India's Office Leasing Market to Witness Record Growth in 2024
Bengaluru, Mumbai, and Hyderabad lead the charge, accounting for nearly two-thirds of the total space absorption across nine major cities in India.
Office LeasingCommercial Real EstateIndiaBengaluruMumbaiHyderabadReal Estate MumbaiOct 04, 2024
The report highlights that these three cities accounted for nearly two-thirds of the total space take-up during the quarter, with Bengaluru emerging as the clear leader. The city's popularity can be attributed to its well-established IT hub, excellent infrastructure, and favorable business environment. Mumbai, on the other hand, is witnessing a surge in demand for office space from the financial services and e-commerce sectors. The city's Bandra-Kurla Complex (BKC) and Andheri East have emerged as the most sought-after destinations for office space, due to their proximity to the airport and other business hubs.
Hyderabad, often referred to as the 'City of Pearls,' is fast becoming a favorite among IT and ITES companies. The city's Hi-Tech City and surrounding areas have seen significant traction in recent times, driven by the Telangana government's efforts to promote the city as a major IT hub.
The report also notes that other cities, such as Delhi-NCR, Chennai, and Pune, are expected to contribute significantly to the overall office leasing market in 2024. These cities are witnessing growing demand from sectors such as healthcare, education, and logistics, which are driving the need for quality office space.
In terms of the overall market trends, the report highlights that the Indian office leasing market is expected to remain strong in 2024, driven by a combination of factors, including a stable economy, favorable government policies, and a growing startup ecosystem.
Bengaluru, also known as Bangalore, is the capital of Karnataka and is often referred to as the 'Silicon Valley of India' due to its thriving IT industry. Mumbai, formerly known as Bombay, is the financial capital of India and is home to the country's largest stock exchange, the Bombay Stock Exchange (BSE).
Hyderabad is the capital of Telangana and is known for its rich history, culture, and architecture.Jones Lang LaSalle (JLL) is a leading professional services firm that specializes in real estate and investment management. The company has a presence in over 80 countries and provides a range of services, including leasing, capital markets, and property management.
Frequently Asked Questions
What is the expected office leasing absorption in India in 2024?
According to the report, the expected office leasing absorption in India in 2024 is 70 million sq ft.
Which cities are leading the office leasing market in India?
Bengaluru, Mumbai, and Hyderabad are leading the office leasing market in India, accounting for nearly two-thirds of the total space absorption.
What are the major sectors driving demand for office space in India?
The major sectors driving demand for office space in India include IT and IT-enabled services (ITES), startups, e-commerce, financial services, healthcare, education, and logistics.
What is the significance of Bengaluru as an office leasing destination?
Bengaluru is a well-established IT hub with excellent infrastructure and a favorable business environment, making it a popular destination for office leasing.
What is the outlook for the Indian office leasing market in 2024?
The Indian office leasing market is expected to remain strong in 2024, driven by a stable economy, favorable government policies, and a growing startup ecosystem.
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