India's Office Space Market Sees 14% Surge in Net Absorption: JLL Report
Net absorption of office space in India's top 7 cities rose 14% in Q3 2024, driven by strong demand from Bengaluru and Pune, while Hyderabad saw a decline.
Office SpaceReal EstateJllIndiaNet AbsorptionReal Estate PuneOct 02, 2024
The growth was led by Bengaluru and Pune, which saw a significant increase in net absorption. Bengaluru's net absorption rose to 4.14 million square feet during July-September from 2.38 million square feet in the corresponding period of the previous year. Pune's net office demand increased to 1.8 million square feet from 1.34 million square feet.
Delhi, Chennai, and Mumbai also saw an increase in net absorption, while Hyderabad and Kolkata witnessed a decline. The net absorption of office space in Hyderabad declined to 1.26 million square feet from 2.70 million square feet, while Kolkata saw a marginal decline to 0.13 million square feet from 0.14 million square feet.
On a nine-month basis, net absorption stood at 31.03 million square feet, which was up 19% year-on-year. This indicates continuous expansion-driven activity which supports aggregate headcount growth and capacity augmentation for both global as well as domestic firms.
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 2024?
Bengaluru, Pune, Delhi, Chennai, and Mumbai saw an increase in net absorption of office space in Q3 2024.
Which cities saw a decline in net absorption of office space in Q3 2024?
Hyderabad and Kolkata saw a decline in net absorption of office space in Q3 2024.
What is the significance of the 14% surge in net absorption of office space in Q3 2024?
The 14% surge in net absorption of office space in Q3 2024 indicates continuous expansion-driven activity which supports aggregate headcount growth and capacity augmentation for both global as well as domestic firms.
Who is the founder and CEO of Bhive Group?
Shesh Rao Paplikar is the founder and CEO of Bhive Group.
Related News Articles
NHAI to Construct Bridges Over Mutha River in Pune to Enhance Connectivity
The National Highways Authority of India (NHAI) has planned to build bridges over the Mutha River in Pune to improve connectivity and reduce congestion on the Mumbai-Bangalore highway.
Gaurs Group Prepares for IPO to Fund Massive Real Estate Ventures in Noida and Ghaziabad
Gaurs Group, a prominent player in the NCR real estate market, is set to restructure and launch an Initial Public Offering (IPO) to generate funds for a 5 million sq ft commercial project in Noida and other luxury ventures. The company also plans to launc
314 Housing Projects in Maharashtra at Risk of Insolvency: MahaRERA Issues Warning
Mumbai, 10th October 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has revealed that 314 housing projects registered with it are currently under insolvency proceedings at the National Company Law Tribunal (NCLT) under the Insolvency an
MCB Real Estate Ups Bid for Whitestone REIT to a Staggering $1.45 Billion
Whitestone REIT's shares surged up to 7.9% following the news of MCB Real Estate's enhanced takeover bid.
Shah Rukh Khan's Massive Real Estate Move: Rents 2 Duplexes in Pali Hill for ₹2.9 Crore Yearly
The star-studded neighborhood of Pali Hill in Mumbai is set to welcome yet another Bollywood icon. According to registration documents accessed by Zapkey.com, Shah Rukh Khan has made a significant real estate move by renting two luxurious duplexes in the
Godrej Properties Sets New Benchmark with Rs 10 Billion in Luxury Home Sales in Gurugram
Godrej Properties, a leading player in India's real estate market, has achieved a remarkable milestone by selling luxury homes worth Rs 10 billion in Gurugram, highlighting the ongoing demand for premium residential properties.