India's Office Space Market Sees 14% Annual Growth in Net Absorption
Net absorption of office space rises 14% in Q3 across top 7 cities, driven by better demand and expansion-driven activity.
Office SpaceNet AbsorptionJllIndiaReal EstateReal Estate NewsOct 02, 2024
On a nine-month basis, net absorption stood at 31.03 million square feet, which was up 19% year-on-year. This growth can be attributed to the continuous expansion-driven activity, which supports aggregate headcount growth and capacity augmentation for both global and domestic firms.
The data also showed that the net absorption of office space in Bengaluru increased to 4.14 million square feet during July-September from 2.38 million square feet in the corresponding period of the previous year. Chennai saw a growth in net demand to 1.05 million square feet from 0.90 million square feet, while Delhi witnessed net absorption of 1.92 million square feet as against 1.7 million square feet.
Pune and Hyderabad also saw an increase in net office demand, with Pune's net absorption rising to 1.8 million square feet from 1.34 million square feet, and Hyderabad's net absorption increasing to 1.26 million square feet from 1.12 million square feet. However, Kolkata saw a decline in net absorption to 0.13 million square feet during July-September 2024 from 0.14 million square feet in the year-ago period.
Frequently Asked Questions
What is net absorption in the context of office space?
Net absorption is calculated as the new floor space occupied less floor space vacated.
Which cities saw an increase in net absorption of office space in Q3?
Bengaluru, Chennai, Delhi, Pune, and Hyderabad saw an increase in net absorption of office space in Q3.
What is the nine-month basis net absorption of office space in India?
The nine-month basis net absorption of office space in India stood at 31.03 million square feet, up 19% year-on-year.
Who is the Founder & CEO of Bhive Group?
Shesh Rao Paplikar is the Founder & CEO of Bengaluru-based flexible space operator Bhive Group.
What is JLL's annual revenue?
JLL's annual revenue is $7.9 billion.
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