India's Office Space Leasing to Hit New High in 2024: Report
Bengaluru and Mumbai saw the highest growth of 132% and 71% on a year-on-year basis, followed by Hyderabad and Kolkata.
Office Space LeasingIndiaBengaluruMumbaiHyderabadKolkataCushman WakefieldReal Estate MumbaiAug 28, 2024
The second quarter of 2024 alone saw a GLV of 21.8 million sq ft across the top eight cities, reflecting a 27% year-on-year increase and an 8.4% growth over the previous quarter. Bengaluru and Mumbai saw the highest growth of 132% and 71% on a year-on-year basis, followed by Hyderabad and Kolkata.
Around 120 global capability centers (GCCs) were established during the period, with Bengaluru leading the way, accounting for 47% of leasing by GCCs in the first half of 2024. Anshul Jain, the chief executive, India, Southeast Asia, and Asia Pacific tenant representation, said,
Frequently Asked Questions
What is the expected office space leasing volume in India in 2024?
80 million sq ft
Which cities saw the highest growth in office space leasing in the first half of 2024?
Bengaluru and Mumbai
What is the current Grade A vacancy rate in India?
17.7%
Which sector dominated leasing activity in the first half of 2024?
IT-BPM sector
What is the expected net absorption in the second half of 2024?
over 40 million sq ft
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