AI and Robotics Companies Drive Office Space Absorption in Bangalore
Pune reported the highest quarterly growth, around 307% in value terms, whereas absorption declined by 48% in Chennai during Q2 2024.
AiRoboticsOffice Space AbsorptionBangaloreReal EstateReal Estate PuneJul 30, 2024
The demand for grade-A office spaces is robust across the top seven cities of India, with absorption reaching 17.04 msf in Q2 2024, registering an increase of 27% QoQ and 23% YoY. New completions also increased by 17% YoY in H1 2024, reaching 23.2 msf. Bangalore dominated new completions with a 28% share, closely followed by Mumbai at 27%. Southern cities (Bangalore, Chennai, and Hyderabad) accounted for 57% of the total new completions reported in Q2 2024.
Shrinivas Rao, FRICS, CEO, Vestian, stated, 'Despite global geopolitical challenges, India's office markets reported robust real estate activities during Q2 2024. The quarter has already set the tone for robust leasing and construction activities for the current calendar year. Real estate activities are anticipated to increase further on the back of strengthened demand from IT-ITeS and BFSI sectors.'
Frequently Asked Questions
What percentage of Bangalore's office space absorption was accounted for by AI and robotics companies in Q2 2024?
21%
Which city reported the highest quarterly growth in value terms in Q2 2024?
Pune
What is the expected total absorption for 2024?
Over 60 msf
Which sector dominated absorption in Q2 2024?
IT-ITeS sector
What is the expected growth in real estate activities in India?
Increase further on the back of strengthened demand from IT-ITeS and BFSI sectors
Related News Articles
Maharashtra to Receive Monsoon Relief in 8-10 Days
Get ready for a respite from the scorching heat
The Future of Robotics: Elon Musk Envisions $1 Trillion Market for Tesla Optimus Humanoid Robots
Tesla CEO Elon Musk predicts massive market potential for humanoid robots, with Tesla capturing at least 10% market share.
Vishnu Prakash R Punglia Ltd's Stock Reaches All-Time High, Outperforming the Sector by 9.21%
Vishnu Prakash R Punglia Ltd, a notable smallcap company in the construction and real estate sector, has seen its stock surge to an all-time high. This impressive performance outstrips the sector by 9.21%, reflecting the company's strong market position a
Homesfy Celebrates the Emotional Journey of Buying a House This Diwali
This Diwali, Homesfy, a leading tech-driven real estate brokerage platform, is focusing on the emotional aspects of buying a house. Recent reports indicate that average property rates in Mumbai have been on the rise, making the dream of homeownership more
Shapoorji Pallonji Real Estate: Pioneering Urban Development in India
With a development potential of over 142 million square feet, Shapoorji Pallonji Real Estate has made significant inroads into major Indian cities, including Mumbai and Pune. The company is known for its innovative projects and commitment to sustainable l
Gargi by PNGS Expands with New Stores in Pune and Delhi
Pune, 6/1/24: Gargi by P N Gadgil & Sons (PNGS), a renowned name in the fashion jewellery industry, has announced the opening of two new franchise stores in Pimple Saudagar, Pune, and Kapil Vihar, Pitampura, Delhi. These new additions highlight the brand’