasing momentum in the Indian office market. This growth in the GCC is a prime destination for innovation and growth. Strengthens India's position as an outsourcing hub.” He said the segment is growing very fast with leasing crossing 80 MSF by this year.
Net absorption, which is a barometer of actual demand or expansion of occupied space in the market, stood at 12.6 msf for the quarter across all cities. This represents a quarter-on-quarter growth of 32 percent and year-on-year growth of 54.7 percent. Bengaluru, once again, tops the list with 4.09 msf net absorption, followed by Mumbai at 2.6 msf and Delhi at 1.8 msf, the report noted. From a sectoral perspective, IT-BPM, flexible workplace and BFSI were the major contributors to the quarter's GLV.
Comments are closed.