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
Rohan Builders Achieves Unparalleled Excellence with 14 Consecutive Years of CRISIL DA2+ Grading
Rohan Builders continues to maintain its prestigious DA2+ Developer Grading from CRISIL, demonstrating its commitment to excellence in financial and operational parameters.
Sebi Chief Remains Tight-Lipped on Real Estate Investment Trusts
REITs comprise a portfolio of commercial real estate assets, most of which are already leased out.
PGA of America Launches State-of-the-Art Golf Courses in Mumbai, Navi Mumbai, and Hyderabad
AIVOT Golf & Sports Management collaborates with Shapoorji Pallonji Real Estate, Stonecraft Group, and Tvastar Golf to introduce PGA of America-branded golf courses in Mumbai, Navi Mumbai, and Hyderabad, setting a new standard for golf excellence in India
Raymond Expands Real Estate Footprint with Mahim Project Deal
Raymond, in a strategic move, has signed a Joint Development Agreement for a prestigious residential project in the prime location of Mahim West, Mumbai.
Amrita Singh, Zaheer Khan Among Celebrities Investing in Mumbai's Luxury Real Estate
Amrita Singh and Zaheer Khan are among the latest celebrities making significant investments in Mumbai's luxury real estate market. Discover the trends and insights of these high-profile investments.
SP Group Raises $3.3 Billion from Five Funds to Boost Real Estate and Construction Projects
SP Group secures a significant $3.3 billion investment from five prominent funds, aimed at refinancing and expanding its real estate and construction projects. This strategic move will help the company solidify its position in the market and drive sustain