New Delhi : Real estate consultant Colliers India has said the growing demand for office space in India will remain strong. It has been revealed in this report that in the July-September quarter, there has been an increase of 31 percent in the demand for office space in 6 major cities.
According to data from real estate consultant Colliers India, the total demand for leased office space rose to 17.3 million sq ft in July-September from 13.2 million sq ft in the same period last year. More than half of this demand came from Bengaluru and Hyderabad. Bengaluru recorded the highest ever demand of 6.3 million sq ft in any quarter, up 85 per cent from 34 lakh sq ft in the same period a year ago.
16 percent increase
In Pune, the demand grew from 10 lakh sq ft to 26 crore sq ft. In Mumbai and Chennai, the demand remained stable at 17 lakh sq ft and 14 lakh sq ft, respectively. In Hyderabad, the demand grew 16 per cent year-on-year from 25 lakh sq ft to 29 lakh sq ft.
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Consistently higher gains
Office space demand in Delhi-NCR declined by 25 per cent to 2.4 million sq ft in July-September 2024 from 3.2 million sq ft in the same period last year. “Office space demand has been remarkable across markets and sectors over the last two to three years, pushing total leasing activity to new heights every year. 2024 has seen a consistent high convergence of demand and supply,” said Arpit Mehrotra, Managing Director, Office Services, Colliers India.
ever increasing demand
He said demand in Bengaluru, Hyderabad and Mumbai has reached close to or exceeded 2023 levels in the first three quarters of 2024. “The continued growing demand for large-sized deals of over one lakh square feet reflects customer confidence. Such deals accounted for 65 per cent of total leasing demand in Q3 2024,” Mehrotra said.
(with agency input)
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