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.
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