Leases on office space are increasing in 8 metro cities, Cushman & Wakefield released report

New Delhi : The prices of the real estate sector of the country are seen continuously increasing. Lease demand for office space in the top 8 cities of India is expected to increase this calendar year. The news is coming that the demand for these leases may increase by more than 8 crore square feet, which had crossed the record of 7.45 crore square feet in the year 2023. Real estate sector consultant company
Cushman & Wakefield has today released its report on the office market for the third quarter of this calendar year.

According to this report, it has been revealed that in the third quarter of the year 2024 i.e. July-September, the lease demand on office space in the top 8 cities has increased by 66 percent to 2.48 crore square feet, which is the highest in any quarter of this real estate sector. Has the second highest demand till date. Gross lease demand in January-September has come down to 6.67 crore square feet.

CEO of Cushman & Wakefield said

“Strong market infrastructure has driven exceptional leasing momentum in the Indian office market, as evidenced by the Top 8 market positions,” said Anshul Jain, CEO of Cushman & Wakefield, India, Southeast Asia and APAC Tenant Representation. Is. ,

Also read: Demand for office space increased in top 6 cities, Colliers India released report

increase in demand

Veera Babu, managing director of tenant representation at Cushman & Wakefield, said, “Gross lease demand has already exceeded 66 million square feet, we have reached almost 90 percent of the total demand recorded in 2023.” The markets of the top 8 cities which were considered for preparing this report are Delhi-National Capital Region i.e. NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad.

Colliers India had also released the report

Only last month, real estate sector consultant company Colliers India had released a report related to office space. The demand for office space in Delhi-National Capital Region i.e. NCR has declined by 25 percent to 24 lakh square feet in July-September, 2024 from 32 lakh square feet at the same time last year. Arpit Mehrotra, managing director, office services, Colliers India, said, “There has been significant demand for office space across markets and regions over the last 2 to 3 years, with overall leasing activity reaching new highs this year. . 2024 sees continued high growth in demand and supply.”

(with agency input)