Mumbai Sees 64% Surge in Office Leasing in First Half of 2024
Mumbai's office leasing market recorded a significant growth of 64% in the first half of 2024, with technology companies leading the demand.
Office LeasingMumbaiCbre South AsiaTechnology CompaniesFlexible WorkspacesGccsReal Estate MumbaiJul 04, 2024
Bangalore led office space absorption, accounting for about one-fourth of the total leasing during the period, followed by Delhi-NCR at 16%, Chennai at 14%, Pune and Hyderabad each contributing 13%. Technology companies witnessed the highest share and accounted for 28% of the total office leasing, followed by flexible space operators at 16%, BFSI firms at 15%, engineering and manufacturing at 9% and research, consulting & analytics firms at 8% during the period.
The report mentioned that the office sector is expected to witness continued demand for quality office space in the second half of 2024 as occupiers continue to expand and solidify their presence. Further, it projected that the second half of the year will see a steady supply of high-quality office spaces, with Bangalore, Hyderabad, and Delhi-NCR leading in project completions.
Rising enterprise demand is driving growth in flexible workspaces, with occupiers integrating flexible office space into their portfolio as part of their 'Core + Flex' strategies. Workplaces are transforming into collaborative hubs, driving the anticipated growth of flexible space stock to 80 msf by the end of 2024.
GCCs remain key drivers of office demand, with an anticipated 20% increase in GCCs by 2025 signaling substantial growth potential for the Indian office market. About 67% of GCCs plan to expand their office portfolios by more than 10% over the next two years.
Information
CBRE South Asia is a real estate consulting firm that provides insights into the Indian office market. The company's report, 'CBRE India Office Figures Q2 2024', provides a comprehensive overview of the office leasing market in India.
The CBRE Group is a leading global commercial real estate services and investment firm. The company has been operating in India since 1994 and has established itself as a leading player in the Indian real estate market.
Frequently Asked Questions
What was the growth rate of office leasing in Mumbai in the first half of 2024?
The growth rate of office leasing in Mumbai in the first half of 2024 was 64.1%.
Which city led office space absorption in the first half of 2024?
Bangalore led office space absorption in the first half of 2024.
What was the total office leasing in India during the first half of 2024?
The total office leasing in India during the first half of 2024 was 32.8 msf.
What is driving growth in flexible workspaces?
Rising enterprise demand is driving growth in flexible workspaces.
What is the anticipated growth rate of GCCs in India by 2025?
The anticipated growth rate of GCCs in India by 2025 is 20%.
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