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
Aadhar Housing Finance Eyes Sustained Growth of Over 20% in Disbursements and Asset Base
Aadhar Housing Finance projects disbursements and assets under management to grow at over 20% this year
No Reversal on Real Estate LTCG Tweaks: Government Stands Firm
Government sources have confirmed that there will be no reevaluation of the changes made to Long Term Capital Gains tax (LTCG) in the Union Budget, despite concerns over the removal of Indexation benefit on property sales.
Navigating the Industrial REIT Landscape: A SWOT Analysis of EastGroup Properties
EastGroup Properties, a real estate investment trust (REIT) specializing in industrial properties, is at a crossroads in the ever-evolving industrial REIT landscape.
Godrej Group Makes Major Move in Mumbai Real Estate by Acquiring Land for Rs 81 Crore
In a strategic move, Godrej Group, through its real estate subsidiary Anamudi Real Estates, has acquired a significant plot of land in the bustling city of Mumbai for Rs 81 crore. This acquisition marks a major step in the company's expansion plans in one
Why Pattaya is the Next Big Thing for Indian Property Investors
A luxury sea-view condo in Pattaya costs as much as a mid-range apartment in Mumbai. Discover why Pattaya is quickly becoming a hot spot for Indian property investors, offering exceptional value and potential returns.
Akshaya Tritiya: Can It Spark a Surge in Real Estate Demand?
With reduced EMIs making home loans more affordable, Akshaya Tritiya could be the catalyst for a surge in real estate demand, especially in the luxury and high-end market segments.