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%.
Related News Articles
Smita Patil, National President of NAREDCO MAHI, Proposes 1% Stamp Duty in Pune
Smita Patil, the National President of NAREDCO MAHI, has proposed a reduction in the stamp duty to 1% for the real estate sector in Pune. The proposal was discussed during a significant meeting held on January 10, 2025, with key stakeholders including Rav
Pune: PCMC Imposes Penalties on 221 Builders for Pollution Violations, Collects Rs 31.48 Lakh in Fines
The Pimpri Chinchwad Municipal Corporation (PCMC) has taken strict action against 221 builders for violating pollution norms, collecting a total of Rs 31.48 lakh in fines. These regulations were formulated after discussions with the Confederation of Real
NoBroker Launches ConvoZen.AI: Revolutionizing Customer Engagement with Advanced Conversational AI
NoBroker, India's leading proptech unicorn, has announced the launch of ConvoZen.AI, a comprehensive Conversational AI cloud designed to monitor and automate customer conversations. This AI-powered solution is poised to transform customer engagement acros
RERA Registration Reaches 97 Lakh Real Estate Units in India's Top 10 States Over 8 Years
The real estate market in India's top nine Tier 1 cities is now valued at over ₹5.5 lakh crore, with significant growth and regulation under RERA. Discover how RERA has transformed the industry.
Sensex Plunges Nearly 2 Percent Amid US Tariff Concerns
The Indian stock market took a significant hit as the Sensex dropped nearly 2 percent, primarily due to concerns over US tariff policies. Real estate stocks also saw a sharp decline after Maharashtra raised ready reckoner rates, affecting property valuations.
MSRTC Proposes 99-Year Lease for Redevelopment Projects in Pune
MSRTC (Maharashtra State Road Transport Corporation) has proposed a 99-year lease to implement redevelopment projects in Pune. The corporation has partnered with CREDAI (Confederation of Real Estate Developers' Associations of India) to drive these initiatives.