Office Space Leasing Rises 14% in Top 6 Cities: Colliers India

26 Dec 2024 CW Team

Office space demand remained strong in 2024, with gross leasing rising by 14 per cent to reach a record 66.4 million square feet across six major cities, as reported by Colliers India. The gross leasing of Grade A office spaces stood at 58.2 million square feet for the 2023 calendar year.

Real estate consultant Colliers India released data for India’s six major office markets.

Bengaluru saw a record office leasing of 21.7 million square feet in 2024, marking a 39 per cent increase from 15.6 million square feet in the previous year.

In Hyderabad, gross office space leasing rose by 56 per cent to 12.5 million square feet, up from 8 million square feet.

Mumbai experienced a 43 per cent increase in demand, reaching 10 million square feet, compared to 7 million square feet in the prior year. Pune saw a more modest 4 per cent rise in office space leasing, increasing to 5.7 million square feet from 5.5 million square feet.

However, demand in Chennai and Delhi-NCR declined.

In Chennai, the gross leasing of office space dropped by 35 per cent, falling to 6.8 million square feet from 10.5 million square feet. Similarly, in Delhi-NCR, office space leasing decreased by 16 per cent, reaching 9.7 million square feet in 2024 compared to 11.6 million square feet the previous year.

The demand was primarily driven by technology firms, engineering and manufacturing companies, as well as financial services providers.

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