India's Office Leasing Market Soars to New Heights in H1 2024
India's office leasing market witnesses record-breaking growth, with 33.54 million sq ft leased in H1 2024, driven by strong demand across major cities.
Office LeasingCommercial Real EstateIndiaJll IndiaProperty MarketReal Estate NewsJul 03, 2024
JLL India released data for the January-June period of this year, highlighting that the office demand has bounced back post-COVID. The gross leasing of office space stood at 26.01 million square feet in the January-June period of 2023. In contrast, the numbers had fallen to 21.10 million square feet in January-June 2020 and 12.55 million square feet in January-June 2021 due to the pandemic-induced slowdown.
However, the office demand has witnessed a significant recovery, with gross leasing standing at 24.68 million square feet in January-June 2022. This upward trend is expected to continue, with JLL India projecting a record-breaking gross leasing of 65-70 million sq. ft in 2024. This would be a historic milestone in the country's commercial real estate market.
Information JLL India is a leading real estate consultant that provides comprehensive services, including consulting, valuations, and research, to its clients. The company has been at the forefront of India's real estate market, providing insights and expertise to developers, investors, and occupiers alike.
JLL India is a part of the JLL network, a global real estate services firm that specializes in commercial property and investment management. With a presence in over 80 countries, JLL provides expertise to its clients across the entire real estate lifecycle.
Keywords office leasing, commercial real estate, JLL India, India, Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune
Frequently Asked Questions
What was the gross leasing of office space in H1 2024?
The gross leasing of office space in H1 2024 was 33.54 million square feet.
Which cities witnessed strong demand for office leasing in H1 2024?
The cities that witnessed strong demand for office leasing in H1 2024 were Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune.
What was the annual growth in gross leasing in H1 2024?
The annual growth in gross leasing in H1 2024 was 29%.
What is the projected gross leasing for 2024?
The projected gross leasing for 2024 is 65-70 million sq. ft, which would be a historic milestone in the country's commercial real estate market.
Who is the leading real estate consultant that released the data for office demand in H1 2024?
The leading real estate consultant that released the data for office demand in H1 2024 is JLL India.
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